Supporting the creation of a National Infrastructure Bank.
If enacted, AJR143 could have substantial implications for Wisconsin's infrastructure. The resolution emphasizes a projected requirement of $8.6 billion for drinking water infrastructure and an additional $6.3 billion for wastewater upgrades in Wisconsin alone. Additionally, there is a significant expectation that the bank would support job creation, estimating the creation of around 417,000 high-wage jobs in Wisconsin. This is part of a broader vision where the bank might facilitate $100 billion in funding for essential projects across urban and rural landscapes.
AJR143 is a resolution supporting the establishment of a National Infrastructure Bank to address critical infrastructure needs in the United States, particularly in Wisconsin. The bill highlights the urgent need for investment in infrastructure. It references a report from the American Society of Civil Engineers, which awarded a C- grade to current U.S. infrastructure and estimates that at least $6 trillion is required for repair and improvements. The National Infrastructure Bank is proposed to significantly aid financing these efforts without imposing new federal spending or taxation, primarily using existing treasury debt as funding.
Although AJR143 has garnered endorsements from a number of organizations and state legislatures, its passage may encounter debate. Critics might express concerns over the implications of a federally-backed entity permeating local governance, as local entities might feel displaced in their ability to manage or fund independent infrastructure projects. Despite this, proponents argue that such a bank would mirror successful historical precedents and is essential for long-term economic growth, claiming that it has the potential to grow the economy by 5 percent annually.