The financial ratings agency Standard & Poor’s has a new report out that presents a bizarre theory about dangerous conditions on American streets. It’s the Millennials’ fault, “but not in the way you think,” they say. Prepare yourself for some ratings agency clickbait!Standard & Poor’s blames Millennials not only for the poor state of transportation infrastructure but also the impending decline of the entire American economic enterprise. Here’s why: They’re driving less.
Richard Masoner at Cyclelicious has more:
A new report from Standard & Poors Credit Research (“Millennials Are Creating Unsafe Conditions On U.S. Roads–But Not In The Way You Might Think, purchase for $850 if you want to read the whole thing) claims this new trend of driving less, and driving in smaller, more fuel-efficient cars, leads to less gas tax revenue (which is true), which in turn leads to less funding for road projects (also true), which in turn makes driving more dangerous! (ummmm… what?)
Because Millenials choose to spend their money on locally built housing instead of imported cars and fuel, S&P predicts financial doom for America:
“This drop in funds available to construct and repair the country’s infrastructure could, in our view, weigh on growth prospects for U.S. GDP, as well as states’ economies, and, in some cases, where states and municipalities choose to replace the lost federal funds with locally derived revenues, could hurt credit quality,” said Standard & Poor’s U.S. Chief Economist Beth Ann Bovino.
Masoner couldn’t plunk down $850 to read S&P’s illuminating study, so he has to speculate somewhat: