Aboard Air Force One
En Route Miami, Florida
10:55 A.M. EDT
MR. EARNEST: Bienvenidos aboard Air Force One as we make our way to Miami today. Typically, at the beginning of gaggles like this, I’ll have a little presentation to preview for you the remarks of the President and give you a sense of the argument and the case the President will be making. Rather than doing that myself today, I’ve actually brought along an expert, Alan Krueger, who is the President’s chief economist.
Prior to working at the White House, Alan worked at the Treasury Department, where he was instrumental in putting together some of the administrations’ proposals related to the infrastructure bank and to the Build America Bonds that have proven to be so popular and helpful in stimulating economic growth and creating jobs all across the country. So I want to give Alan the opportunity to give you a sense of the case the President will make today about the infrastructure proposals that the President will be laying out, and the impact it would have on the economy and creating jobs. Alan can then take your questions about the event, and then we’ll open it up to other questions you may have on other topics today.
All right. So, Alan, do you want to give us a little opener here?
MR. KRUEGER: Sure. So why don’t I say a few words at 30,000 feet about how infrastructure is the right thing to invest in in the economy right now.
The U.S. is underinvested in our infrastructure. If we invest more in infrastructure, we’ll be more competitive — businesses tell us that. Businesses tell us, and the President cites this in his speech, that if we improve our infrastructure, that will bring more jobs back home to the U.S. Other countries that we compete with economically have been investing quite heavily in infrastructure.
On top of that, now is a particularly good time to invest in our infrastructure. No industry was harder hit by the downturn than construction. Fully 20 percent of the jobs that were lost from the end of 2007 to the end of 2009 were in the construction sector. The unemployment rate for construction has come down, but it still remains over 15 percent. So we have resources that we could put back to work today to improve our competitiveness tomorrow. It makes a great deal of economic sense.
The President today in Miami is going to discuss three proposals to make smarter, more leveraged investments in our infrastructure. And this builds on his previous announcement for the Fix it First initiative, and a good deal of research suggests that maintaining our existing infrastructure has a very high payoff.
One area where we do a very poor job in terms of infrastructure, given the siloed nature in which we …read more
Source: White House Press Office
Source: White House Press Office
