As longtime proponents of a national infrastructure bank, PPI is delighted by President Obama’s new initiative. His proposal to invest $50 billion in new public investment is potentially an economic game-changer. By choosing projects on economic rather than political grounds, an infrastructure bank could leverage hundreds of billions of private investment in new roads, high-speed rail, new generation air traffic control and other long overdue upgrades of our public infrastructure.
There are reports that some progressive centrists may be reluctant to support this proposal at a time of escalating deficits and debt. We take a back seat to no one when it comes to fiscal discipline. But the president’s proposal is not just another short-term stimulus; it’s a long-term investment in expanding the nation’s productive base. With our economy mired in sluggish growth and high unemployment, America needs a vision for economic regeneration, not penny-wise, pound-foolish politics.
We therefore urge pragmatic progressives to give enthusiastic backing to the president’s plan to get America moving again. And we are particularly glad to see its strong emphasis on high-speed rail, the subject of a series of recent PPI reports and analyses.
PRESS CONTACT:
Steven Chlapecka—schlapecka@ppionline.org, T: 202.525.3931
