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$1 trillion spending gap for U.S. infrastructure holds real consequences

Posted By Wayne Grayson On January 17, 2013 @ 8:13 am In Construction News | No Comments

[1]“Infrastructure is the most important thing you never think about,” Jim Hoecker, the former chairman of the Federal Energy Regulatory Commission, told the Washington Post [2].

Indeed, should the U.S. not invest $1.1 trillion more in infrastructure by 2020, experts warn power outages will increase, food and clothing prices will jump, bridges will begin to crumble into non-use as traffic piles up and household income will drop.

All of the above warnings came in a report titled “Failure to Act” by the American Society of Civil Engineers. The report says $2.6 trillion is needed for U.S. infrastructure improvements by 2020. But the likely funding available is only $1.6 trillion.

The report says as many as 3.5 million jobs could be lost without the added funds while the average loss of income per household could be more than $3,000 per year. And between 2021 and 2040, disposable income losses could exceed $6,000 annually.

The ASCE report comes after a sweeping report by the Washington Post of the crumbling state of U.S. infrastructure and bridges, most of which are nearing the end of life status [3]

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[1] Image: http://www.equipmentworld.com/files/2013/01/1358427937.jpg

[2] told the Washington Post: http://www.washingtonpost.com/local/trafficandcommuting/trillion-dollar-gap-seen-in-infrastructure-spending/2013/01/15/0a511c30-5f01-11e2-b05a-605528f6b712_story.html

[3] bridges, most of which are nearing the end of life status: http://www.equipmentworld.com/u-s-needs-new-bridges-but-states-lack-funding/

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