A clear and quick path out of the newly designated recession
To no one’s surprise, COVID-19 has pushed the country into a designated recession. While keeping a careful watch on public health and safety, government officials and economic leaders are now fervently seeking ways to boost America’s economy and to support job creation.
The path out of this recession, according to many fiscal policy experts, is clear. It is through improvements to infrastructure – transportation, water, power, technology, airports and social infrastructure (vertical construction). Addressing those critical needs will stimulate the economy and create jobs immediately. Regional leaders throughout America know how to prioritize critical infrastructure needs – they just need encouragement and funding.
Unfortunately, when it comes to infrastructure, America is more than 30 years behind numerous other countries. Many argue that we are behind because of a lack of revenue, but that’s simply not the case. Funding for critical infrastructure projects is available from dozens of sources. The lacking component is leadership, and that is required from many sources.
Government officials can point to the greatest of these unmet needs, and the time is long past for the media at large to step up and report on this issue consistently and accurately. The public at large needs to understand that the greatest costs will result from not addressing critical infrastructure problems. The result of continued inattention will soon begin to impact every American.
China has demonstrated it can build a new bridge in less than 43 hours. We can’t do that! Other countries have their airports listed in the top 10 global rankings. America is not there. More than 56,000 U.S. bridges are classified as structurally unsound, and that statistic has not changed in years. Clean drinking water is compromised in too many parts of the country, broadband does not reach many rural areas, and many of America’s power grids and water pipelines are decades past their anticipated lifespan in many parts of America. Those infrastructure issues are dangerous.
The good news, however, is that entrepreneurship is alive and well in America. Technology, innovation, collaboration, and funding – everything required to reverse the infrastructure crisis – is available in abundance. A Deloitte report outlines a $2.1 trillion funding deficit linked to infrastructure. The projected costs escalate continually.
The quickest way out of the newly designated recession is through infrastructure activity. The only thing lacking is leadership.