Commerce Secretary Ross cites infrastructure as key to economy's success
This week, Commerce Secretary Wilbur Ross pointed to infrastructure as the primary component of a strong U.S. economy's continued success.
"Corporate earnings certainly have been very, very strong. there's no question about that. And it's also no question that market's job is to look ahead," Ross said. "I think a lot will have to do with whether infrastructure gets the kind of treatment that it really deserves."
Ross was speaking at the Yahoo Finance All Markets Summit in Washington, D.C., when he was asked whether the prospect of diminished corporate earnings in the near future will be a drag on the economy. He added that the only real obstacle to passing an infrastructure bill is its funding.
"As you know, [the] president is very keen to have an infrastructure program, and the only real issue is how do you pay for it. How much does the federal government do, how much is done by [the] private sector," Ross said.
In February, President Donald Trump proposed spending $200 billion in a bid to coax $1.5 trillion in infrastructure investing mainly from state and local governments, as well as private entities, but the plan went nowhere.
Nonetheless, the administration has made overtures that infrastructure funding will be a primary focus in 2019, and is seeking bipartisan support.