Econintersect: President Obama visited Miami on Friday 29 March 2013 to announce details of his infrastructure development plans that include major efforts in public-private initiatives. More details are now available to fill in specifics after the announcement of emphasis on this area in the 2013 SOTU (State of the Union) address.
[Watch video after the Read more >> jump.]
Click on image below to watch two minute video infrastructure announcement in Miami 29 March 2013.
The president chose Miami as the location for the press announcement of infrastructure programs because of a major tunnel project underway there. Here is a list of some features of this project provided by Michael Likoksy:
- It closed in the midst of the crisis, after being stalled for years
- No tolls will be charged, so that truck drivers can afford the tunnel
- The tunnel allows truck drivers and others to bypass the downtown which lessens congestion in Miami
- The tunnel involved governments at all levels effort: federal, state and local governments teamed up with private firms to move the project forward
- Many of the private firms underwriting the project (and jobs) were European ones, part of an influx of global investors during Obama’s presidency. The introduction of his America Fast Forward bonds is a way of getting these overseas investors involved along with pension funds, insurance firms, and endowments
- Part of Obama’s infrastructure plan is to make it easier for these global investors to generate infrastructure and jobs. Also the tunnel technology was imported from Germany – it is an especially long tunnel which the German firm specializes in.
- The project was bipartisan, Florida Governor Rick Scott (R) secured the repurposing of a US Army Corps of Engineers appropriation to leverage state financing
- The Port of Miami modernization also included a TIGER federal grant to join the port to the freight rail system
Sources:
- Obama explains public-private infrastructure investment program (CBS News, YouTube, 29 March 2013)
- Michael Likoksy private communication.
