Newswise — “Recent growth in U.S. government debt has drawn concern from some economists, policy analysts, pundits, politicians and members of the public. Current trends, they fret, are not indefinitely sustainable – and might not even be sustainable for longer than the near-term future.
“We believe that well-chosen public infrastructure investments made now – while borrowing costs are low, capacity is much underutilized and current degrees of depreciation are substantially lower than future degrees of depreciation are likely to be — would generate measurably significant gains to macroeconomic growth and employment rates, while also generating federal revenue increases partly offsetting the expenditures themselves.
“Additional benefits and cost savings are less measurable owing to lack of economy-wide data, but no less substantial for that. To realize them is to avoid significant implicit costs, both public and private.”
--Robert Frank, professor of economics at Cornell University’s Johnson Graduate School of Management and Robert Hockett, professor of Law at Cornell
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