The U.S. has more than $400 billion in debt to finance its infrastructure, a trend that is expected to continue, according to a new report by the Center for American Progress.
The report, titled “The Path Forward for America’s Infrastructure,” estimates that spending on transportation, energy, water and wastewater would jump by $1 trillion, or 8.5 percent, from 2021 to 2023.
That’s the most substantial increase in debt since 2005, when it jumped 20.7 percent.
The increase is expected as a result of infrastructure spending that the Trump administration has proposed, including the Keystone XL pipeline and the Dakota Access Pipeline, both of which have been stalled for years due to opposition from Native Americans and other environmentalists.
The bipartisan report, commissioned by the Democratic Senatorial Campaign Committee and the Center, suggests that the debt could be used to fund other government projects, such as public health, schools, and environmental protection.
The federal debt was $2.3 trillion as of the end of March 2017, the report found.
It’s expected to grow by another $1.3 billion over the next decade.
The average debt-to-GDP ratio in the U.K. is 2.5.
The United Kingdom has a debt-for-GPD ratio of 1.7, according the Uptown Strategies Index, which tracks a variety of factors including spending and debt.
While the U-turn on infrastructure spending has been slow, there’s a lot of optimism in Washington that the economy is rebounding, according, among other things, to an increase in the number of Americans employed, a rise in the national unemployment rate and a rise among Americans ages 18-64.
“This has been a long time coming, but I think this is an area that the American people, whether it’s Republicans or Democrats, really care about and are excited about,” said David Stockman, an economics professor at Harvard University who served as chief economist at the Federal Reserve from 2005-07.
“It’s a big deal.”