Rescue workers search the rubble of the Champlain Towers South condominium, Saturday, June 26, 2021, in the Surfside area of Miami. The building partially collapsed on Thursday. (AP Photo/Lynne Sladky) Recent collapses of bridges and a Florida condo building highlight what can go wrong when basic structural and foundational elements are neglected and allowed to deteriorate.
As corrosion and cracking spread, they may go little noticed at first, with repairs and upgrades put off. Meanwhile, the risks steadily build of a single point of failure leading to catastrophic consequences.
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America’s deteriorating infrastructure is badly in need of fixing. On that issue, there is wide bipartisan agreement.
On Monday, President Joe Biden touted a $1 trillion infrastructure deal moving forward in Congress with support among some key Republicans and Democrats.
It’s a rare glimmer of bipartisanship in a starkly divided Washington.
But bipartisanship doesn’t imply fiscal responsibility. Whenever Republicans and Democrats get together and agree on something, you can bet it will entail more spending – and therefore more debt.
Whatever the merits of infrastructure spending (and many politicians have an expansive view of what constitutes “infrastructure”), it won’t be offset by cuts in less essential government expenditures. Instead, lawmakers are proposing tax hikes and more aggressive IRS enforcement actions aimed at bringing home more revenues.At the end of the day, however, the bulk of any new infrastructure spending will likely be paid for through borrowing. New currency units will be conjured up and pumped into things like concrete and steel.With building materials and construction costs […]