Wednesday, 18 September 2013

U.S Vice-President In Full Support Of Port Infrastructure Upgrades

In the last five years, the United States has been going through tough times economically. The nation has been in a serious recession and it is going to take some time before it fully recovers and regains it’s status in the world, particularly as a major contributor to the global economy. Their leadership, both government and business, have to take a long, hard look at what will be the best investments to build a strong economic foundation moving forward.

In the 1930’s, in the heart of the great depression, the U.S. government had even less money to invest than what they have now. What they decided to do was to invest their limited amount of money into their infrastructure. The building of new roads, rail, ports and waterways not only laid the foundation for the future but also created short-term employment and helped stimulate the economy. Nowadays, it is the economic growth model that is used in many countries around the world looking to grow their own prospects. The reason being is that history has proven that this approach works.

Vice President Joe Biden, is on a trip throughout the nation, addressing the need for the United States to heavily invest in their ports. He said that failing to do so will result in the country falling behind it’s competitors.

"Every time we invest in infrastructure as Democrats or as Republicans - every time we have done it - the economy grows and it grows good, decent-paying jobs ... We've got to find the resources to do it, because it pays back multiple dividends to the economy and to the people of South Carolina and the country."- Joe Biden, United States' Vice President

The world’s shipping industry is going through an evolution towards bigger and more efficient container vessels and the global ports have to be in position to accommodate their massive size. The Panama Canal expansion, due to open in 2015, will allow for cargo ships with the capacity to carry over 13,000 TEU containers and if the US ports are not able to handle them, then they will simply lose out on the opportunity to capitalize when the time comes. The time to make the investments to get the ports ready is now. Time is of the essence. Failure to act now and make the right investments in their ports, will undoubtedly put the United States at a severe competitive disadvantage when the growing global economy hits full stride.

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