Not So Fast on Infrastructure Binge
"[T]he United States falls behind in global competition for strong and reliable infrastructure. We're willing to spend $100 billion a year on a debatable venture like the Afghanistan conflict, but expend a mere 2 percent of our Gross Domestic Product on infrastructure while China expends 9 percent and the European Union 5 percent. Other rising economic powers - India, Brazil, Mexico and others - are also investing significantly more than the U.S. - leaving us on a path, says Sen. John Kerry (Mass.) "towards a secondary competitive status."
But - we need to add a big "but." In fact, several buts."
Peirce argues that the nation needs to align its priorities about which projects even need to be built, and which should be built first.