'This Week' Transcript: Gov. Arnold Schwarzenegger and Gov. Edward Rendell

SCHWARZENEGGER: Well, I don't think that we need another stimulus as much as what we need is just to do what we have been talking about over the last two years, and that is rebuild America, because that will create jobs. That is why it is so important to think about the infrastructure, because we happen to be at a stage right now where if we don't rebuild our infrastructure, we're going to fall behind economically and we're not going to be the number one nation anymore. I mean, right now, we are the most powerful nation, but it is because we have this great infrastructure that over the last 100 years, we have built, built and built. But in the last few decades, we have stopped maintaining that infrastructure and we have stopped building and expanding that infrastructure, even though there's tremendous demand for that infrastructure.

So if you build this infrastructure and do what was recommended, $2.2 trillion of infrastructure, that will put a huge amount of people to work and it really will stimulate the economy, and they did that in the 40s and in the 50s, and Eisenhower did it in the 50s. And even into the 60s, the height of infrastructure was in the early 60s, it was the height. Maybe even when I came here to this country, there was this enormous boom of expansion of freeways and bridges and waterways and the universities and all this. And now we're kind of like only spending 2.5 percent of our GDP on infrastructure, rather than the 5 percent that we should be spending.

MORAN: $2.2 trillion -- we had money back in the 1950s and 60s. That is a gigantic amount of money, and when people think about infrastructure, they get it -- roads, bridges -- they understand it. But wasn't there $200 billion or so worth of infrastructure spending in the stimulus a year ago?

RENDELL: Actually, a little less than we recommended to the president when we met with him when he was president-elect. I would have liked to have seen the infrastructure money in the original stimulus at least doubled. And so did Senator Boxer and some other people in the Senate. But still, it was a nice hunk of money, but it just scratches the surface, and the governor is right. What's great about infrastructure spending is one, we need it, for safety, we need it for quality of life and we need it for economic competitiveness.

But two, it's the best jobs creator. Economists (inaudible) $1 billion of infrastructure spending will create 40,000 jobs that can't be outsourced, that are here in America, that are good, family-sustaining jobs. And they're not just jobs on the construction site. We've seen this in our stimulus figures. They're jobs back in the steel factories and the asphalt factories and the concrete factories and the electrical factories and the wooden timber factories. So if you want to preserve American manufacturing and get it to thrive again, and put this country back to work, long-term -- and the key is here, your lead-in saying Washington is broken, and sure it's broken because of the partisanship. But it's also broken because nobody plans. Nobody's willing to do something for 10 years down the road. Everybody thinks about the next election.

We need a plan, a 10-year plan that is going to take us to a first-class infrastructure that will keep us competitive. The port of Shanghai in five years will take more throughput than all American ports put together.

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