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The Output Gap

The Time for Infrastructure Investment Is ASAP

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Andrew Samwick:

The Time for Infrastructure Investment Is ASAP | Capital Gains and Games: What Ezra does not say explicitly is that the most opportune time to launch this program of infrastructure investment was when the downturn was first upon us.  And at that time, the key task for writers in The Washington Post (and other places)was to argue that a serious infrastructure investment program was a better way to deal with downturns than the other proposals in vogue at the time; namely, something "timely, targeted, and temporary." 

But late is better than never.  As the proverb goes:

The best time to plant a tree is 20 years ago.  The second best time is today. 

What is rare about this opportunity is that, unfortunately, it still exists 32 months after we should have started taking advantage of it.