Paul Krugman | Spending as if the Future Matters – The New York Times

Opinion Columnist

“For centuries, America has invested taxpayer money in its future. Public funds built physical infrastructure, from the Erie Canal to the interstate highway system. We invested in human capital, too: Universal education came to the United States early, and America basically invented modern public secondary education. This public spending laid the foundations for prosperity and helped make us an economic superpower.

With the rise of the modern right, however, America turned its back on that history. Tax breaks — essentially giving wealthy people money and hoping that it would trickle down — became the solution to every problem. “Infrastructure week” became a punchline under Donald Trump partly because the Trump team’s proposals were more about crony capitalism than about investment, partly because Trump never showed the will to override conservatives who opposed any significant new spending.

Now Joe Biden is trying to revive the tradition of public spending oriented toward the future.”