Re:Fed announces details of new interbank service to support...
by adventured on Sunday August 09, 2020 @11:23PM
(#24105171)
This isn't unique to the US of course: the US is spending a higher share of its GDP on infrastructure than the EU is at this point. The welfare state in both Europe and the US is consuming all available resources, and that's only going to get far worse over the next 20-30 years due to aging and contracting workforces. Most of Europe outside of Germany has zero available resources for big infrastructure spend. The US could divert $200 billion from its military spending (requiring a near total retreat from the rest of the world, including Europe, Japan and South Korea), however that would merely lessen the extreme budget deficit that already exists thanks to entitlement spending. That budget gap will grow dramatically over the coming decade. The US needs to raise taxes by $1.5 trillion just to break even.
Nobody in the US wants to pay for infrastructure. It's the governments role, but political figures want to spend our money in less critical ways.