Evidence of US Demise?
December 7, 2010 1 Comment
It is instructive to note that China spent almost a $100 billiion in one year on high speed rail service vs. the pathetic US multi-year budget of $8 billion. Yet our politicians will denounce the $8 billion as extravagant while the Chinese and French companies are entertaining the Governor of California. The US multi-war economy, mismanaged financial system, and low public infrastructure spending are causing us to put off making the US economy more competitive.
The nation’s $90 billion in spending on the network last year far exceeds the $8 billion that President Barack Obama allocated in stimulus for U.S. fast trains earlier this year.
The difference “is a confirmation of China’s rise and an indication of U.S. demise,” said Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics in Washington. “We in the U.S. are doing little to nothing and will pay a price in slower growth now and in the future.”