Capital spending is coming from the new century’s lend lease partner’s, the UAE, Saudi, Dubai etal. It’s a big merry go round, pyramid building on a grand scale as if pyramid building wasn’t itself grand enough. Of course that’s the true structural weakness, the fact you always have to outdo yourself to keep it going.
Fortunately there are probably still over 1 billion people in the world squatting in a dirt trench if they’re lucky so I tend to look on the bright side. We have a lot consumers yet to mentor up from the dirt.
Well said. If you build one road, maintenance cost over time is effectively a fixed, known expense. If you build an indeterminate number of roads, as the political winds shift back and forth, the formerly fixed expense doesn’t simply multiply by that number. It goes up further still as administration and bureaucratic costs take a greater chunk with each new road built. Not to mention the add-on costs of interest and graft, of course.