SHARMINI PERIES: President Trump presented his infrastructure plan on Monday. The long-awaited plan proposes to spend $200 billion in federal funds over the next 10 years. This is to be complemented with another 1.3 trillion in spending from cities, states, and private investors for a total of 1.5 trillion. Another major component of the plan is to reduce red tape and approval processes so that projects are approved much faster.
Here’s what Trump had to say in presenting the plan.
This morning, I submitted legislative principles to Congress that will spur the biggest and boldest infrastructure investment in American history. The framework will generate an unprecedented $1.5 to $1.7-trillion investment in American infrastructure. We’re going to have a lot of public-private. And that way it gets done on time, on budget.
SHARMINI PERIES: Joining me now to analyze the infrastructure proposal is Michael Hudson. Michael is a distinguished research professor of economics at the University of Missouri-Kansas City. He’s the author of several books, the most recent among them is J is for Junk Economics….Michael, it sounds like you had your own infrastructure failure experience last night. Tell us about it.
MICHAEL HUDSON: I was coming back from Washington from a week at Democracy Collaborative on a $400 round trip on the Acela Express, which is supposed to be the elite Amtrak. We left Washington at 3:00. At 5:30, just before we got to New York,…