Reading International Monetary Fund assessments of economic growth forecasts for various countries can be a bit dry. So you will have to forgive us for having been a bit slow in reviewing their latest report on the U.S. economy.
Dry as it may be, its importance should not be ignored.
Earlier this month the IMF downgraded its forecasted growth rate for the U.S. economy to just 2 percent. One major reason: the continued lack of infrastructure investments by the federal and state governments.
"Additional investment is urgently needed to upgrade the quality of infrastructure in the U.S., particularly for surface transportation," reported the IMF.
Most pressing is the need to provide clarity on future financing of the Highway Trust Fund. They noted, however, that this is only an immediate short-term action, and that the responsibility for transportation investment resides with all levels of government.
"Action is also needed to achieve a sustained increase in both Federal and State spending on infrastructure paid for by savings in entitlement programs, additional revenues, and an expansion of financing sources ... "
Read the IMF's forecast. If you want to avoid the dry reading, here's the executive summary: A statewide transportation package that invests in proven job creators like the completion of State Route 167 is critical for ensuring long-term economic growth for both the state and the nation.
Let's get to work.