The president's 2015 budget proposal "pivots" away from the 2010 "pivot" to austerity, pushes modestly for jobs and prioritizes infrastructure repair. Republicans will obstruct this -- just like they have obstructed every jobs plan since the stimulus. But the public fully supports what the president is trying to do.
The administration proposal highlights that the funding levels under current law will deprive the nation of worthy investments in such areas as infrastructure, research, and education, and it urges Congress and the nation to evaluate whether the benefits of higher spending in those areas outweigh the costs of cutting certain programs and raising certain revenues.
Today, there is extra urgency behind the need for a shift toward innovation: many new financial services competitors that are small, nimble and on the cutting edge of technology entered the market right after the financial crisis, when established firms were busy licking their wounds. The old guard is going to need to stay on top of innovation just to keep up with the new guard.
Rebuilding America's infrastructure, as President Obama emphasizes, is a top national priority. The benefits include several million jobs, enhanced competitiveness, and a greener footprint. But it can't happen until America fixes its broken legal approval process. Approvals drag on for years, sometimes decades.