A 'New Deal' Needed for American Infrastructure

"Following the bridge collapse, Senators Christopher Dodd and Chuck Hagel introduced legislation to establish a National Infrastructure Bank that would enable the federal government to help finance infrastructure projects – partly through federal guarantees to state and local governments. Projects would include publicly-owned mass transit systems, roads, bridges, drinking water and wastewater systems, and housing properties. In the House, Congressmen Dennis Kucinich and Steven LaTourette introduced The Rebuilding America's Infrastructure Act which would create a low-cost federal financing mechanism to administer zero-interest loans to localities. States choose which projects to fund with the loans according to their specific needs.

The problem is that the Dodd bill, as well-intentioned as it is, would still invest only $60 billion a year – which pales in comparison to the scope of the problem. Similarly, Senator Bernie Sanders good bill to foster green collar jobs – which passed in the House too – also allots only $100 million. A much bolder undertaking is needed."