How is this rebuilding of roads and infrastructure projects going to help the thousands of unemployed investment bankers, mid managers, and others?
Really great question. I think it is the "trickle up" theory.
Repairing of roads and new construction efforts will require:
- Materials (lumber, equipment & tools)
These laborers will have money to buy food, gas, personal items and who knows what else.
The lumber mills and steel manufacturing plants will need more widgets to keep their equipment running in tip top shape (Good news for all the widget makers in the US). They will also need to hire more people to run their machines. This might mean more HR help or accounting help to manage payroll. They might also need buyers to source raw materials at the best prices (a savvy investment banker could transition into a buyer with a little work)
So now we have added money to the economy in:
- Retail services (food, clothing, maybe even new vehicles)
- Accounting/HR staff
- Lumber mills and manufacturing
- Suppliers to the mills and manufacturers and eventually their suppliers
Banks will begin seeing more money deposited and this should generally help them stabilize.
Green Jobs will also be on the rise through the investment of funds. This can create the same type of trickle up effect. Who knows what other new types of green job opportunities might come out of this.
Know one knows for sure if this will work, but one thing is for sure. Re-invention and open-mindedness are crucial to our personal success.
Start reading about the projects going on in your area and begin brainstorming what services or products might be needed to support them. Team up with others and create opportunities that might not exist. Put a new spin on the old ways of doing things.
For more information on the The American Recovery and Reinvestment Act, visit their (our) website here. For NY State's plan, see this link.
Hannah Morgan speaks and writes about job search and career strategies. She founded CareerSherpa.net to educate professionals on how to maneuver through today’s job search process. Hannah was nominated as a LinkedIn Top Voice in Job Search and Careers and is a regular contributor to US News & World Report. She has been quoted by media outlets, including Forbes, USA Today, Money Magazine, Huffington Post, as well as many other publications. She is also author of The Infographic Resume and co-author of Social Networking for Business Success.