The big transportation story down in the Tidewater region of Virginia is the Nov. 8 closure of the Jordan Bridge between Chesapeake and Portsmouth, a key transportation route across the Elizabeth River. Major structural problems …

And to replace it? “Norfolk mayor seeks no-toll replacement for Jordan Bridge“:

Norfolk Mayor Paul Fraim said he will urge state officials to build a new, toll-free Jordan Bridge between Chesapeake and Portsmouth.

Fraim said he will ask state officials to bundle the replacement of the Jordan Bridge with a proposal made from a private group to expand the Midtown Tunnel.

Skanska, a Swedish construction firm, is leading a group that offered the state a $2 billion proposal to expand the Midtown Tunnel, build the Martin Luther King Freeway Extension in Portsmouth, and improve the Downtown Tunnel.

The group, Elizabeth River Crossings, would levy tolls and operate the roads and tunnels for 50 years. The group has proposed tunnel tolls as high as $3. Fraim has said a toll of $1 likely would be charged.

The toll on the Jordan Bridge, constructed 80 years ago, was 75 cents.

Skanska is involved in many construction projects in Virginia and the Tidewater area.

Since below there’s a lengthy post surveying the debate over financial rescues and the auto industry, it’s probably worth noting again NAM statements on the issue.

NAM President John Engler on November 7 issued a statement, “NAM President stresses importance of stable auto industry in economic recovery”

The NAM’s Engler also touched on the auto industry and financing at a conference sponsored Monday by the New America Foundation. His remarks are here.

NAM President and CEO John Engler spoke Monday at a conference sponsored by the New America Foundation, “Roads to Recovery,” organized in anticipation of next week’s stimulating, lameduck session of Congress.

The text of NAM President Engler’s remarks as delivered (lightly edited) is available here. He addresses the current state of the manufacturing economy, the value of a stimulus package, aid to domestic automakers, and the critical importance of infrastructure to U.S. competitiveness.

The Foundation has posted a report on the conference, including audio of the day’s speakers, here.

Michael Lind, a Foundation fellow who oversees its American Infrastructure Initiative, with an emphasis on infrastructure financing, will be a guest this week on the NAM’s radio program, “America’s Business with Mike Hambrick.”

From the Washington Post, “China Unveils $586 Billion Stimulus Plan“:

In a wide-ranging plan that economists are comparing to the New Deal, the government said it would ease credit restrictions, expand social welfare services and launch an infrastructure spending program that would include the construction of new railways, roads and airports.

Launch an infrastructure spending program? The new burst of infrastructure spending — assuming it really is new — actually comes on top of an massive, multiyear outlay for roads and bridges, rail, airports and ports. From The Economist in February 2008, “Rushing on by road, rail and air“:

China’s rapid economic growth and equally rapid integration into the global economic system is putting huge strains on its infrastructure. This has led to a spate of spending on transport. Between 2001 and the end of 2005 more was spent on roads, railways and other fixed assets than was spent in the previous 50 years. According to the state media, investment will see double-digit growth every year for the rest of the decade. Between 2006 and 2010, $200 billion is expected to be invested in railways alone, four times more than in the previous five years.

At first the parallels of the new Chinese plan to proposed U.S. stimulus measures struck our fancy: See, China’s becoming more like us! But then the troubling question occurs, fleetingly: Or are we becoming more like China?

In any case, the Asian markets are happy today.

The topic is infrastructure.

NAM’s president and CEO, John Engler, will be on Minnesota Gov. Tim Pawlenty’s weekly radio program at 9:40 a.m. Central time Friday, 10:40 a.m. Eastern Time. The program originates at WCCO and is carried on 20 radio stations.

To listen live via the Internet, go to the WCCO Radio webpage and click the the listen live box.

News coverage of Wednesday’s hearing of the House Transportation and Infrastructure Committee on infrastructure spending as economic stimulus, “Investing in Infrastructure: The Road to Recovery“:

• Associated Press, “Governors, mayors ask Washington for fiscal help“
• New York Times, “Public Works Projects Promoted at Hearing“
• Daily Record (NJ), “Corzine supports 2nd stimulus bill“
• Wall Street Journal, “Factions Lobby to Shape Possible New Stimulus“
• The Hill, “Support for 2nd stimulus strengthening“
• Minneapolis Star-Tribune, “Oberstar looks to job-creating infrastructure projects“
• Washington Post, “Critics Say Roads Projects Won’t Jump-Start Economy“

The Post’s story, played on the front of the Business Section, shows the kind of editorial judgement and bias that make people dislike the mainstream media. Rather than cover the hearing’s news — generally pro-infrastructure investment — seek out the most strenous critics you can find and make that the news.

Pretty clearly you have an editor or two who think the idea of infrastructure as economic stimulus is crap, and they’re going to help the poor, befuddled reader reach that same conclusion. Thanks, guys! Couldn’t judge the arguments without your assistance.

We can now post the prepared testimony of Doug Black, the CEO of Oldcastle Materials, submitted for today’s hearing by the House Transportation and Infrastructure Committee, “Investing in Infrastructure: The Road to Recovery.” Doug makes the point that repair needs have gone unaddressed and the projects are in many cases ready to go, providing stimulus value:

Conclusion:

Our surface transportation system is in dire need of significant investment to maintain and preserve the existing system as well as expand its capacity as our nation strives to compete in an increasingly global economy. Our roads are in bad condition and need to be fixed. Over the past several years, road maintenance work has been in steady decline which makes matters worse. Due to this decline, Oldcastle has experienced significant loss of jobs, plant closures and cutbacks in investment and spending in the local economies across the 44 states in which we do business. Much of this maintenance work is already identified and can be let and completed quickly, efficiently and effectively. This investment will support significant local jobs, increase local incomes, generate economic activity and stimulate local economies while preserving our infrastructure and strengthening the long-term competitiveness of our nation. Robust investment in infrastructure is an excellent way to achieve the short and long-term needs in America.

