ICYMI: CRAIN’S CLEVELAND BUSINESS: INFRASTRUCTURE INVESTMENT EQUALS BIG RETURNS

POLLING: 66% of Voters — including 60% of Independents  Support Passing the $3.5T Build Back Better Plan Through Reconciliation.

Yesterday, CEO of U.S. steel manufacturer Cleveland-Cliffs Lourenco Goncalves penned an op-ed in Crain’s Cleveland Business, urging leaders in Washington to pass the Bipartisan Infrastructure Deal and invest in America’s local economies to create good-paying jobs in communities across the country.

KEY POINTS: 

  • A long-term infrastructure development plan, with a significant down payment on it, is required to ensure the U.S. remains the dominant economic superpower of the world, and to provide a basis for the next generation of family-sustaining jobs and widely shared prosperity.

  • Infrastructure investment will generate huge returns for the American economy and workers. As the chairman, president and CEO of the largest flat-rolled steel producer in North America, I know that the right investments in infrastructure — with an emphasis on American materials, manufacturing and workers — will create good-paying jobs that sustain families and communities.

  • The Bipartisan Framework is a good start to addressing our country’s needs in this area. By investing and rebuilding our infrastructure, we will reinvigorate our U.S. economy and create long-term value for all stakeholders — businesses, governments, communities and U.S. citizens. I urge our leaders in Washington, D.C. to quickly pass a wide-ranging infrastructure package, so we can do what Americans do best: Roll up our sleeves and get to work, for us now, for the next generation and for the next one.

See the full article below:

Crain’s Cleveland Business: Personal View: Infrastructure investment equals big returns

The United States has woefully under-invested in its infrastructure for decades. By now, it is no longer startling to read that America’s public infrastructure is near failing in many areas. That is a fact upon which there is near universal agreement. Despite that consensus, the question remains: What is the United States prepared to invest in, in order to build a 21st century infrastructure system?

A long-term infrastructure development plan, with a significant down payment on it, is required to ensure the U.S. remains the dominant economic superpower of the world, and to provide a basis for the next generation of family-sustaining jobs and widely shared prosperity. The U.S. must make these investments to compete with China and other countries that aspire to continue growing their economic influence. In 2018, American investment in infrastructure was only 0.5% of our GDP. By comparison, China invested 5.6% of its annual GDP in infrastructure in the same year. Make no mistake, China is following the United States’ playbook in pursuit of its industrialization and ascent as an economic player on the global stage. It is not a novel concept; the Unites States invented that playbook and it has propelled our country to a position of economic and political strength.

Infrastructure investment will generate huge returns for the American economy and workers. As the chairman, president and CEO of the largest flat-rolled steel producer in North America, I know that the right investments in infrastructure — with an emphasis on American materials, manufacturing and workers — will create good-paying jobs that sustain families and communities. I am a vocal supporter of inclusive capitalism — the belief that true capitalism is meant not to create billionaires but rather to build and support a large, strong and resilient middle class. An investment in infrastructure is an investment in good-paying union jobs, such as those provided by Cleveland-Cliffs. At Cleveland-Cliffs, we employ approximately 20,000 union workers and our median worker earns a wage and benefit package of $103,000 per year, the highest average compensation in the domestic steel industry. Infrastructure spending should be viewed not as an expenditure, but as an investment that will pay dividends to workers, their families and to the American society for decades to come.

As someone who believes deeply in America and its future promise, I have always been confident that the U.S. would overcome political division and make the right decision to invest in the future. The economic role and impact of infrastructure is universally acknowledged. The Bipartisan Framework is a good start to addressing our country’s needs in this area. By investing and rebuilding our infrastructure, we will reinvigorate our U.S. economy and create long-term value for all stakeholders — businesses, governments, communities and U.S. citizens. I urge our leaders in Washington, D.C. to quickly pass a wide-ranging infrastructure package, so we can do what Americans do best: Roll up our sleeves and get to work, for us now, for the next generation and for the next one.

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