Video: Transportation Secretary: “The Wolf is at the Door”
U.S. Transportation Secretary Anthony Foxx has simple message for the business community: put pressure on members of Congress to make much-needed investments in the nation’s deteriorating transportation infrastructure.
Speaking at the Let’s Rebuild America’s second annual Infrastructure Intersection Summit at the U.S. Chamber of Commerce, Foxx said that “the United States has a massive infrastructure deficit. If that deficit is not addressed, it will cripple the economy.” Foxx cited a number of ominous statistics: 100,000 bridges in the United States are old enough to collect Medicare. The United States has fallen 20 spots in the World Economic Forum’s global infrastructure rankings over the past 20 years. An inadequate transportation infrastructure system costs businesses $1 trillion in lost sales every year.
A long period of underinvestment in transportation infrastructure has created a crisis situation, according to Foxx. “For years, termites were in the basement, slowly eating away at the foundation. Now, the wolf is at the door.” In addition to increased funding, Foxx called on Congress to “double down on reducing costs” by further reforming permitting processes that cause project delays. Streamlined permitting would create a more productive environment for public-private partnerships, which are capable of producing savings of up to 40%, according to Foxx.
Watch the 60-second video to hear Foxx describe one of the biggest repercussions of a lack of sustained federal investment.