Moving freight across our nation is one of the most critical financial factors affecting our economy. Nearly 2,000 of these bridges carry more than 10,000 vehicles each day. Massive congestion, estimated to cost nearly $200 billion a year, threatens to choke off our ability to get goods to our rail centers and ports.
Estimates from studies show that every $1 billion of infrastructure investment creates 10,000 to 31,000 jobs. Therefore, if we estimate that each of these bridges can be fixed for an average of $20 million, then with an investment of $40 billion, we can create as many as 400,000 jobs that will last for at least two years and help avoid future catastrophes.

3. Use only true fixed-price contracts on infrastructure projects. Outrageous cost overruns of 20% to 40% or more on big infrastructure projects can no longer be accepted. It is time for a major overhaul of the method by which federal and state governments bid construction projects. Requiring contractors to bid with true fixed-price contracts and assume the risk of completing on time and on budget can be incentivized through bonuses for early completion. In addition, better cost analysis by governments and risk managers will end the spiral of cost overruns and save governments billions of dollars annually.

4. Institute the proposed National Infrastructure Bank. Proposals for a National Infrastructure Bank have been around since 2007. They ask that the federal government make an initial deposit of $10 billion into the bank, which then becomes independent and self-sustaining, and the full value of each invested dollar of seed money would be returned to the federal government with interest.

As the Infrastructurist.com explains, “Projects can receive up to 50% of their financing from the federal money, but the rest (ideally much more than half) will have to come through private investments. If all goes according to plan, the authority can expect to leverage hundreds of billions in private infrastructure funding over the next several years…The key to the authority’s success would be its ability to attract private investors. Initial reports suggest the government’s $10 billion seed money could grow to $640 billion inside 10 years.”

5. Focus on projects in metropolitan areas. Congress should encourage support for states and cities willing to form a new partnership with the federal government. These partnerships should incentivize metropolitan areas to raise revenues for long-term regional funding of projects that will reduce congestion in our 100 largest cities.

The focus must shift to concentrating on urban areas where two-thirds of our population lives. Giving away tens of billions of dollars to reward campaign contributors with “roads to nowhere” must end. Only half of all Americans are now within reach of mass transit, and this is one area where large returns on investment will prove to be of major value.

6. Increase the use of PPPs (P3s). Since federal and state budgets are inadequate for the enormous tasks outlined above, we will need to reach out for the nearly $200 billion in private capital that might be willingly invested if our nation can develop a valid and balanced mechanism for implementing public-private partnerships (P3s).

It is long past time when we should take advantage of the private sector’s willingness to take on risk for a fair profit while protecting the public’s interest. We can ensure new and needed infrastructure while reaping the long-term benefits of low interest payouts to private funds ready, willing and able to enter this critical area of need.

Every one of us must take direct responsibility for the decisions that will make a difference in the critical task of rebuilding our nation’s infrastructure. But I do not know if our current leaders will be brave enough to stand up to the popular, but not necessarily right, “no tax” sentiment that could end the gas tax and further derail our nation’s infrastructure. I do know that, when it comes to the perilous state of our infrastructure, gravity always wins and failure is no longer an option.

Barry B. LePatner is the founder of the New York City-based law firm LePatner & Associates LLP. He is also the author of “Too Big to Fall: America’s Failing Infrastructure and the Way Forward.” For more information, go to www.BarryLePatner.com.