Politicians have fretted over, debated and vowed to fix America's crumbling infrastructure. For four decades.
Donald Trump, in his election-night victory speech, is the latest to pledge to give the nation a facelift, using American-made steel and employing American workers. "We're going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals," he said. Construction stocks zoomed on the news.
Where will he get $1 trillion for such an ambitious plan? Trump's chief strategist, Stephen Bannon, isn't worried. The controversial chairman of Breitbart News Network said in a Nov. 15 interview that he's the biggest proponent in Trump-land of borrowing for these public-works projects because negative interest rates are "the greatest opportunity to rebuild everything." He enthused:
"Shipyards, ironworks, get them all jacked up. We're just going to throw it up against the wall and see if it sticks. It will be as exciting as the 1930s, greater than the Reagan revolution."