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Finally, a massive program to rebuild roads and bridges!
Too bad it's in China:
SHANGHAI — China announced a huge economic stimulus plan on Sunday aimed at bolstering its weakening economy, a sweeping move that could also help fight the effects of the global slowdown.
At a time when major infrastructure projects are being put off around the world, China said it would spend an estimated $586 billion over the next two years — roughly 7 percent of its gross domestic product each year — to construct new railways, subways and airports and to rebuild communities devastated by an earthquake in the southwest in May.
Asia's stock market soared when this was announced. This kind of program would be a slam dunk here in the United States -- Minneapolis and New Orleans showed us the dangers of not keeping up with infrastructure, and deficit spending to goose the economy during a recession -- if aimed toward a worthwhile, job-creating mission such is this -- is viewed as worthwhile by most economists, even those properly alarmed at our $10 trillion national debt. The ability to launch a huge infrastructure program and limit borrowing to the minimum necessary is yet another reason why a speedy end to the war in Iraq is critical.