Ira Stoll on Why Government-Funded Infrastructure Is a Terrible Idea
The new Congress hasn't even been elected yet, but it's already under pressure to add billions of dollars in new government spending to pay for "infrastructure." According to New York Times columnist Paul Krugman, for example, "We have huge infrastructure needs, especially in water and transportation, and the federal government can borrow incredibly cheaply…. So borrowing to build roads, repair sewers and more seems like a no-brainer." In response, Ira Stoll offers nine reasons why a burst of federal borrowing or taxing to pay for roads, bridges, sewers, and airport terminals would be a disastrous idea.