Highway Trust Fund Needs Long Term Solution
Although a temporary solution has been found to hold over the Highway Trust Fund until next May, a long term solution for funding is still needed. One of the options to acquire money for the country’s transportation infrastructure projects would be raising the gas tax, which is currently 18.4 cents per gallon and brings in around $34 billion annually, $16 billion short of what is spent . Another option is to create highway tolls, which seems to be the more popular idea among Americans. According to a poll from Reason-Rupe, 85 percent of Americans are against raising the federal gas tax while 73 percent would rather pay tolls. However the solution is reached, it needs to happen in order to keep up with the transportation infrastructure’s yearly maintenance cost of $50 billion. As Thomas J. Gibson, President and CEO of the American Iron and Steel Institute, wrote in his letter to the NW Indiana Times editor,"Our nation’s infrastructure can no longer be neglected. We need a reliable and sustainable mechanism to bolster the Highway Trust Fund and help make much needed investments that create economic opportunities."