In response to an FT Blog by Larry Summers on 13th October 2015, entitled 'Another argument for infrastructure repair'
Whatever the wisdom of this policy, the final flourish of the article is a study in hubris:
"A gas tax to finance road repair is about as close to a free lunch as we can ever get in economics"
Wrong. The last two decades of monetary and financial policy have been an extended experiment in free lunch 'economics' - Enacted through:
1. The Clinton/Rubin/Summers abolition of Glass Steagall
2. The Greenspan 'put'
3. QE and ZIRP
The government's cronies on Wall Street, and Wall Street's well incentivised buffoons in Congress don't worry too much about potholes.