Wall Street’s greed, and the Federal government’s corruption have left the U.S.’s infrastructure over 60 years outdated
Not taking into consideration the shipping of America’s industry and production offshore, the other biggest thing hanging over any potential economic growth is the nation’s dilapidated infrastructure.¬† And with Wall Street corporations not even interested in producing anything of value, but simply making money off making money through their financialization of everything, when you couple this with the Federal government’s use of debt to fund a Potemkin Socialist ‘Utopia’ the likelihood of President Trump ever getting his infrastructure program passed and funded seems extremely unlikely.
And quite interestingly, the direction that debt and borrowing were pointed towards over the past eight years in China is why the Far Eastern economy was able to avoid their own Great Recession following the 2008 financial crisis, since much of their induced debt went to funding a modernized society which is now upwards of 60 years ahead of the crumbling wasteland that is pervading America.
Donald Trump has been in¬†the White House for¬†almost a year now¬†‚ÄĒ but¬†still there is no sign of¬†work to¬†replace the US’ crumbling roads, railroads, bridges or waterways, despite¬†his campaign trail promises.
His plans for¬†an¬†Infrastructure Council¬†collapsed in¬†August when most industry executives involved backed out, in¬†the wake of¬†Trump’s lack of¬†condemnation for¬†white supremacists, after¬†clashes in¬†Charlottesville, Virginia¬†led to¬†death of¬†a young woman.
‚ÄčKristina Swallow, President of¬†the American Society of¬†Civil Engineers, told Sputnik the ASCE’s latest¬†Infrastructure Report Card¬†estimated a $2 trillion gap over¬†the next 10 years and graded America’s infrastructure at¬†D+ across¬†16 categories.
US ‘Underinvesting For Decades’
She said most of¬†the US’s infrastructure was “beyond its useful design life” and the country has been “underinvesting for¬†decades”.
“Engineers are doing what they can to¬†patch older infrastructure and ensure the safety of¬†the public, but¬†ultimately our infrastructure needs modernization that will only happen through¬†increased investment,” Ms. Swallow told Sputnik.
Much of¬†the US’s existing infrastructure was built between¬†1933 and 1970, a period which began with¬†President Franklin D. Roosevelt’s famous New Deal, which involved huge public investment in¬†projects such as¬†the Hoover Dam in¬†order to¬†tackle the high unemployment of¬†the Great Depression. ‚Äď¬†Sputnik News
With potholes being a norm on the streets of New York City, and large swaths of both Baltimore and Detroit looking as if humanity experienced an extinction level event, without a dedicated program of funding to rebuild the country’s crumbling infrastructure as well as modernize the landscape for the 21st century, what is being engineered thousands of miles away in China, Singapore, and Hong Kong will become the attraction of capital and industry, because history has proven that those who build the proverbial roads, attract the most trade.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.