By Walter Russell Read in the Wall Street Journal
Among advocates of big government and Keynesian countercyclical stimulus, one subject keeps coming up: infrastructure. They’re always arguing the short- and long-term benefits of building new highways, bridges, tunnels, urban light-rail systems, or, the Holy Grail itself, a national high-speed rail network.
After all, proponents point out, Republican President Dwight Eisenhower’s support for the interstate highway system helped drive two generations of American growth. And scandal-ridden though they were, federal subsidies greatly accelerated the development of transcontinental rail lines in the 19th century.
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