“Fix the Damn Roads”
This was a major talking point in Gretchen Whitmer’s successful campaign for Governor of Michigan. The problem of a deteriorating infrastructure is not limited to roads or to Michigan. Infrastructure has been a recurring theme in state and national politics for years, and phrases like “shovel ready” raised hopes that the political class would finally give accelerated attention to this problem.
Investors were anticipating increasing opportunities for a wide range of companies that could be expected to benefit from growing infrastructure spending by state and federal agencies. Voters on both sides of the aisle eagerly awaited improvements in a range of infrastructure projects. Despite high hopes, both investors and the general public continue to be frustrated and disappointed.
What happened? Nearly everyone agrees that the nation’s infrastructure is in serious trouble and requires immediate and substantial investment. However, practically no one is willing to address the problem of how to pay for what is so obviously needed.
All comments and or suggestions are welcome.
Walter J. Kirchberger, CFA