Cross-posted from Treasury Notes, the Department of the Treasury blog.
As the President made clear in his State of the Union address, we must ensure that the U.S. has the fastest, most reliable ways to move people, goods, and information to maintain our competitive edge. Yesterday, Vice President Biden and Secretary LaHood visited a rail yard in Philadelphia to highlight one aspect of the President’s plan – connecting 80 percent of American households to high-speed rail in the next 25 years.
Part of that commitment is to invest in infrastructure to create jobs today and out-compete the world tomorrow. Well-targeted infrastructure investments create both immediate and long-term economic benefits. Those benefits accrue not only where the infrastructure is located but also to communities all across the country.
When the Port of Seattle improves its connection with local freight railroads, it creates construction jobs for local workers – but the project’s benefits extend far across the heartland. By making it cheaper to transport cargo, this improvement will allow cattle ranchers in rural Montana to ship their beef to new markets across the world. Consumers who purchase imported goods and American businesses that are expanding their exports enjoy lower prices and improved access to new markets and goods.
Likewise, when New York City upgrades its subway system by adding new rail cars, millions of New Yorkers will get to work faster, increasing their productivity and quality of life by decreasing the amount of time lost to commuting. More subway capacity means less congested streets, less time spent stuck in traffic, faster deliveries of goods to city stores, and less smog in the air. However, the decision to increase capacity in New York also means that the far-away Kawasaki plant in Lincoln, Nebraska that manufactures the subway cars will increase production, putting Nebraskans to work.
Fonte: White House