Futuristic Travel in a World of Crumbling Bridges

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August 7 (Bloomberg) -- James Burnley, Partner at Venable, and Judd Gregg, CEO at SIFMA, discuss encouraging Elon Musk's dream of futuristic travel and the necessity of fixing crumbling bridges. They speak on Bloomberg Television's “Bloomberg Surveillance.” (Source: Bloomberg)

Talking about with a hyper loop.

What is tangible about this project?

Not a great deal.

He is announcing details next week.

The best he guessed that someone has put forward according to musk and pneumatic tonal -- tunnel.

That is about all we know at the moment.

There is a primal scream in washington over fixing our bridges, airports, the infrastructure effort.

We are talking sci-fi here about mr.

Musk.

At the same time, we cannot get our infrastructure started.

I guess we have got to do both, right?

I hope we can do both.

It would be a sick shame if we discourage people like mr.

Lu from risking their own capital -- like mr.

Musk from risking their own capital.

That is that we have seen the money of the most important innovations and transportation in world history.

If you think about the steamboat, for example.

We need a mix of public commitment, particularly to maintain our existing infrastructure.

We need an first -- we need entrepreneurs or cutting edge.

Is innovation or repair?

Where should a public-private partnership be trying to focus their efforts right now?

I think the public investment into focus on maintaining the existing system, whether it be in the air or on highways, bridges, inland waterways.

But i do think that we have got to be sure that our policy, our tax policies and others encourage rather than discourage entrepreneurs and those who have got new ideas.

We don't want a stagnant transportation sector.

That would damage the overall economy over time.

In a recent article, judd gregg is with us, our guest toes, former senator from new hampshire.

New hampshire was ranked 11th worst bridge place in america.

A state that has follow the parts, a lot of tough weather up there.

Where is the infrastructure right now?

Why can't this get done?

Because people are not willing to pay for it.

Historically, the transportation trust fund to pay for infrastructure repair.

It has been running a deficit and going into the general fund.

As cars have become more gas efficient and people have traveled less -- less gas tax.

Less gas tax.

If we are going to do this appropriately, you have to get more revenue from the transportation community by probably raising taxes on gas.

Willem, there is a view that we have got to get our bridge fixes.

Hyperlink from san francisco to l.a. is vacuum.

I think i get the thermal dynamic, but it does sound like sci-fi.

Anyone other than musk -- would we think they were crazy?

That is the thing, you look at space x, and here is a man who spent a third of his fortune developing rockets in the space mission.

He has since then, in 2006, i believe he had a contract for $270 million, he at 440 -- $440 million from nasa, this is a private partnership to work with the government successfully.

Therefore he is the kind of guy that maybe can deliver.

Private, public, secretary burnley, when you look at the negotiation business of putting public money into place, is there any optimism?

You are very skeptical about high-speed trains.

Well, i think the capital required for long-distance high- speed trains is huge.

Right now we have got a transportation infrastructure where we really need to focus on maintaining and improving at the margin system that is out there.

If someone like musk wants to invest in a high-speed system of some kind, more power to him.

But senator gregg was precisely correct -- our highway trust fund on the federal level has collapsed.

Neither political party is in favor of raising fuel taxes.

President obama has put policies in place that will have the average fuel economy in the early 2020's at 55 miles per hour gas per gallon.

When you have a cents per gallon tax, that is not work anymore.

I'm interested in the follow from not fixing our transportation.

What does that due to the local communities and businesses as well, mr.

Burnley?

My spirits over 30 years has taught me over and over again that if the transportation system in a community is inferior, economic growth is very adversely affected by that.

You will see local business leaders, local government leaders focus all of their resources on addressing such issues when they occur.

So there is no question when you look at a community by community, there is nothing more vital to a growing city or an area than a strong presentation system -- transportation system.

Senator gregg, with the time

This text has been automatically generated. It may not be 100% accurate.

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