America used to invest in its infrastructure. Consider Eisenhower and the interstate highway system. These kind of projects made America work better and we all got richer. No more. Here are snippets from Krugman's column in the NY Times.
America used to be a country that built for the future. Sometimes the government built directly: Public projects, from the Erie Canal to the Interstate Highway System, provided the backbone for economic growth. Sometimes it provided incentives to the private sector, like land grants to spur railroad construction. Either way, there was broad support for spending that would make us richer.
But nowadays we simply won’t invest, even when the need is obvious and the timing couldn’t be better. And don’t tell me that the problem is “political dysfunction” or some other weasel phrase that diffuses the blame. Our inability to invest doesn’t reflect something wrong with “Washington”; it reflects the destructive ideology that has taken over the Republican Party.
Sorry, but if the polls and forecasters are correct about this election, the outlook for investment will be even worse in the years ahead.