America Fast Forward Kicks Off Tomorrow

by Gary Toebben

In November 2008, as the Great Recession was gripping our nation, 68 percent of the voters of Los Angeles County agreed to increase the county sales tax by one-half percent to fund road and mass transit projects over the next 30 years. The voters spoke loudly in support of traffic relief and the new jobs that would be created through dozens of high priority projects outlined in a master plan. 

As the design for these projects began and the Great Recession lingered, L.A. Mayor Antonio Villaraigosa suggested that the Metropolitan Transportation Authority approach the federal government with a plan to pledge future sales tax revenue as collateral toward the repayment of long-term loans and bonds that could be issued immediately to build 30 years worth of transportation projects in 10 years. The 30/10 plan captured the attention of the White House and Congress during the Chamber's annual ACCESS Washington, D.C. trip in March 2010 and Mayor Villaraigosa and other local leaders including the Chamber, began looking for a way to make 30/10 a national initiative that would gain the support of cities, counties and lawmakers across the nation. 

"America Fast Forward," will kick off at a news conference tomorrow afternoon on Capitol Hill. Speakers include Sen. Barbara Boxer, chair of the Senate Transportation Committee; Rep. John Mica, chair of the House Transportation Committee; Mayor Villaraigosa; Tom Donohue, president and CEO of the U.S. Chamber of Commerce and Richard Trumka, president and CEO of the AFL-CIO. 

This bipartisan coalition of leaders from government, business and labor will be encouraging Congress and President Obama to play a major catalytic role in partnering with local governments to invest in transportation infrastructure in their cities and counties. These transportation investments will not only reduce traffic and create jobs; they will speed the flow of goods and services and make American businesses more competitive in the global marketplace. 

America Fast Forward is a smart and money-saving investment for the federal government. Instead of paying for 80 percent of the cost of new transportation infrastructure as has been the case in the past, America Fast Forward would utilize a series of financing tools that will reduce the federal share to 20 percent or less. 

More than 100 U.S. mayors have joined Mayor Villaraigosa in a letter of support for America Fast Forward. Chambers of commerce, labor unions and other transportation advocacy organizations will be next. The goal is to create a broad-based coalition that represents millions of U.S. residents and businesses. 

Sixty years ago President Eisenhower launched construction of the national interstate highway system that transformed our country and contributed to decades of prosperity. Now it's time to be bold again ... with America Fast Forward. 

And that's The Business Perspective.