Of course he is classically wrong. Pensions, infrastructure, education...are just places to make the money go. The problem is either unfunded or phony funded liabilities. A well funded pension plan is not a problem. Detroit made deals they could not fund...and I believed they gambled on a bailout. In Washington we are spending 4 billion on a hole to replace an ugly but working elevated highway. The work has been stopped about two years while they fix the hole borer. The tunnel will not be the equal of the road it is going to replace in traffic flow or type of vehicles allowed. 4 billion dollars. One project to make money for real estate billionaires using tax money.
It is not one type of project but the attitude that it is not a problem to do just one more project...it isn’t much more money...but 100 of them are, so 200 of them make the rolls. And some are crappy “money pit” projects.
It never stops...until Detroit happens and no one goes to jail for it.
DK