Lack of oversight could doom projects.

• Position: Infrastructure Investment

As the U.S. is in the midst of a financial crisis and in the process of making the "largest investment in infrastructure since the National Highway System," it is essential that the country invest these dollars wisely in projects that will stimulate economic growth and ensure that the nation's infrastructure remains competitive, maintains America 2050, New York, a coalition of infrastructure specialists. This means it cannot be spending as usual. A fresh approach is needed that establishes a new level of accountability, transparency, and economic and environmental performance for how the U.S. invests in infrastructure projects.

When it comes to infrastructure, the nation has been flying blind, lacking a national investment plan to make the country competitive in the 21st century, asserts America 2050. The Obama Administration should invest only in projects that achieve job creation in the short run while creating the foundation for long-term economic success and energy independence.

To help shape this agenda, America 2050 convened a number of the country's civic, environmental, and transportation organizations, as well as transportation officials and business leaders, to develop a series of recommendations:

Fix. To create jobs immediately and stimulate economic growth, we need to "fix it first"--that is, invest in the repair and maintenance of the country's deteriorated bridges, roads, public transit, passenger and freight rail, electric grids, and other essential infrastructure components that have been neglected for decades.

Phase. All the monies cannot be spent at once. While a first group of "shovel ready" projects must get under construction as soon as possible, there are limits to the number of projects that can be initiated immediately. A series of phases should allow for the development of...