¶ Building Industry (1)
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Index Entry
Building Industry:
"At the time of the 1929 crash and following depression and at the beginning of the New Deal in 1933, the United States government took over the underwriting of the obsolete building industry. Cutting loose from the historical earned-savings purchasing capability, and instituting purchasing-capability based on future earnings of the people, The U.S. Government instituted 20-, 30- and 40-year mortgages that need, in effect, never be reduced so long as the periodically renegotiated obligations’ interest was being paid.
"If the buildings were as efficient as airspace technology could render them, they would have paid for themselves in five years or better–as does all good machinery. What the government financed was continuation and multiplication of inefficiency, as manifest today–1976–in the fact that out of every 100 units of energy consumed in the U.S. only five units of effective life-supporting physical work is realized; that is, our ‘system’ has an overall techno-economic efficiency of only five percent.
“People can have incomes only through employment. Seventy percent of all the jobs in the U.S.A. are invented and”
