About $550bn of America’s $1trn infrastructure bill constitutes new spending. The impact on growth is nothing to be sneezed at
LOCK AND DAM 25 on the Upper Mississippi River is testament to how good American infrastructure can be. Stretching nearly 1,300 feet across the water,
Hundreds of similarly delayed and neglected public projects around America will get a big boost from the infrastructure bill, which Joe Biden will soon sign into law . It includes $40bn of new funding for fixing bridges, the largest such investment since the construction of the interstate highway system. There will be nearly $70bn for passenger rail, aimed both at clearing years-old maintenance backlogs and bringing service to new areas.
For years American infrastructure has suffered from under-investment. It would take $2.6trn over the next decade to get it up to scratch, according to the American Society of Civil Engineers , a non-partisan professional body. The bill will not fix all that ails the country’s infrastructure. But it could be the beginning of a process that, if well implemented and sustained, would make a real difference.
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