This great city has a long history of firsts, including the world’s first commercial radio station, the first mass transit bus system in the country and the first nighttime World Series game. In addition to being points of pride for Pittsburgh, these also happen to be examples of how important infrastructure is — the communications, transportation and power critical to our lives. It’s time to invest in infrastructure with this in mind. They are just a few examples of infrastructure’s outsized importance.
We, at U.S. Steel, applaud President Joe Biden for coming here to unveil his infrastructure plan. It is a recognition that Pittsburgh’s workers and products, including steel, have been critical to the nation’s roads, rails, bridges, power grid, school buildings and so much more.
At U.S. Steel, we agree with the president that investing in infrastructure will help the nation’s economy and the environment. His goal to create a more resilient and sustainable economy mirrors our company’s efforts to deliver a more sustainable product for our customers and the planet.
Now we need Washington to act. Our infrastructure bill is long overdue.
Much of the nation’s infrastructure was built more than 50 years ago and some is even older, dating back to the New Deal. It has far exceeded its planned lifecycle presenting a safety risk to the millions of Americans who rely on it.
We haven’t funded infrastructure properly for decades. Unsurprisingly, this has become a drag on the economy.
The U.S. today is only spending about half of what is needed to keep the nation’s infrastructure in good shape — which is not good enough in an increasingly interconnected and technologically advanced world.
The investment gap needed to make up for paying half the bill and the costs to all of us are growing every single day. The annual infrastructure investment by federal, state and local governments, which was 4.2% of gross domestic product in the late 1930s, has fallen to about 1.5% of GDP.
Many don’t realize that without proper infrastructure, manufacturers suffer and U.S. exports decline. That means fewer jobs. Manufacturers are especially vulnerable to underinvestment because whether it’s cars, chemicals, foods or metal, we need energy, water, transportation systems and ports for those goods to be made and shipped across the U.S. and to international markets.
As a recent report from the American Society of Civil Engineers said, if we don’t act on infrastructure, the health care, housing, food services, recreation and other sectors will also be hurt. The report forecast job losses if the investment gap is not closed. Almost half of the jobs expected to be lost were high-wage positions in manufacturing and white-collar jobs.
We have an opportunity nowto build infrastructure in a way that not only supports our economic recovery, but builds a better economy. Investing money now will also save money in the long run.
If we invest as we should, we will create jobs across the economy, strengthen U.S. competitiveness, make our systems more durable and save households money, all while helping to address climate change.
There has been almost no disagreement among political leaders that we need to invest more in infrastructure. Unfortunately, consensus has not led to action.
The risks are too high and the opportunities too great for us to delay any longer. Congress and the administration must work together to take decisive action on infrastructure. The no-regrets benefit to our society and economy will be both swift and long lasting.
David B. Burritt is president and CEO of United States Steel Corp.
First Published: April 18, 2021, 4:00 a.m.