American infrastructure is in bad shape. If only we needed a justification for spending, like, say a weak recovery from a recession.
It is sad for so many reasons, not just the low interest rates, but also because austerity is a crappy idea that is doing far more damage than good. A bit of pump-priming the economy now and the resulting growth would do more to address the long term deficit than cutting programs now and watching the economy sink back into recession. The job picture would look pretty terrific if we had not fired so many government employees over the past few years. Keynes must be rolling over in his grave.
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