Moran Discusses Ways to Jumpstart Sagging Economy

U.S. Rep. Jim Moran (D-8th) believes allowing vast mortgage refinancing and investing in infrastructure would go a long way in jumpstarting the sagging economy in the United States.

Moran spoke to the Del Ray Business Association this week at a luncheon held at .

The former Del Ray resident touched on a variety of issues—from farmers markets to prisons to education—but much of his talk centered on the economy and his suggestions on how to turn it around.

“If you believe in our future, invest in it,” the 11-term congressman said. “We’ll get it back. It takes some public sector [investment] to get the private sector [going].”

Moran said he would suggest that President Obama allow the vast refinancing of home mortgages at 3.5 percent and for as long as 50 years. He believes the savings created by these mortgages would help homeowners and the real estate industry.

“By putting that money into people’s hands, they would spend it, invest it, buy a new car,” Moran said.

Moran admitted the Wall Street investment banks are opposed to such a move, believing they would lose money.

But Moran also said he believed such a measure is very doable.

“It doesn’t cost taxpayers money. The President could do it,” he said. “You just have to get Fannie and Freddy to do it. … There’s only one group that gets hurt and that’s the one we bailed out with taxpayer money.”

Moran also said he believed investing in federal infrastructure would help spur the economy. He mentioned several local projects—from the proposed Potomac Yard Metro station to ending the recurrent flooding in Huntington created by Cameron Run—as ways to put skilled U.S. laborers to work.

“The unfunded bridges, roads, airports, dams and levees… Those are jobs that have to take place in the U.S. and they need skilled labor,” Moran said.