Lee Metcalf: “citizens chronically complain about the state of America's public capital, about dilapidated school buildings, condemned…”

“citizens chronically complain about the state of America's public capital, about dilapidated school buildings, condemned highway bridges, contaminated water supplies, and other shortcomings of the public infrastructure. In addition to inflicting inconvenience and endangering health, the inadequacy of public infrastructure adversely affects productivity and the growth of our economy. Public investment, private investment, and productivity are intimately linked. For more than two decades, Washington has retreated from public investment as the costs of entitlements and of the interest payable on rapidly rising debt have mounted. State and local governments, albeit to a lesser extent, have also slowed investments. Their taxpayers were frequently reluctant to approve bond issues to finance the infrastructure. Whereas, in the early 1970s, non-defense public investment accounted for 3.2 percent of GDP, it now accounts for only 2.5 percent. That is a huge loss. Widespread neglect of maintenance has contributed substantially to the failure of the stock of public capital assets to keep pace with the Nation's needs.”