The United States will need to spend $2 trillion on its roads and bridges if it hopes to remain competitive in the global marketplace. The country is falling behind the rest of the world in rebuilding and updating its transportation network, according to a report from the Urban Land Institute, The Washington Post
The United States already trails Brazil, China, and India, the institute said. The decline in roads, sewers, and water pipes eventually will lead to tolls on interstate roads, hikes in water and sewer bills, and higher property taxes, the Post reported.
“Over the next five to 10 years, public concerns will grow over evident declines in the condition of infrastructure. At some attention-getting point after infrastructure limps along, platforms for reinvesting in America could gain significant traction and public support,” the Post quotes the report as saying.
Although Congress has failed to approve the two major bills concerning aviation and transportation, China has moved ahead with spending $1 trillion on high-speed rail, highways, and other infrastructure improvements. India has spent nearly $500 billion on roads and plans to double that by 2017, and Brazil plans to spend $900 billion on energy and transportation projects by 2014, the Post reported.
The report concluded that the United States needs to invest $2 trillion to rebuild roads, bridges, water lines, sewage systems, and dams, the Post reported.
© 2015 Newsmax. All rights reserved.