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Traffic is a waste. It wastes your time, your car’s life, and most importantly it wastes fuel. Thanks to a push from the Obama administration to invest in roads and infrastructure, the U.S. Treasury Department found out that American drivers are wasting about 1.9 billion gallons of fuel annually while idling in traffic jams.
These traffic jams are courtesy of old infrastructure which hasn’t been maintained to meet demand made by growing traffic volume. The Treasury Department estimates that it would cost $85 billion annually for 20 consecutive years “to bring existing highways and bridges into a state of good repair.” The study also found that 90 percent of drivers in the U.S. spend more than 14 percent of their income on transportation.
Poorly maintained roads costs consumers money by themselves. The Treasury Department estimates that the average driver in Los Angeles spends $746 dollars on vehicle repairs per year thanks to bad road conditions.
The United States spends about two percent of its GDP on infrastructure, which is small compared to most countries.
This data might help the Obama administration in its quest to convince otherwise cantankerous voters to allow for increased infrastructure budgets, though that remains to be seen.
[Source: USA Today]
Yesterday, the CEO of General Motors, Dan Akerson purchased $250,500 in shares of the automaker, buying 10,000 shares at $25.05.
As of yesterday, Akerson owns 103,600 shares in the company. This last week has seen the worst stock market decline since 2008, with the crash has wiping out more than $6.7 billion from the value of the stock held by the U.S Treasury Department.
GM shares fell $1.62, or 6.34 percent, closing at $23.92 in the NYSE yesterday.The US Treasury holds 500 million shares of GM. At its peak, the stocks were worth $19.5 billion on January 7, closing at $38.98 per share. Today, the Treasury’s holdings are worth $11.96 billion.
[Source: Automotive News]