The Short-Term Thinking Behind America’s Infrastructure Crisis

Last week, Larry Summers repeated his plea for the U.S. to invest more in its crumbling infrastructure. He and the latest World Economic Outlook (PDF) from the International Monetary Fund – are imploring governments to issue additional debt to finance roads, bridges, water treatment, and extension of power grids. Even the most conservative estimates suggest that the projects would pay for themselves, especially with real interest rates below 1 percent.

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