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U.S. infrastructure improved with big Biden spending—but only from a C- to a C

Published

8 hours ago

March 25, 2025

A once-every-four-years report card on the upkeep of America’s infrastructure gave it a “C” grade on Tuesday, up slightly from previous reports, largely due to investments made during former President Joe Biden’s administration.

The report from the American Society of Civil Engineers, which examined everything from roads and dams to drinking water and railroads, warns that federal funding must be sustained or increased to avoid further deterioration and escalating costs.

“We have seen the investments start to pay off, but we still have a lot of work to do out there,” said Darren Olson, chair of this year’s report. He said decrepit infrastructure – from poor roads that damage cars to delayed flights to power outages that spoil groceries — hurts people and the economy.

“By investing in our infrastructure, we’re making our economy more efficient, we’re making it stronger (and) we’re making ourselves globally more competitive,” he said.

It’s especially critical that infrastructure can handle more extreme weather due to climate change, said Olson, noting hurricanes that devastated the East Coast and parts of Appalachia last year. The U.S. saw 27 weather disasters last year that cost at least $1 billion, second-most since 1980.

The 2021 Infrastructure Investment and Jobs Act provided $550 billion in new infrastructure investments, but is set to expire in 2026. Another $30 billion came from the 2022 Inflation Reduction Act, including for projects focused on clean energy and climate change, the engineering group said.

President Donald Trump’s administration has targeted some of Biden’s green policies. Public parks improved to a C-minus from a D-plus, for example, thanks in part to significant investments over several years. Recently, however, the Trump administration moved to slash National Park Service staffing.

In 2021, the U.S. earned a C-minus overall. The investments made since then are just a fraction of the $9.1 trillion that the civil engineers group estimates is needed to bring all of the nation’s current infrastructure into a state of good repair.

Even if current federal infrastructure funding were maintained, there still would be a $3.7 trillion gap over a decade, according to the report.

The bill to upgrade and maintain the nation’s roughly 50,000 water utilities, for example, is $625 billion over the next two decades, according to the federal government. The grade for drinking water was C-minus, unchanged from four years ago.

Many communities already struggling to maintain old, outdated drinking water systems also face new requirements to replace lead service lines and reduce per- and polyfluoroalkyl substances, collectively known as PFAS.

The infrastructure bill helped complete or start “a lot of really important projects,” said Scott Berry, director of policy and governmental affairs at the US Water Alliance. “But the gap has widened so much over the last couple of decades that a lot, lot more investment is going to be needed.”

The bill also provided billions to help the U.S. Army Corps of Engineers upgrade inland waterways, which move roughly $150 billion in commerce every year, improving the grade from a D-plus to a C-minus.

Barges on the Mississippi River, for example, carry enormous amounts of coal, soybeans, corn and other raw materials to international markets. But critical infrastructure like locks and dams — many built more than a half-century ago and requiring regular maintenance and repair — is often invisible to the public, making it easy to neglect, said Mike Steenhoek, executive director of the Soy Transportation Coalition.

And when big projects are funded, it too often comes in stages, he said. That forces projects to pause until more money is appropriated, driving up costs for materials and labor.

“If we really want to make the taxpayer dollars stretch further, you have got to be able to bring a greater degree of predictability and reliability in how you fund these projects,” he said.

The report’s focus on engineering and money misses the importance of adopting policies that could improve how people use and pay for infrastructure, according to Clifford Winston, a microeconomist in the Brookings Institution’s economic studies program.

“You fail to make the most efficient use of what you have,” said Winston. For example, he noted that congestion pricing like that recently adopted by New York City — charging people to drive in crowded areas — places the burden on frequent users and can pressure people to drive less, reducing the need for new bridges, tunnels and repairs.

Roads remain in chronically poor shape, receiving a D-plus compared to a D in the last report, despite $591 billion in investments since 2021.

Two categories, rail and energy, received lower grades. Disasters like the derailment of a train carrying dangerous chemicals in East Palestine, Ohio, in 2023 lowered rail’s previous B mark to a B-minus.

The energy sector, stressed by surging demand from data centers and electric vehicles, got a D-plus, down from C-minus.

Engineers say problems in many sectors have festered for so long that the nation must figure out how to address the shortcomings now or pay for them when systems fail.

On Wednesday, a delegation of engineers will visit Washington to talk to lawmakers about the funding impacts and “the importance of continuing that investment,” said Olson, who said the needs are a bipartisan issue.

“When we talk about it in ways of how better infrastructure saves the American family money, how better infrastructure supports economic growth, we’re really confident that … there is strong support,” he said.

This story was originally featured on Fortune.com

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Incoming SEC chair Paul Atkins owns up to $6 million in crypto-related assets—though no Bitcoin

Published

26 minutes ago

March 25, 2025

Jace Porter

Paul Atkins, President Donald Trump’s Solana and Cardano, that it alleged were unregistered securities. The SEC also targeted celebrities like Kim Kardashian and Lindsay Lohan for promoting tokens, among other individuals. The crypto industry fought back and argued that decades-old securities law did not apply to new technology. Executives like Brian Armstrong, the CEO of Coinbase, argued that the government should draft legislation to account for blockchains, rather than crack down on the crypto sector.

Atkins was previously SEC chair from 2002 to 2008 under President George W. Bush. Most recently, he served as CEO of his financial services consultancy Patomak Global Partners. He’s been supportive of the crypto industry’s calls for regulation. “The collapse of FTX was this international debacle because I think the U.S. didn’t make our rules accommodating to this new technology,” he said in a 2023 interview.

