Obama Should Commit to a Trillion-Dollar Infrastructure Plan


Barry Ritholtz passes along the chart on the right from the McKinsey Global Institute. It shows how much various countries spend on infrastructure compared to future demand. On the far right, Japan is spending a lot more than it needs. On the far left, the United States is spending a lot less.

McKinsey figures our shortfall at about 1 percent of GDP. That’s $160 billion. So a five-year project to build out our decaying infrastructure would cost roughly a trillion dollars. It would create jobs now; it would be ultra-cheap at current interest rates; and it would promote growth in the future.

That would be for roads, bridges, airports, rail lines, local transit, electrical grids, gas pipelines, internet backbones, water projects, and much more. A trillion dollars for infrastructure. That’s what he should be fighting for.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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