FOR IMMEDIATE RELEASE
April 6, 2021
Maddy McDaniel, Communications Director
70 ECONOMISTS SUPPORT MULTI-TRILLION DOLLAR PUBLIC INVESTMENT IN INFRASTRUCTURE, CLEAN ENERGY, MANUFACTURING TO BOOST ECONOMY
International Monetary Fund: “Increased public infrastructure investment raises output in the short term by boosting demand and in the long term by raising the economy’s productive capacity.”
WASHINGTON, D.C. — Today, more than 70 economists signed a statement organized by Invest in America calling for major public investments in infrastructure, manufacturing, clean energy, and the care economy to secure a sustainable, equitable recovery from the pandemic. The statement comes as President Biden presents the American Jobs Plan to Congress.
Read the full statement and view its signers here.
Economic experts agree that investing in infrastructure pays for itself in dividends by boosting productivity, increasing equity, and creating millions of well-paying jobs. The nation faces $5.9 trillion in infrastructure needs that could cost $10 trillion in GDP if left unaddressed.
“Investing in infrastructure, clean energy, and manufacturing will create millions of high-paying jobs and boost our economy in the short and the long term,” said Gabriel Mathy, assistant professor of economics at American University. “We need these investments to ensure American competitiveness and future prosperity.”
“Well-targeted infrastructure investments have the potential to stimulate economic growth, promote opportunity, and redress inequities,” said Anna Stansbury, Ph.D. Scholar at Harvard University’s Program in Inequality and Social Policy. “Now is the time to go big on infrastructure to build on the initial success of the American Rescue Plan.”
Economists who signed the statement are available for interviews and analysis on what is needed to build back better. To get in touch, please contact [email protected].
The economists write in the statement:
“The coronavirus pandemic has laid bare the consequences of decades’ worth of underinvestment in our communities, dealing a devastating blow to American workers, families, and small businesses — particularly in communities of color. While the American Rescue Plan’s public investments have helped staunch the bleeding, more must be done to address the massive loss of jobs, our underfunded and crumbling infrastructure, an ever-widening racial wealth gap, and the rising economic cost of inaction on climate change.
Big problems like these must be met with big solutions. We cannot afford to think small.
We need large-scale public investments that will build on the growth spurred by the American Rescue Plan and create millions of high-paying jobs. A multi-trillion dollar investment in infrastructure like the one President Biden laid out last week will help pave the way for sustainable and equitable economic growth and pay for itself in the long run.
The American Rescue Plan was a historic investment that saved our economy from catastrophe. We must now be even more ambitious to secure our long term recovery, prosperity and future competitiveness around the globe by making the needed investments in our roads, bridges, ports, broadband and clean energy.”