Washington's Greatest Stimulus Projects

(page 2 of 2)

Rohatyn suggests the creation of a National Infrastructure Bank to guide the country's investments in a more coherent way. He says that while the federal government spends $73 billion annually on infrastructure projects, "there is no system guiding these funds toward their most important uses" and much of the money goes to "boondoggle spending." The NIB could prioritize projects on a national scale and help finance those that make sense for the country as a whole. (The states are sure to love this idea.)

It might have been valuable for someone with Rohatyn's experience to advocate for specific projects that he believes the NIB should take on. But the most he offers is a general plea for better roads, bridges, and ports.

Still, you can't help but come away from reading Bold Endeavors with the idea that the country should expect at least one nation-changing project for its $800 billion. It's an enormous sum by any historical yardstick. The price of the Louisiana Purchase in today's dollars would be about $277 million. The Erie Canal would cost $80 million. Even Roosevelt's rural electrification program ran only about $1.5 billion in today's currency—a rounding error in the current stimulus bill. What will U.S. taxpayers have to show for their money this time?