Public Investment

In the warm-up before the State of the Union address, the sides are digging in.  A strong focus on debt appears to be the main point of contention, with Obama proposing investments that will pull the US out of its funk and the opposition apparently finding a religious fervor in the size of our debt.

About to get lost, once again, in the big story out of Washington are hundreds of smaller stories across the US of debt running out of control at the State and Local level.  Smaller investments made one highway at a time, one transit line, one park, one new factory or housing development paid with tax increment financing are starting to dominate our crisis.  And they get very little attention.

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