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Rebuilding the U.S. economy in an era of fiscal restraint requires creative and new approaches to long-term investment and infrastructure financing. Yet with the specter of a jobless recovery looming, Washington has been casting about for ways to put Americans back to work—with infrastructure spending a prominent part of that discussion.

The American Recovery and Reinvestment Act offered substantial funding for infrastructure but did not address the major flaws in how those funds were dispersed. Over the years, both a federal capital budget and a National Infrastructure Bank have been proposed as solutions to reforming the federal investment process.

On December 10, the Metropolitan Policy Program at Brookings hosted a discussion on the connection between infrastructure investments and economic growth, including the release of a paper, Investing for Success: Examining a Federal Capital Budget and a National Infrastructure Bank, which examines the merits and intersections of the capital budget and National Infrastructure Bank concepts. Rep. Keith Ellison (D-Minn.) offered opening remarks. U.S. Transportation Secretary Ray LaHood outlined current federal reform efforts. The Economist’s Charlotte Howard moderated a panel discussion on reforming federal investments in infrastructure at a time when the pressure for jobs in the near term is intense.

Read Investing for Success: Examining a Federal Capital Budget and a National Infrastructure Bank »

Congressman Keith Ellison (D-Minn.)	United States Secretary of Transportation Ray LaHood

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• Infrastructure Requires Creative Approaches
• Infrastructure Investment Critical to Build Economy
• U.S. Must Commit to Infrastructure Investment
• Stimulus Bill Key for Infrastructure Projects
• National Infrastructure Bank an Option

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• Infrastructure Investments, Economic Growth and Jobs

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Brookings hosted the third in a series of forums on U.S. competitiveness, a public symposium that explored the challenges and opportunities for new infrastructure investment. Thomas Vilsack, former governor of Iowa and of counsel at Dorsey & Whitney LLP, provided opening remarks. The discussion included experts on transportation and competitiveness policy, drawn from government, industry and the states.

The fiscal deficit, tight budgets and an absence of clear priorities appear to be constraining this country from sufficient investment in its bridges, roads, airports, ports and broadband systems. But, given the benefits of a solid foundation, can we afford not to invest more in this infrastructure? Since existing rules and policies may be inadequate, more discussion is needed to set up policies, regulations, rules and institutions that encourage effective investment in the right kind of infrastructure in the right places. Innovative ideas range from changing the budgetary treatment of new investments to new state-federal-private partnerships.

Following a welcome by Bruce Katz, vice president and director of the Metropolitan Policy Program at Brookings, Thomas Vilsack, former governor of Iowa and of counsel at Dorsey & Whitney LLP, provided opening remarks. This two-panel discussion included experts on transportation and competitiveness policy, drawn from government, industry and the states.

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With multinational corporations opening research and development centers in Beijing, and U.S. hospitals sending x-rays to be read by radiologists in Bombay, skills in science and technology have become even more critical to ensuring current and future economic competitiveness. As the world leader in science and technology, America is now competing with rising powers seeking to establish their own prowess in the field. How can America continue to compete effectively in a world in which globalization and technology have enabled international workforces to compete across time zones? How will American workers be affected?

On October 5, Brookings addressed America's standing in the field of science and technology as it relates to economic competitiveness. The event is the second in the Bernard L. Schwartz Forum on U.S. Competitiveness, and featured Norman Augustine, retired Chairman and Chief Executive Officer of Lockheed Martin, and Donald Evans, former Secretary of Commerce.

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While globalization has brought promise to many, it also presents many new challenges for the American workforce. President Bush has made U.S. competitiveness a centerpiece of his agenda, stating that "keeping our competitive edge in the world economy requires focused policies that lay the groundwork for continued leadership in innovation, exploration, and ingenuity." In fact, today's global playing field is wrought with international competition that affects American jobs and wages.

To examine the critical questions surrounding American competitiveness in a global economy, the Brookings Global Economy and Development Center is launching the Bernard L. Schwartz Forum on U.S. Competitiveness. The first in a series of forums will address American education, innovation and R&D, and will feature keynote addresses by Dr. Susan Hockfield, president, Massachusetts Institute of Technology (MIT), and Bruce Mehlman, former assistant secretary of Commerce for technology policy, and co-founder, Mehlman & Vogel, Inc. Bernard L. Schwartz, retired chairman of the board and chief executive officer, Loral Space & Communications, will provide introductory remarks and join the keynote speakers for a panel discussion. Strobe Talbott, president, Brookings, will introduce the series, and Lael Brainard, vice president and director of the Global Economy and Development Center, will moderate the discussion.

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