Can the U.S. Build Big Again?

The $1.2 trillion infrastructure bill signed into law by President Joe Biden should cheer up those who lament the decrepit state of America’s roads, bridges and other public works. But how likely is it that we will see anything beyond helter-skelter improvement? It is one thing to fill potholes; another to fundamentally change the way we do business.

A decade from now, will our obsolete airports have been replaced or renovated? Will we have created an efficient national electric power grid? Will we have revolutionized the transportation system? My fear is that, years hence, our “to do” list will remain only a list. As Barron’s has pointed out, the text of the Biden bill uses the word “study” 331 times and the word “build” only 40 times.