The Conversation, a site devoted to fostering public discourse, posted a thought-provoking piece last month entitled “3 ways $2 trillion for infrastructure can fight inequality too” In the article, Steven Pressman, professor of economics, Colorado State University, asks us to envision that an infrastructure plan has been put in place, then poses the $2 trillion question: What would you fix first?
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Though his supposition requires a vivid imagination given the partisan chasm in D.C., and the most recent setbacks in infrastructure discussions on Capitol Hill, let’s roll with Pressman’s vision for a moment and ponder some of his key points.
Pressman starts off by citing how infrastructure investment saves both jobs and costs. He cites the American Society of Civil Engineers, which estimates deficient infrastructure costs each U.S. household an average of $3,400 annually due to lost productivity, higher transportation costs, etc. “That amounts to about $4 trillion in total over a decade, plus 2.5 million in lost jobs,” he writes. Because a $2 trillion investment may still be insufficient to address all of the country’s pressing needs, he believes spending priorities must be established.
Pressman proposes that a priority be placed “in areas that will help struggling working and middle-class families hurt by ever-rising economic inequality.” As he indicates, infrastructure investment leads to job creation, higher incomes for many, reduced safety and health risks and a higher overall quality of life.
As such, Pressman promotes prioritizing clean, potable water in areas where it’s needed most; repair of the crumbling road system; and the expansion of rail transport — high-speed rail, in particular — as a means to put low-income and working class U.S. citizens on a more solid economic footing. And while you may question these specific priorities, the objective of ensuring all Americans have the resources they need to lead healthy, productive lives is difficult to argue.
Infrastructure investment is no miracle cure for many of the challenges plaguing this country. Yet, it presents an opportunity to boost economic growth and, subsequently, the standard of living for numerous U.S. citizens. Failing to make the necessary investment in the near term will compound the costs in the coming years, both in terms of dollars lost per person and the cost to repair or replace deficient and failing structures.
Many states are attempting to develop transportation/infrastructure funding mechanisms of their own, but the dollars raised are only a fraction of what’s required. Further federal infrastructure investment, along with a permanent fix for the ailing Highway Trust Fund, are necessities to begin to address the deficiencies going forward.
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Legislators in D.C. assert bipartisan support for increased infrastructure investment, but inaction in this case speaks louder than words. I encourage you to contact your federal representatives to insist they push forward infrastructure funding legislation yet this year. Further delay could cause the issue to become politically polarized during the 2020 election cycle — meaning the risk of another full year (or longer) before any action can occur.
