Congress is blowing a big opportunity to rebuild America, according to The Fiscal Times, because rock-bottom interest rates make it less costly to fix America's decaying bridges, roads and public infrastructure than it has been in decades.
“Like many bargains, today’s low interest rates should have a sign attached saying ‘Act now while supplies last!’”
wrote Times contributor David Dayen.
Dayen noted that enacting a large infrastructure program at lower costs now would actually save money in the long-term – and could offer the extra benefit of supporting the economic recovery.
Editor's Note: These 38 Dates Are Key to Bagging $313,038
The latest report card from the American Society of Civil Engineers grades the quality of U.S. roads, bridges, dams, water systems, ports, and rail lines at a D+, and estimates $3.6 trillion in infrastructure investment will be required before 2020.
Among its finding,
the engineering society report found:
- One in nine U.S. bridges is structurally deficient.
- The Federal Aviation Administration (FAA) estimates the cost of congestion and delays at U.S. airports will rise to $34 billion by 2020 without infrastructure fixes.
- At least 4,000 American dams have structural problems needing $21 billion in repairs.
- Many drinking water pipelines and mains are more than 100 years ago, and the U.S. inland waterway system has not been updated in more than 50 years.
“So we can wait until the last possible moment to make the necessary repairs and upgrades, or we can anticipate them and make them now, when the cost of capital is probably as low as it will get. Moreover, we can support the needs of the future, like a smart electrical grid and high-quality broadband development,” Dayen wrote.
The Washington Post reported a bi-partisan Senate bill to solve a growing crisis in federal transportation spending would keep spending at current levels.
If no action is taken, the federal Highway Trust Fund is expected to run short of cash by August.
The American Automobile Association (AAA) is among those that believe hiking the federal gas tax is the best immediate option from keeping the fund from going broke.
“Asking Americans to pay more isn’t easy, but on this issue in particular, it’s the right thing to do,” said AAA lobbyist Jill Ingrassia.
“Voters understand roads aren’t free, and they are willing to support increased investment when they know that the revenue is going to be spent in ways that improve their travel experience.”
The Post cited estimates that the federal gas tax would need to be raised to 31 cents per gallon to revive the dwindling trust fund – a considerable hike
over the current 18.4 cents. But most polls have shown that a majority of Americans oppose a gas tax increase.
Editor's Note: These 38 Dates Are Key to Bagging $313,038
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