Missed the Boat ... and Bridge ... and Highway ...
Peter Eavis over at The New York Times' DealBook laments the coming of higher interest rates, not because of a danger to the economy but because it means time has run out on what could end up being a major opportunity missed: Using the near-decade-long era of ulracheap money and government borrowing to fund much-needed infrastructure spending. Our national infrastructure is in a sad state and we are trillions on dollars behind on making repairs, upgrades, and replacements to aging roads and bridges. Because of the recession and partisan bickering, public spending as a percentage of total economic activity is at its lowest since the 1940s, and we're about to leave the era of "free" money with no Eisenhower Highway System to show for it this time around.

Read the full story at The New York Times.

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