http://www.marketwatch.com/story/larry-summers-sits-in-traffic-has-epiphany-on-regulation-2016-06-02
No, this isn’t the start of a-man-walked-into-a-bar joke, although it
could be. Summers’s May 26 op-ed in the Washington Post, a consolidated
version of a column he wrote for the Boston Globe, details how “routine
maintenance” on a bridge that took 11 months to build in 1912 turned
into a five-year, budget-busting boondoggle.
Coming from Summers — economist extraordinaire, former U.S. Treasury
secretary, former president of Harvard University, father of Secular
Stagnation 2.0 — such criticism of infrastructure investment is a big
deal. Summers has been arguing for the last few years that the only way
to get the U.S. economy out of its rut (no pun intended) is for the
government to take advantage of historically low interest rates and
borrow the money needed to repair and rebuild the nation’s crumbling
infrastructure.
All politicians and people like Summers should get to actually live the
results of their policies. Maybe then they would see what damage they
have wrought.
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