The Need for Increased Public Investment

Milton J. Shapp

The ANNALS of the American Academy of Political and Social Science, 1971, vol. 397, issue 1, 40-47

Abstract: Revenue sharing is a red herring politically conceived to cover up a host of fiscal sins. Income mainte nance programs are essential to sustain living for millions of our people who are victims of our past failures to make social investment. But by merely maintaining minimum in come standards, we cannot generate sufficient growth to cure our problems. Investment is the key to reversing our down ward trend: investment in programs to develop our people (education, health services), our mass transportation system, and our great resources. Investments of this type would lead to full employment, increased productivity, and lower governmental operating costs. The federal balance sheet is poorly drawn up; it gives no indication of the nation's true worth. Thus, we fear and forego making large-scale invest ments that might increase our national cash debt but which would generate untold additional wealth for the nation and alleviate most poverty and unemployment. It is time to stop the inane argument over revenue sharing programs and get on with making the real investment in this nation that would produce greater tax yields for all levels of government, and make possible truly great cities and states.

Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:sae:anname:v:397:y:1971:i:1:p:40-47

DOI: 10.1177/000271627139700106

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