The Truth is Powerful

On infrastructure, let good economics prevail over bad politics

President Biden ’s ambitious policy agenda continues with a large $2 trillion infrastructure plan which not only plans to rebuild the nation’s infrastructure but, at the same time, reshapes the economy with increases in business taxes to offset a large part of the spending. No doubt, over the coming weeks, there will be increased discussion about various items outlined in the plan. Given its immense size, there will be plenty to keep policy wonks busy. But sometimes it is important to take a step back and ask a few basic questions.

The simplest question is what is the motivation for the plan? Do we need a large infrastructure investment? The answer is a quick yes. You do not need the American Society of Civil Engineers to tell you that the overall grade for U.S. infrastructure 2021 is a C-. Each of us has experienced the state of American roads while driving (grade of D) and dropped/interrupted zoom calls while teaching, attending class, or conducting business meetings. The COVID-19 pandemic has shown us, for example, how broadband has become a vital part of the economy , with a role not only in business but also in education and everyday life. But […]

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