NAM President John Engler’s prepared testimony to the House Transportation and Infrastructure Committee is available here. And from his oral testimony, as delivered:

Although federal infrastructure investment by itself certainly cannot calm the financial markets…there’s no question that targeted funding to transportation infrastructure in a stimulus bill will provide a solid down payment to future investments and will have lasting economic benefits.

Also testifying was Doug Black, CEO of NAM-member company Oldcastle Materials, leading vertically integrated supplier of aggregates, asphalt, ready mixed concrete, and paving services in the United States. We’ll link to his testimony once the committee posts it. (They seem to be having some problems today, postingwise.)

The committee also has a very thorough background document on the nation’s infrastructure needs. Recommended.

NAM President John Engler is testifying this morning (9:30 a.m.) before the House Transportation and Infrastructure Committee, a hearing entitled, “Investing in Infrastructure: The Road to Recovery.” (We’ll post the testimony once the hearing starts.)

The estimable Washington Post economics columnist, Robert Samuelson, writes about a second round of stimulus today, “Stimulus For the Long Haul,” seeing general worth in the proposition but warning against political “self-indulgence,” that is, tax cuts. OK, well, how about making sure to extend the 2001 and 2003 tax cuts so taxpayers — individuals and businesses — don’t get hit with a huge increase in 2010?

As for infrastructure spending, Samuelson includes it in a list of policy perhaps:

Americans saved perhaps three-quarters of the personal tax cuts that were the centerpiece of the stimulus. The same might happen with new tax cuts. One popular idea to aid states and localities with money for roads and other infrastructure improvements might take so long to begin that it would provide little immediate economic boost. Moreover, the economy does have self-correcting mechanisms. Lower home prices already show signs of spurring more buying. Falling oil prices now provide some support for consumer spending.

Debating infrastructure as economic stimulus misses the fundamental point, we think: Infrastructure represents a long-term investment needed to ensure U.S. economic competitiveness. The projects with the most economic value as stimulus — ready to go, labor-intensive plans — may not be the most meritorious ones when considered in the context of competitiveness.

Campaigns and stimulus and stimulus and campaigns, leading up to November 4, Election Day. It’s the week to inhale, deeply.

NAM President John Engler testifies Wednesday at a hearing by the House Committee on Transportation and Infrastructure, “Investing in Infrastructure: The Road to Recovery.” The hearing is part of a push by House Democrats on a second stimulus package. (The Hill has a story, “Dems keep focus on the economy.”) We’ll put the lengthy list of scheduled witnesses toward the bottom of this post.

The Fed meets Tuesday and Wednesday, considering another interest rate cut.

House hearings: The House Small Business Committee holds a hearing Tuesday, “Creating Opportunities for Small Businesses in an Economic Recovery.” As mentioned, Transportation and Infrastructure on Wednesday, a hearing, “Investing in Infrastructure: The Road to Recovery.” On Wednesday, Ways & Means holds a hearing on economic recovery and job creation through investment. (Details.)

The Joint Economic Committee meets Thursday for a hearing entitled, “Faltering Economic Growth and the Need for Economic Stimulus.” (Details.)

Executive Branch: President Bush meets with the President of Paraguay today, and this evening the President and First Lady commemorate the 150th anniversary of Theodore Roosevelt’s birthday. On Wednesday, POTUS meets with Prime Minister Topolonik of the Czech Republic and on Thursday, he speaks at the FBI Academy graduation ceremony at Quantico.

Treasury Secretary Paulson delivers remarks Tuesday on markets and the economy at the Securities Industry and Financial Marketing Association annual meeting in NYC. Heck of a lineup.

The Economy:  Economic reports include September new home sales today. Later in the week, consumer confidence, gross domestic product and personal income and spending.

And as promised… The witness list for the House Transportation and Infrastructure Committee’s hearing on infrastructure and economic stimulus, according to the National Journal, is as follows:

Witnesses: Doug Black, CEO of Oldcastle Materials, Inc.; William Buechner, vice president of economics and research at the American Road and Transportation Builders Assn.; Brian Burgett, president and CEO of Kokosing Construction Co., Fredericktown, Ohio, representing the Associated General Contractors of America; William Crosbie, COO of the National Railroad Passenger Corporation (AMTRAK); William Decota, director of aviation for the Port Authority of New York and New Jersey; Manuel Diaz, mayor of Miami, Fla., and president of the U.S. Conference of Mayors; Terry Dillon, president of the National Utility Contractors Assn., and COO of Atlas Excavating Inc., West Lafayette, Ind.; Peter Drakos, president of Coastal Connect LLC., Stamford, Conn.; Judith Enck, New York deputy secretary for the environment; former Gov. John Engler (R-Mich.), president and CEO of the National Assn. of Manufactures; Gary Gallegos, executive director of the San Diego Assn. of Governments, representing the National Assn. of Regional Councils; John Irons, research and policy director of the Economic Policy Institute: Tom Leyden, managing director of SunPower Corporation, Systems, representing the Solar Energy Industries Assn.; Terence O’Sullivan, general president of the Laborers; International Union of North America; Maryland Secretary of Transportation John Porcari, representing the American Assn. of State Highway and Transportation Officials; Beverly Scott, chairman of the American Public Transportation Assn., and General Manager of the Metropolitan Atlanta Rapid Transportation Authority.

Finally, Friday is Halloween and the 70th anniversary of Orson Welles’ Mercury Theater production of War of the Worlds, the radio drama that panicked the nation. You can download the program here and read the script here. If we survived an invasion from Mars, what’s a little financial crisis?