There was no dancing in the streets like there is when a sports team wins a championship. There was hardly a buzz on the internet and nothing that would match the fervor of a new movie trailer for the latest Star Wars or the Batman v Superman movie. Of course, it simply would not get the same amount of air time that the issues of gun control, terrorism, which presidential candidate said what, and holiday cups at Starbucks get. I waited to see if the reality of the situation would sink in and then we would eventually be jumping up and down and celebrating a national victory. But the days passed, and it was mentioned—just not in the manner that I feel is befitting of the history.
On Friday, December 4, 2015, President Obama signed the Fixing America’s Surface Transportation (FAST) Act. The five-year, $305 billion spending plan is the first long-term transportation funding measure in 10 years. There should be dancing in the streets. There should be victory rallies. There should be municipal proclamations announcing December 4 as “Transportation Day.”
This is historic because for the first time in years, more certainty has come to the construction industry. Think of the infrastructure that is going to be rebuilt. Think of the jobs that are going to be created. Think of the investment that will be going into equipment manufacturing. Think of the technology that will be developed. Think of the safety and security that we’ll feel driving on rebuilt highways and roads.
Brian McGuire, the president and CEO of Associated Equipment Distributors, released a statement that says in part, “After so many near misses and close calls, so many cans kicked down the road and so many cliffs narrowly averted, we finally have long-term, fully funded highway legislation.
“This is more than a philosophical victory. Equipment dealers, manufacturers and their customers can now once again plan for the future. Over the next five years, the hundreds of billions of dollars in federal highway and transit investment guaranteed in the bill will stimulate more than $13 billion in equipment sales, rental and maintenance activity and support more than 4,000 dealership jobs each year.”
President of the Association of Equipment Manufacturers, Dennis Slater, says, “The FAST Act will offer five years of stability to our nation’s surface transportation programs while steadily increasing infrastructure investment. This certainty extends to both the equipment manufacturing industry and the entire economy. The FAST Act means faster and safer infrastructure, economic growth, and more prosperity.”
The new law calls for spending approximately $205 billion on highways and $48 billion on transit projects over the next five years. It will be paid for by reauthorizing the collection of the 18.4 cents per gallon gas tax revenue and a combination of $70 billion in offsets from other areas of the federal budget.
This nation undoubtedly has been lagging behind when it comes to our infrastructure. Ours used to be the envy of the world. The FAST Act is by no means perfect. It still needs to find a viable, long-term funding mechanism. But it is one giant step out of the seemingly endless cycle of short-term fixes to the Highway Trust Fund. And for me that’s cause for historic celebration.
