Two Million New Jobs From a $100B Green Investment?

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According to a sweeping report released by the Center for American Progress and authored by researchers from the UMass Department of Economics, if the US government were to invest $100 billion dollars over two years in six key areas of green and sustainable development — including advanced biofuels — the result would be the creation of 2 million high-paying jobs across nearly all sectors of employment.

This represents four times the amount of jobs that would be created if that same $100 billion were invested in the oil industry for things like more offshore drilling. It also represents significantly more jobs of much higher diversity, pay, and longevity than were created by the $100 billion spent last April so that all us ‘mericans could all get our $600 tax rebates.

Granted, there is no plan to provide such a large investment to the oil industry, but, nonetheless, they already receive an average of $9 billion dollars a year in subsidies and incentives (PDF), so I believe it is a fair comparison — especially with all this hoo-haa being stirred up about “Drill, baby, drill” and other such stupid catchphrases.

In addition to the creation of 2 million new high-paying jobs, the report points out that:

Currently, about 22% of total household expenditures go to imports. With a green infrastructure investment program, only about 9% of purchases flow to imports since so much of the investment is rooted in communities and the built environment, keeping more of the resources within the domestic economy.

In plain speak this means that under this green recovery program, we would stop shipping a large portion of our hard-earned cash to China and the Middle East to buy cheap crap and fund governments who could care less about the average American, and start spending it domestically. On top of that, the process would revitalize our disappearing rural areas and small towns.

The following table is reproduced directly from the report and shows the vast array of different jobs created by investing the the six key areas of green development.

The report also contains state-by-state breakdowns of economic impact as well as very detailed discussions of how they came to their conclusions and what calculations they used. Check it out for further information. To me it seems like a very solid argument and excellent presentation of the data.

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Image Credit: Center for American Progress

Source: Biofuels Digest

 

Nick Chambers

Not your traditional car guy.