Abstract
The movement of goods, people, and information and the smooth functioning of cities are vital to our nation's economic well-being. When bridges collapse or highways are closed and when water mains burst and flood subways and cities, we are reminded once again that, just as capital facilities buttress economic growth their decay can retard it. Visit almost any big city today and you can learn about its pocked and blocked roads, jammed traffic, closed bridges, flooded streets, blown sewers, aged hospitals, and decayed housing. Because most spending for public infrastructure is by states and localities, policymakers at these levels of government know that the economic health of their regions requires the construction and upkeep of their capital plant. This article reviews several studies that document public infrastructure needs. The purpose of the article is to urge a shift in U.S. economic policy to favor state and local infrastructure investment through "a Marshall Plan for ourselves. "
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