Today, Barron’s published an op-ed by Stephen Schwarzman, chairman, CEO and co-founder of Blackstone, and Kathryn Wylde, president and CEO of the Partnership for New York City.
America is on the path toward achieving a 21st century public infrastructure program that eluded us for two decades.
We were among 148 business leaders who wrote a letter on July 26 urging congressional leaders to agree on the Bipartisan Infrastructure Framework that is now moving toward adoption by Congress. Democrats and Republicans, business and labor leaders, have united in support of the $1.2 trillion Infrastructure Investment and Jobs Act that will be the catalyst for modernizing the country’s aging transportation systems and utilities while kick-starting our national economy postpandemic.
For those of us based in America’s big cities, unprecedented growth has overwhelmed the capacity of our existing infrastructure. As a result, our productivity and America’s competitive advantage in global business has been declining. This trend predates the pandemic but has been accelerated by the sudden transition to remote work, online education, and the explosion of e-commerce that has caused a surge in freight and deliveries.