As part of his ethics agreement, Atkins also agreed to step down from a position on Chamber of Digital Commerce’s Token Alliance, a policy group that advocates for crypto companies.

This story was originally featured on Fortune.com

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Napster’s CEO says the millennial favorite is entering a new era with $207 million sale

Published

57 minutes ago

March 25, 2025

Jace Porter

A brand that was notoriously connected to music piracy before reemerging as a subscription music service has been sold to Infinite Reality for $207 million.

The tech startup announced Tuesday it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work.

“The internet has evolved from desktop to mobile, from mobile to social, and now we are entering the immersive era. Yet, music streaming has remained largely the same. It’s time to reimagine what’s possible,” said Napster CEO Jon Vlassopulos in a blog post.

Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise. Artists will also receive a wider range of metrics and analytics to better understand the behavior of platform users.

“We can think of no better use case for our technology than putting it in the hands of music artists who are constantly pushing the boundaries of what’s possible,” said Infinite Reality Chief Business Officer Amish Shah.

Napster was launched in 1999 by Shawn Fanning and Sean Parker and quickly became the first significant peer-to-peer file-sharing application. It shuttered in early 2000s after the record industry and popular rock band Metallica sued over copyright violations. Rhapsody later bought the brand in 2011 and relaunched it as a music streaming service.

This story was originally featured on Fortune.com

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Step inside ‘Billionaire’s Beach’: From Kenneth Griffin to Donald Trump, this oceanside town is home to 58 billionaires

Published

1 hour ago

March 25, 2025

Jace Porter

“Billionaire’s Beach” in Florida is home to 58 billionaires, including Donald Trump, Ken Griffin, Julia Koch, and Stephen Schwarzman. The wealth of these Palm Beach homeowners totals about $494.7 billion—attracting the world’s 1% with pristine beaches, unparalleled privacy, tax breaks, mega-mansions, and exclusivity.

Florida has become the mecca of America’s wealthiest—with many of the world’s richest individuals flocking to one oceanside town, dubbed “Billionaire’s Beach,” where you can rub shoulders with the likes of Ken Griffin and Donald Trump.

Palm Beach is home to a staggering 58 billionaires, drawn to crystal blue waters, Mediterranean-style megamansions with unparalleled privacy, and Rodeo Drive–worthy shopping.

Single-family houses in Palm Beach, Florida, U.S., on Wednesday, April 7, 2021. Purchase contracts for single-family houses priced at $10 million or more surged 306% in March from a year earlier, the biggest gain since the pandemic started, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report. Photographer: Marco Bello/Bloomberg via Getty Images

Many of the richest own property on South Ocean Boulevard—a famous street part of “Billionaire’s Row,” lined with towering palm trees and pristine beaches. Properties for sale cost an arm and a leg, with some charging $57.5 million or $38.7 million for an in on the exclusive neighborhood.

One 8-bedroom, 15-bathroom listing is even up for $88 million.

Palm Beach, Florida, USA – March 15, 2014: Wonderful mansion in spanish style. No people.

But Kenneth Griffin, the CEO of Citadel, wants to shatter all those numbers.

The American hedge fund manager worth $41.8 billion has his sights set on constructing a $1 billion property in Palm Beach. In 2023, he bought about 20 acres of prime real estate in the area, and plans are still underway to spend anywhere from $150 million to $400 million on constructing his dream house—and it’s expected to be one of the priciest homes on the planet when complete.

It’s just a quarter mile south of President Trump’s sprawling 126-room, 62,500-square-foot Mar-a-Lago estate.

Aerial shot of Palm Beach, Florida looking down on Everglades Island. Authorization was obtained from the FAA for this operation in restricted airspace.

10 of the richest residents of Palm Beach

Net worths are based on the most recent data from the Bloomberg Billionaires Index.

Julia Koch and family, $75.7 billion
Thomas Peterffy, $52 billion
Stephen Schwarzman, $47.9 billion
Kenneth Griffin, $41.8 billion
Abigail Johnson, $38.9 billion
Dan Gilbert, $30.2 billion
Thomas Frist Jr., $29.5 billion
Gina Rinehart, $24.6 billion
David Tepper, $22.3 billion
Henry Kravis, $16.6 billion

Like birds of a feather, billionaires tend to flock together. It’s estimated that the combined net worth of Palm Beach’s richest residents totaled an eye-watering $494.7 billion in 2024, according to analysis of Forbes data by the Palm Beach Daily News.

Aside from the temperate climate, private beaches, stunning views, and luxury real estate, the Florida town attracts the world’s wealthiest for its tax breaks. Most notably, Florida is one of the nine U.S. states with no income tax—meaning residents and companies don’t have to cough up taxes on their wages, salaries, or business profits.

Plus, flocking to Florida is not just an investment for billionaires’ pockets—a part of the appeal of buying a megamansion on Palm Beach is sharing a zip code with some of the world’s one percent.

Your ultrawealthy neighbors could include Koch Industries’ Julia Koch and her family, worth $75.7 billion; Stephen Schwarzman, the Blackstone CEO boasting a $47.9 billion net worth; or Fidelity CEO Abigail Johnson, who has amassed a $38.9 billion empire, to name a few.

After Estée Lauder bought out his brand for $2.8 billion, fashion A-lister Tom Ford forked over $51 million for a home in the area in 2022. One year later, 84 others bought properties worth over $10 million in Palm Beach during 2023.

And if Palm Beach’s billionaires aren’t enough company, then just drive 10 miles south to Manalapan, where Oracle cofounder Larry Ellison just set a Florida record for the purchase of a $173 million estate spanning 16 acres.

This story was originally featured on Fortune.com

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