Skip to Content
Streetsblog New York City home
Log In
Streetsblog

True Story: Ratings Agency Pins Dangerous Roads on Car-Free Young People

11:45 AM EDT on October 21, 2015

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!

Millennials, causing crashes by riding the bus! Photo: US PIRG
Millennials, creating danger by riding the bus! Photo: US PIRG [PDF]
false

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:

I don’t know what S&P recommends as a solution. Do they want people to spend more on Canadian petroleum to improve the U.S. economy? The Federal gas tax has been fixed at 18.4¢ per gallon since 1993, well before today’s Millennials could vote or drive. That 18.4¢ buys only 60% of highway spending compared to 1993 dollars. And nobody talks about the significant roadway damage caused by the trend in larger vehicles that Gen Xers like me bought in the 90s and early oughts.

Regardless, S&P's circular argument couldn't be more wrong, says Masoner, and it's pretty simple to see why. The less Millennials drive, the less damage they can cause with their cars.

Elsewhere on the Network today: The Urbanist reports that Seattle is getting six new school safety zones equipped with speed cameras. West North considers the economic value of filling in a high-profile DC parking crater. And Transport Providence shares an open letter to Rhode Island's governor on how to bring the state's transportation network "Back to the Future."

Stay in touch

Sign up for our free newsletter

More from Streetsblog New York City

Dynamic! MTA Could Hike Congestion Pricing Toll 25% on Gridlock Alert Days

The MTA said it had that power, and modeled it in its environmental assessment (see footnote 2 below), but no one ever reported it, until Wednesday.

December 6, 2023

Judge Orders Trial for Hit-and-Run Driver Who Turned Down ‘Reasonable’ Sentencing Offer

Judge Brendan Lantry turns down driver's request for mere probation for killing a delivery worker in 2022. The trial will start in January.

December 6, 2023

Wednesday’s Headlines: Another Big Day at City Hall Edition

Today is going to be another busy day for the livable streets crowd. So get ready with today's headlines.

December 6, 2023

Reporter’s Notebook: Will Eric Adams Ever Publicly Embrace Congestion Pricing?

The governor, the head of the MTA and the city's leading transit thinkers all celebrated congestion pricing on Tuesday as an historic moment while Mayor Adams spent Tuesday failing to live up to it.

December 6, 2023
See all posts