Drive Now, Pay Later.
| June 04, 2012 |
Interesting, basic approach to the argument for borrowing to build/maintain/repair our transportation infrastructure in the New York Times. Written by a Cornell University economics professor, Robert H. Frank. Agree or disagree he makes a fairly basic argument. And clarity from any point of view in this debate is actually quite refreshing. May we regress to clarity.
He’s essentially arguing that we need to borrow to pay for essential transportation infrastructure spending at an adequate level (that in itself is a debatable number) and the basis for his argument, the part he left out, is that the Highway Trust Fund won’t pay for it; it simply does not have enough money coming in from gas taxes. So unless we only spend what the HTF brings in (which House Republicans are basically trying to do) we have to find money elsewhere. The Senate reauthorization bill finds it with smoke and mirrors. The House is clueless, although its bill is closer to HTF income.
Let me know what you think of the case Dr. Frank makes.