Cat exec: Creating jobs top priority with new highway bill
“At Caterpillar, we’ve had to lay off more than 20,000 employees over the past two years, in large part, because the domestic construction market has been so bad,” Tate said. “Contractors will not make investments in expensive new equipment if they are uncertain about the availability of future work. And the truth is, federal funding is what drives the state highway and transit construction programs.”
The best thing Congress and the President could do to foster economic growth and job creation is to pass a robust, multi-year reauthorization done right after the election or first thing in 2011, according to Tate.
“Again—tell the American public the truth. There will be a direct correlation between the economy and quality of life we leave our grandchildren and the investment choices the president, this agency and the Congress make in transportation over the next several years. Failure to make the hard choices is not an option,” Tate concluded.