Wait a minute . . .

Jeffrey A. Miron, a senior lecturer in economics at Harvard University, has written a commentary for CNN that examines government spending, and the effects of tax cuts. he notes: "If the new spending is for projects that are beneficial for society overall, and if the private sector cannot or will not undertake these projects, then the expenditure is worthwhile independent of what it does to fight the recession. A standard example might be repair of the interstate highway system."

So far so good, right? He continues:

"This justification for additional spending is far from compelling, however. No doubt some roads need repairs, but the U.S. already spends huge amounts on its highway system. The U.S. could address existing deficiencies by increasing the use of toll roads and charging drivers extra at rush hour, or by repealing prevailing wage laws that inflate construction costs."

Okay, did you catch that? No doubt some roads need repairs. Isn't that a rather cavalier way of dismissing what the Federal Highway Administration estimated in 2005 was a critical $375 billion need? Today, more than $400 billion is needed to repair our failing infrastructure. Mr. Miron is obviously a smart man, but he is woefully underestimating the importance of investment in roads and bridge construction. Your comment?