Yesterday, Governor Arnold Schwarzenegger discussed California's infrastructure funding needs in a conversation with Michael Milken at the 2008 Milken Institute Global Conference. Approximately 2,500 people from 60 countries are attending this year's conference to explore some of the most daunting issues of our time, including ways to upgrade our infrastructure. ( GCG )
"Infrastructure is the foundation for future economic growth, but for far too long California has been living off of the infrastructure investments of the past and not renewing those investments" Governor Schwarzenegger said. "The bonds approved by voters in 2006 were a huge down payment and will go a long way toward updating California's infrastructure, but more is needed to meet the demands of the state's growing population and our aging roads, schools, parks, buildings and levees."
According to Next 10, California's population is expected to increase by nearly 50 percent to about 55 million in 2050. In November 2006, California voters approved $42 billion in infrastructure bonds, championed by the Governor, to rebuild California's roads, schools, parks, levees and housing.
To address California's infrastructure gap, which the Department of Finance estimates at $500 billion over the next two decades, the Governor called for a dramatic boost in federal, private and state infrastructure investment.