What’s at the Top of Your Jobs Agenda?

This week, President Obama took a three-day bus tour of the Midwest to press his jobs agenda. “My basic argument to them is this: We should not have to choose between getting our fiscal house in order, and jobs and growth,” said the President during a stop in Illinois. According to news reports, President Obama will make a major speech after Labor Day. He is expected to ask the Joint Select Committee on Deficit Reduction to make job creation part of its agenda.

There is no doubt that the moribund U.S. economy has many people deeply concerned. Stocks dropped this morning, and we see continued reports of home sales dipping below rates needed to sustain a healthy housing market.

Many recognize that the housing construction sector is a vital part of our economy, and that building new homes creates jobs and stimulates the economy. This fact doesn’t just count for market-rate housing; it counts for affordable housing as well.

The National Housing Trust Fund can be a key part of any jobs initiative. Every $10 billion spent through the National Housing Trust Fund will create 122,000 new jobs in the construction trades and 30,000 new ongoing jobs in the operation of the rental housing. To put this into perspective, recall that in July, U.S. employers added 117,000 jobs, not enough to significantly change the unemployment rate. That extra 122,000 jobs would be a welcome boost.

Today, there are 10 million extremely low income renter households in our country, and only 6.5 million rental homes they can afford. The chance to end this absolute housing shortage while creating thousands of desperately needed jobs should put the National Housing Trust Fund at the top of the jobs agenda.

Trackbacks

  1. […] as you’ll recall from our discussion of housing and jobs last week, housing construction is part of the foundation of our economy. Funding the National Housing Trust […]

  2. […] weeks now you’ve been hearing from us that investing in the National Housing Trust Fund is a sure way to create both jobs and affordable […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: