In his State of the
Union address, the President outlined his plan for a stronger, more competitive
economy. It’s a plan that boosts American manufacturing, supports
entrepreneurs, expands domestic energy production, spurs trade and brings jobs
to our shores. It’s a plan that strengthens the middle class and, when combined
with the President’s strategy for balanced deficit reduction, does not add a
dime to the deficit.
As part of his plan for a stronger economy, the President wants to fix
our aging infrastructure so that companies can move goods and raw materials
efficiently. Earlier
this week, Acting Secretary Neal Wolin saw firsthand the importance of
infrastructure to businesses and economic growth when he visited a UPS
consolidation hub in the Chicago suburbs. For UPS and for so many other
businesses, smooth roads, modern rail links, and reliable airports are critical
- and they affect companies’ ability to grow and create jobs. UPS estimates
that for every five-minute daily delay that UPS trucks spend stuck in traffic,
it costs the company $105 million a year. That’s money lost in wasted fuel and
lower productivity—money that could be used to invest, expand, and hire more
workers.
In his State of the Union speech, the
President announced a proposal to directly address this issue. “Fix-It-First” would put people to work
on repairs of nearly 70,000 structurally deficient bridges across the country.
In addition, a new Partnership to Rebuild America would help attract
private capital that can help pay for these upgrades.
While at UPS, Acting Secretary Wolin also met with UPS employees
participating in the
company’s Chicagoland
Regional College Program, a public/private partnership between UPS, the State of Illinois, and
six higher education institutions that enables state residents who are working
part-time at UPS to further their education and gain sustained entry into the
Illinois workforce.
President Obama recently discussed this type of program, and why it is
necessary, in his State of the Union address. To learn more about this and
other proposals to build ladders of opportunity into the middle class, click here.
For photos of Acting Secretary Wolin’s visit to UPS click here.
While in Chicago, Acting Secretary Wolin also delivered remarks about
the President’s proposals to strengthen the middle class, increase the momentum
of the recovery, and speed the pace of job creation. He also answered a variety
of questions about the deep, indiscriminate spending cuts – known in Washington
as “the sequester” – scheduled to take place on Friday. From Dow Jones/Wall Street
Journal:
CHICAGO--Acting
U.S. Treasury Secretary Neal Wolin on Monday said that political stand-offs,
including the current debate over across-the-board spending cuts, are a threat
to the U.S. economy and must come to an end. In one of his first appearances
since taking his new role, Mr. Wolin said that the deep, indiscriminate budget
slashing set to begin Friday could stall economic momentum.
"Shocks
are bound to come," Mr. Wolin said in a speech to the Chicago Council on
Global Affairs. "But what we cannot do--what would be a grave and
unnecessary mistake--is to deliberately throw sand in the gears of our
recovery." Mr. Wolin repeated President Barack Obama's message that the
arbitrary cuts should be replaced by a mix of more calculated spending reductions
and increased tax revenue... He called on Congress to replace the cuts
Acting Secretary Wolin’s full remarks may be found here.
Anthony Coley is the Deputy Assistant Secretary for
Public Affairs at the U.S. Department of the Treasury.