Yellen: Infrastructure Funding Would "Counter" Economic Headwinds
Federal Reserve Chairwoman Janet Yellen presented the Fed’s semi-annual economic report to the Senate Banking Committee today, telling Members of Congress that while the economy is making progress, there are still “substantial headwinds” standing in the way.
But infrastructure funding might be a way to help, Yellen told the committee.
During the hearing’s Q&A session, Sen. Robert Menendez (D-N.J.) asked Yellen whether taking action to repair our nation’s infrastructure would help counter the headwinds holding back the economy. Yellen replied that fiscal policy has been a drag on growth for a number of years, and it’s up to Congress to determine what the appropriate methods are to address infrastructure.
Menendez pressed Yellen, asking if investing in transportation infrastructure specifically would “combat those headwinds.” Yellen replied:
Well certainly it would be a counter to those headwinds, yes.
Here at the Alliance for American Manufacturing, we think it is time for Congress and the White House to counter the headwinds and take action to repair our nation’s transportation infrastructure. The Highway Trust Fund is in desperate need of a long-term funding plan at the same time that more than 70,000 bridges and roads across America are falling apart.
Every $1 billion spent on repairing and upgrading our transportation infrastructure supports 18,000 jobs in America. If we invest wisely and spend our tax dollars on American-made products, we’ll surely begin to combat the headwinds facing our economy and increase prosperity across America.
AAM intern Rose Velazquez contributed to this blog post.
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