Can infrastructure spending turn the economy around?

A number of current and former politicians argued that long-delayed road, transit and water system projects can generate jobs and give a jolt to the economy.

Speaking at the annual Emerging Issues Forum in Raleigh, former Gov. Jim Hunt said the state can do "big and bold things that can last a long time."

Less than 8 percent of the Senate's $827 billion stimulus package is directed at infrastructure, while about 11 percent of the House's $820 billion version is for public construction needs.

That would boost the $1.1 trillion in U.S. infrastructure spending each year, but it's a fraction of the $2.2 trillion in needs over the next five years, according to a report by the American Society of Civil Engineers.

"Our infrastructure system's parts are not serving their intended purposes," said ASCE President Wayne Klotz. (AP)

The U.S has quit changing the oil of its car.

That was the analogy made Monday by Wayne Klotz, president of the American Society of Civil Engineers, during a talk in downtown Raleigh, Rob Christensen reports.

Earlier this year, the engineers released a reporting giving the U.S. a grade of "D" for keeping up its infrastructure.

"We are simply not spending enough money," Klotz told about 1,000 North Carolina leaders at the Emerging Issues Forum.

Although there are no updated figures on North Carolina, Klotz noted that the engineers gave the state a "C-minus" grade in 2006.

More after the jump.

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