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Foxx: Private dollars alone can't solve transportation woes

Foxx: Private dollars alone can't solve transportation woes

News9.com
Posted: Jan 17, 2017 1:37 PM CST  
Updated: Jan 17, 2017 1:47 PM CST
By JOAN LOWY Associated Press

WASHINGTON (AP) - Stimulating private investment in infrastructure projects, as President-elect Donald Trump has proposed, can cover only a fraction of the costs of solving America's transportation problems, Transportation Secretary Anthony Foxx warned as he prepares to leave office.

Financing schemes called public-private partnerships, which involve both government dollars and private capital, are useful and can address about to 10 percent to 20 percent of America's transportation "deficit," Fox said in an interview this week with The Associated Press.

"But we're still going to need a fair amount of public funding," he said. "I don't see public-private partnership as a 100 percent strategy to solve our transportation problems."

Such partnerships typically rely on revenue from tolls or sales taxes dedicated to that purpose to provide investors with a profit. Major transportation projects financed by public-private partnerships have had a mixed record in the U.S. Several private toll roads have gone bankrupt, but express toll lanes on major highways constructed in part with private capital have had more success... FULL ARTICLE

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