Failing infrastructure has "cascading impact" on U.S. economy

01/15/2013 | Bloomberg · Reuters · Business Insider

Failure to spend $157 billion between now and 2020 to upgrade the U.S. infrastructure, including surface transportation, aviation, waterways, the electrical grid and sewers, could lead to losses of more than $3.1 trillion in gross domestic product and $1.1 trillion in total trade -- as well as a loss of 3.5 million jobs, according to the "Failure to Act" report by the American Society of Civil Engineers. "Infrastructure is the lifeblood of our economy and provides the foundation for assuring a high quality of life for all Americans," said ASCE president Gregory DiLoreto. "If we don’t invest now, all Americans will pay more in the long run."

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Bloomberg · Reuters · Business Insider

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