The New Apollo Project

In an interesting twist for a seemingly environmental project, the massive spending involved is seen as a positive, since most of the money goes to jobs for Americans. The economic analysis for the project comes from a Dr. Ray Perryman, who is quoted:

tax credits and investments would create 3.3 million new, high-wage jobs for manufacturing, construction, transportation, high-tech, and public sector workers, while reducing dependence on imported oil and cleaning the air. Perryman’s analysis shows that a New Apollo Project would also position the U.S. to take the lead in fast-growing markets, dramatically reduce the trade deficit and more than pay for itself in energy savings and returns to the U.S. Treasury. Perryman’s study was based on an input-output analysis of impacts on key industry sectors, using a highly regarded economic model and extensive survey data.

Presidential candidate Dick Gephardt has backed this project for some time. Governor Dean also released a statement today, praising the proposal. No word yet on whether President Bush sees any merit in the plan.

More from the report itself:

Economic Benefits:
The economic benefits included in this report are the results of
a classic input/output modeling exercise and analysis conducted
by the non-partisan Perryman Group in Waco, Texas. The
findings from this study suggest that Apollo’s $300 billion
investment in America’s economic and energy future will:

• Add more than 3.3 million jobs to the economy

• Stimulate $1.4 trillion in new Gross Domestic Product
• Repay the $300 billion Federal cost of the project, through
  $306.8 billion in increased Federal tax revenue from increased
  earnings, during the 10 year period of its implementation
  with additional, sizable ongoing fiscal benefits thereafter.

• Stimulate the economy through adding $953 billion in
  Personal Income and $323.9 billion in Retail Sales

• Offer a 22.3% annual rate of return when the effects of
  the project development and the ongoing stimulus of the
  project are calculated.

• Produce $284 billion in net energy cost savings.