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How the Highway Trust Fund’s Shortfall Affects You
Manage episode 456383999 series 3525927
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The Highway Trust Fund — the main source of revenue for the interstate highway system — is facing a budget crisis.
For nearly 20 years, the Highway Trust Fund has been running increasingly larger annual deficits due to increased costs and declining revenue generated by the taxes which fund it. This shortfall has been plugged with an increasingly larger share of general fund money, and it is clear that the path for the Highway Trust Fund is unsustainable. With the current Highway Bill set to expire in 2026, there is a real opportunity to reform the Highway Trust Fund and replace it with a more sustainable solution.
Today’s guest is Andrew Okuyiga, the Vice President of Public Affairs at UPS. He says this deficit is due in large part to the nation’s gas and diesel taxes remaining stagnant since 1993. He tells host Andrew Stasiowski that the uncertainty in the Highway Trust Fund makes it difficult for states to plan or commit to infrastructure projects, as they don’t know if there will be money to finish the project in a few years’ time. This could add delays, which Okuyiga says will harm the supply chain and ultimately raise the price of everyday goods.
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