Sen. Elizabeth Warren calls for investment in research, infrastructure at NEC breakfast 
Over 200 NEC members attend Congressional Roundtable with Sen. Elizabeth Warren
 

On Thursday, October 9, 2014, Sen. Elizabeth Warren (D-MA) spoke to over 200 New England Council members at a Congressional Roundtable Breakfast at the Seaport Hotel in Boston.  NEC Member Liberty Mutual sponsored the breakfast, and CEO David Long introduced the Senator.  In her remarks, the Bay State's Senior Senator called for increased investment in research and infrastructure to drive economic growth in New England.  A detailed summary of the Senator's remarks is provided below.   

 

Summary of the remarks of Senator Elizabeth Warren to The New England Council

October 9, 2014 

  • Senator Warren opened her remarks by calling for increased investments in basic research which she stated is a key driver of growth for the innovation economy that underpins economic activity in the New England region.
  • The Senator noted that the many universities, hospitals, and other research centers in the New England region are recipients of significant federal funding that has paved the way for important discoveries that have improved countless lives.
  • Specifically, Senator Warren mentioned the importance of National Institutes of Health (NIH) research funding to the region.
  • A major theme of Senator Warren's speech was urging the audience to stand up, speak, and make their voices heard. The Senator told the audience that elected officials "need you to make the case why these investments are worthwhile. The gridlock in Washington will be broken when the people stand up and demand it."
  • The Senator noted, "Overall success rate at getting project funded by NIH dropped from 30% in 2003 to 18% in 2013. Not because our scientists had fewer extraordinary ideas but because we refused to fund the great ideas to help them grow."
    • NIH levels, adjusted for inflation, are at 2001 levels. Senator Warren commented, "The population is bigger, GDP is bigger, number of promising research leads are bigger but our collective support for research has remained stagnant. This is not how we build a future.
  • Senator Warren stressed that while basic research is an important driver of economic growth, it is also import to increase infrastructure investments in order to improve the roads and bridges that facilitate the flow of goods, services, and people and shape economic activity.
  • The Senator continued by saying, "In this crowd I probably don't have to mention the need for a strong transportation infrastructure. . . Better transportation means every business can get their goods to market cheaply and dependably. These are the underpinnings of American commerce."
  • Senator Warren added, "Better transportation means more workers can find work and employers can find their workers. We facilitate this by investing in highways and public transportation."
  • Senator Warren also noted, "Transportation moderates urban housing and business costs. For example, the concern of long term trend of higher housing costs in Boston area will strangle businesses that can't afford space and workers can't afford to live close by. Outlying communities should be connected to city by great highways and high-speed rail. Supply and demand kicks in and we get benefits of proximity and innovative communities. Moderates housing costs."
  • Senator Warren said, "Businesses do better, workers do better, families do better, and our planet does better when we have state of the art transportation."
  • She noted that the American Society for Civil Engineers (ASCE) gives the United States a D+ for infrastructure. "This is not a one-time blip. This country has systematically under invested in infrastructure for 30 years now. ASCE says it will take about 3.6 trillion dollars to get infrastructure back on track in this country" said Senator Warren.
  • Senator Warren said "We also have to make infrastructure investments beyond transportation. We need new water systems, sewers, energy storage. . . All of these are about making investments in basic infrastructure so that we can get about the business of doing other work."
  • Senator Warren compared our country's underinvestment in infrastructure to a family that neglects a home they purchased. "It's as if we owned a beautiful home but for the last 30 years we have scrimped on every roof patch, every wiring upgrade, and every plumbing repair. The foundation cracks haven't been repaired and no one has fixed the broken windows. We can do that for a while but eventually the house slips into decline."
  • The Senator continued, "So we get this about the importance of research and the importance of investment in basic infrastructure. The question is why is it happening, why is it happening? Why are we systematically under investing in the things we know are essential to building a strong future? Why are we not investing in high-speed transportation? Why are we not investing in the innovations of the future?"
  • The United States invests 2.4% of GDP in infrastructure. China invests 9% of its GDP in infrastructure and doubled investment in basic research.
  • Senator Warren asked, "Why have we fallen behind? Because in Washington, not everyone believes that we build a stronger future by making long-term investments together in basic infrastructure that keeps this country going."
  • Senator Warren continued, "There are a lot of people in Washington for embrace a philosophy that says cut taxes and when you cut taxes all you can, cut them some more. And that philosophy has a corollary cut funding for just about everything the federal government does. This includes education, commerce, energy, natural resource management, infrastructure and basic research. It's a pretty simple approach. Businesses are on their own. Individuals are on their own. And consumers are on their own. Each of us fights for our own part and keeps whatever we can hold onto. The basic problem with that approach, if we follow that philosophy we all have less."
  • Senator Warren pointed out "No one can build a road or map the human genome on their own. We must invest together to build a future."
  • Senator Warren reminded the audience that investment decisions are choices. She said, "When there's not enough money to fix our transportation system or to invest in research, its because we made other choices. Choices to spend money on tax loopholes or special subsidies for some other group. Under investing doesn't happen in a vacuum. It is the necessary consequence of other decisions that are undermining our economic future."
  • Senator Warren shared some of the concerns of her constituents and said "I hear people say well Congress just needs more political will or Congress is broken and we can't do anything. I certainty understand the frustration. But political will doesn't come from Washington. It comes from the people. We need to face head on the hard truth that we are not making the investments in this country that would help us build a stronger and more robust future. We must face head on the values that are reflected in our investment decisions."
  • She continued, "When politicians say no more spending no matter what, even on important things like roads and bridges, we need to push back. And it's not enough for me to say that-although I'm glad to do it. It's that we need everyone in this room to be saying that too, we need you. We need you to make the case whey these investments in infrastructure and basic research help business and keep our country competitive globally."
    • "If the politicians in Washington don't get it, then you should stop supporting them and you should support people who will make those investments."
    • "The gridlock in Washington will be broken only when enough people are willing to stand up and say enough is enough. I think it can and should be broken over not very flashy topics like investments in basic research and infrastructure. These not very flashy topics are absolutely critical for building a future to this country."
  • Senator Warren concluded her remarks by saying, "Investments in innovation and infrastructure builds opportunity-that's worth fighting for. But we will only make change if we are all willing to fight together for it."
 

 

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