PRESS RELEASE: NEW REPORT: INFRASTRUCTURE WILL TURBOCHARGE OUR ECONOMY — AND PAY FOR ITSELF

FOR IMMEDIATE RELEASE
April 6, 2021

Contact:
Maddy McDaniel, Communications Director

[email protected] or 914-471-7716

NEW REPORT: INFRASTRUCTURE WILL TURBOCHARGE OUR ECONOMY — AND PAY FOR ITSELF

69% of VotersIncluding 65% of Independents and 50% of Republicans, Support A Multi-Trillion Dollar Plan To Invest In American Infrastructure

70 Economists Signed a Statement Organized by Invest in America Calling for a Multi-Trillion Dollar Infrastructure Investment

WASHINGTON, DC — Today, Invest in America released a new research report, “Infrastructure Will Turbocharge Our Economy — And Pay for Itself,” highlighting the necessity for large-scale investments in infrastructure that will accelerate U.S. economic recovery, create millions of high-paying jobs, and pay for itself in the long run.

Read the report below:

Infrastructure Will Turbocharge Our Economy — And Pay for Itself

“We have not made the investments to maintain infrastructure that in some cases was built more than 50 years ago…We risk significant economic losses, higher costs to consumers, businesses and manufacturers – and our quality of life – if we don’t act urgently.”

— Thomas Smith, Executive Director of the American Society of Civil Engineers (ASCE)

Our infrastructure is crumbling, causing a drag on the American economy and threatening our quality of life. 

A multi-trillion dollar investment in infrastructure will create jobs and turbocharge the economy. 

“Infrastructure pays for itself if it’s done wisely. It’s the grease that keeps the economy moving along.”

— Beth Ann Bovino, Chief U.S. Economist at S&P Global

Infrastructure investments are also a vehicle to address racial equity. 

Experts agree that investments in infrastructure pay for themselves: 

International Monetary Fund: IMF Survey: The Time Is Right for an Infrastructure Push

  • “The study finds that 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.

    “In addition, the boost to GDP a country gets from increasing public infrastructure investment offsets the rise in debt, so that the public debt-to-GDP ratio does not rise.

    “For economies with clearly identified infrastructure needs and efficient public investment processes and where there is economic slack, there is a strong case for stepping up public investment.” [IMF News, 9/30/14]

Former Treasury Secretary Larry Summers: Invest in infrastructure that pays for itself

  • “Most notably, the IMF asserts that properly designed infrastructure investment will reduce rather than increase government debt burdens. Stated boldly: Public infrastructure investments can pay for themselves.

    “What is crucial everywhere is the recognition that in a time of economic shortfall and inadequate public investment, there is a free lunch to be had — a way that government can strengthen the economy and its own financial position. The IMF, a bastion of ‘tough love’ austerity, has come to this important realization. Countries with the wisdom to follow its lead will benefit.” [The Washington Post, 10/7/14]

Visiting Faculty In Economics At Emory University Sheila Tschinkel and Professor Of Finance Emirata At The University of Colorado Denver Marcelle Arak: An investment in America’s infrastructure could cost taxpayers nothing

  • “Now is the right time for a substantial program of greatly needed public infrastructure investment. One of the main objections to this kind of investment – the growth of the federal budget deficit that temporarily results from more spending on infrastructure – is not worrisome because of the gains in economic productivity and potential output. Indeed, it will pay for itself over time: if the real cost of financing the borrowing is close to zero and the return is well above zero, it is as if we are being paid to do this. Let’s not reject a ‘free lunch.’” [Fortune Magazine, 10/8/15]

Read more reports on the importance of and bipartisan support for going big on infrastructure, care economy, clean energy, manufacturing and other areas here.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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