Investing in Digital Infrastructure to Jumpstart the Economy

Maximize the benefits of high speed broadband. Provide competitive grants for rural broadband deployment in un-served areas; create tax credits and expensing provisions to upgrade existing broadband infrastructure; and enable small and medium sized businesses to expense broadband equipment and applications. The Communications Workers of America estimates the proposal would create 97,500 direct jobs with every $5 billion investment.

Bring new capital into the U.S. Allow U.S. based companies to return overseas profits at a reduced rate for a specified window of time. The return of overseas profits would be the most effective of economic stimulus proposals because it would enable immediate direct investment in the U.S. and create jobs in a wide range of industries. There is over $500 billion that could be repatriated to stimulate the U.S. economy, according to the American Council for Capital Formation.

Accelerate the growth of the health IT marketplace. Increase funding for existing, federally funded pilot projects that enable investment in interoperable health information technology; and provide tax incentives and grants to health care providers to invest in health information technology that is interoperable, promotes patient-centered care, reduces administrative costs, and incorporates data security technology to protect patient information. Incentives will immediately decrease out-of-pocket expenses for providers and lead to improved health care delivery and quality and more efficient operations. A Rand Corporation study found that America's healthcare system could save more than $81 billion per year, while also improving the quality of care, if it were to broadly adopt computerized medical records.

Invest in research and development to create jobs. Increase funding for existing federal scientific infrastructure modernization programs that are in a position to utilize additional funds quickly at the National Science Foundation, National Institutes of Standards & Technology and Department of Energy Office of Science; and provide a robust increase in the R&D tax credit, specifically the Alternative Simplified Credit to 20 percent for two years. A recent study by Ernst & Young found that a companies¹ employees¹ wages and salaries accounted for 70 percent of qualifying research expenditures, meaning an increased credit will help pay more wages. The National Science Board reports that funding for academic research infrastructure has not kept pace with rapidly changing technology and should receive additional funding to provide scientists and engineers with advanced tools, facilities, and cyber-infrastructure.

Build innovative green energy solutions. Provide direct incentives to business and consumers for the purchase and development of energy efficient IT solutions; provide funding for smart energy technologies to monitor and reduce peak energy demands in homes, businesses and the government; and fund government projects to purchase energy efficient IT solutions and upgrade government infrastructure, including buildings, data centers and equipment. These provisions will decrease energy costs for businesses, consumers and the government, and encourage creation of green jobs. According to the University of Massachusetts Political Economy Research institute, an immediate federal investment of $100 billion in energy efficiency and renewable technology could create 2 million jobs.

Strengthen the skills of the American workforce. Increase funding for workforce training programs that will improve the technical and IT skills of the American workforce, particularly in green technologies, health IT and advanced manufacturing; and expand transition assistance (TAA) and other support for workers. According to the Bureau of Labor Statistics, 12 of the 20 fastest growing occupations over the next decade will be in healthcare and computer or technician related occupations.