The American Society of Civil Engineers (ASCE) released a report this week that offers a bleak outlook at the nation's surface transportation infrastructure - just in time for the imminent Aug. 2 deadline to raise the debt ceiling.
The 40-page report, titled "Failure to Act: The Economic Impact of Current Investment Trends in Surface Transportation Infrastructure," calls for a $846 billion additional funding over the next nine years to fix America's deteriorating highway and transit systems, which ranked No. 19 and 18, respectively.
Without aggressive financial intervention, "surface transportation infrastructure will cost the American economy more than 870,000 jobs and suppress the growth of the country's gross domestic product by $3.1 trillion by 2020," reports Pam Kasey.
Kasey adds, "The report finds that, in 2010, deficiencies in America's roads, bridges, and transit systems cost American households and businesses more than $129 billion. That includes vehicle operating costs, delays in travel time, and safety and environmental costs."
In the 2009 Report Card, the ASCE gave America's infrastructure an overall grade of D.
Read the full story: Delaying Infrastructure Improvements Could Cost Nation Trillions, Report Says
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