Writing in Fortune in January 2004, Bloomberg View columnist Justin Fox wrote that the Interstate System "was heralded as the greatest public works project ever. That it was. And it did, as promised, lead to an America that is more mobile, less plagued by regional differences, and vastly wealthier than before."
I'm not very happy about the decrepit state of our roads, highways and bridges, especially when you consider that the cost of financing all of this is the lowest it has been in our lifetimes. It perplexes me that the nation that developed the world's first interstate highway system cannot seem to find an adequate way to finance basic maintenance, repairs and improvements.
Today, I bring you the proverbial good news and bad news on this issue.
The good news: Congressional negotiators have agreed on a bipartisan deal for a five-year, $300 billion transportation bill. It earmarks badly needed money for the maintenance of the deteriorating transportation infrastructure. The deal also reopens the Export-Import Bank, but let's save that bit of congressional stupidity for another column.