National Infrastructure Bank? “Let’s do this!"
Posted by admin on 05/14/2010
On Thursday, the House Subcommittee on Select Revenue Measures held a hearing on the creation of a National Infrastructure Bank (NIB) to meet the needs of our aging roads, bridges, transit systems, ports, drinking water and waste water facilities, broadband and electricity systems. In his testimony, Pennsylvania Governor Edward Rendell cited polling showing that 94% of the American public is concerned about America’s infrastructure. More important, however, are the economic benefits. The creation of an NIB would be the “single best job creator that this Congress can do for the American people," said Rendell. "It’s also the single best thing to bolster flagging American manufacturing. And, ladies and gentlemen, if we don’t do something about American manufacturing soon, there isn’t going to be American manufacturing.” Governor Rendell also outlined the benefit to American manufacturing of the modest infrastructure investments in the American Recovery and Reinvestment Act (ARRA), saying:
“Let me just give you an idea of what this does for American manufacturing. We did a study in Pennsylvania of the increase in manufacturing orders...In the first 10 months of the stimulus, there were 4,300 additional tons of steel ordered in PA, a 43 percent increase over the previous year when there was no stimulus; 3.5 million tons of asphalt, a 44 percent increase in the asphalt that was ordered; 440,000 cubic yards of concrete, a 50 percent increase in the concrete that was ordered the year before. So, if you want to get the economy going, bolster American manufacturing, let’s do this.”Rendell serves with California Governor Arnold Schwarzenegger and New York City Mayor Michael Bloomberg as co-chairman of Building America’s Future, a bipartisan group that advocates for an NIB.
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