The United States physical infrastructure is more than just highways and airports. It’s, also —
- energy transmission
- water capture and transport
- broad band technology, etc..
There is a $2.2T backlog of infrastructure repair and modernization in the American catalog today.
Clogged highways, blown electrical transformers, slow data transfer rates and low water pressure are not just inconveniences in our lives.
They’re a barrier to economic recovery and global competitiveness.
- European Union member nations spend an average of 9% of GDP on infrastructure
- USA a mere 2% –
Economists estimate every $1B in infrastructure development adds 27,000 jobs to the economy!
Senator (and 2004 presidential candidate) John Kerry(D-MA) has joined with Senators Warner (D-VA), Hutchison (TX-R) and Graham (SC-R) to offer a bi-partisan solution –
Chartered Infrastructure Bank of the United States.
Senator Kerry recently explained the idea to a No Labels telephone town hall of 16,000 –
Congress would create the bank with one-time, start up capital of $10B.
- The bank, would be free standing with the ability to issue bonds to raise capital from –
- Private Investors
- Pension Funds
- Sovereign Wealth Funds (for example China, Saudi Arabia etc..)
- The bank would be managed by experts in infrastructure development and finance –
- recruited exclusively from private sector
- subject to Senate confirmation
- The bank would only make loans – no direct grants – to
- Privately projects that demonstrate the ability to repay the loan
- Public projects where state and local entities have the ability to issue bonds
- Lower risk would allow the bank to lend at below market interest rates.
The devil is in the details, but –
The idea makes so much sense that the Senate should IMMEDIATELY consider it.
Not going to happen — we are told. “It’s an election year!”
Again, the best interests of the American people and the American economy are being held hostage by a national political process consumed in negativity.
- Our politicians – from both parties – are so consumed in the “blame game”
- They can’t see the occasional opportunity in the “taking credit game” –
“Making Congress Work” is more than a slogan. It’s your responsibility!
TODAY, call, write, e-mail, Twitter or send a smoke signal to your US Senators and urge them to support the Chartered Infrastructure Bank of the United States –
It’s just GOOD business!!