That can't be possible — and I think estimation is way off. Even if there were a drinking fountain for every American (which I'm sure is an over-estimate by an order of magnitude as well), that would still imply an upgrade cost of $3,000 per drinking fountain. If there's a fountain for one in ten Americans; that's $30,000.
For context, most modern Elkay drinking fountains are around $1,000.
I think this overwhelming figure serves to enhance the point of the author but I think it bares no basis in reality.