James Surowiecki laments the fact that "new government spending is almost always seen as problematic while tax breaks--even selective ones that are really tantamount to government spending--are okay...it ought to be perfectly possible to be a fiscally responsible, respectful-of-the-citizens'-money tax-and-spender. Just as the current occupant of the White House has shown that it's perfectly possible to be a fiscally irresponsible, disrespectful-of-the-citizens'-money tax-cutter." As far as I can tell, almost all economists now agree that this recession is likely to be nasty, brutish, and protracted. And almost all economists and commentators -- including David Brooks today -- agree that the correct response is a massive increase in smart government outlays that increase long-term productivity -- which is to say, infrastructure investment. As far as I can tell, most infrastructure investment comes in incredibly important bursts: We're still living in the country built by the Works Progress Administration and connected by Eisenhower's highway bill. Right now, there's something damn close to political consensus for a transformational investment package. Indeed, this is probably one of those moments when ambitious legislating can shape how America works and travels for the next five or six decades. The next president should be thinking hard indeed about how to make the most of the opportunity.
