Jejomar Binay Quotes
Spending on infrastructure will help employment.
Binay, Jejomar. "Speech at the 41st Philippine Business Conference." Philippine Chamber of Commerce and Industry, 27 Oct. 2015, Marriott Hotel, Pasay City.
This statement was part of the historical and philosophical underpinnings of major public works programs as public employment programs such as the Job Corps, CCC, WPA and the like.
Mises defines government revenue in such a manner that it always relly belonged to individuals, therefore when government invests in enterprises that accumulate capital via profits, Mises does not consider it capital accumulation. One counterexample of this point is the George Washington Bridge in New York, built in Mises lifetime by Robert Moses of the New York Port Authority. The tolls on the bridge paid off the bondholders who financed much of the initial construction. But then capital started to accumulate at such a rapid rate that Moses was able to build other capital projects ranging from highways to the World Trade Center Buildings with capital constantly accumulated. The New York Port Authority under Moses generated more capital appreciation than any corporation that had been in existence at that point. And he could not even sell stock. However, the Port Authority and a few others were exceptions. Generally government did was unable to accumulate capital in its enterprises.
Jejomar "Jojo" C. Binay is a Filipino politician and Human Rights Lawyer who served as the 13th Vice President of the Philippines under President Benigno Aquino III.