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Donald J. Trump, as a candidate and then as president, set forth the priority to build, repair and maintain America’s crumbling infrastructure. In 2016 he called for a trillion-dollar investment.
Before the COVID-19 outbreak, there was bipartisan support for an infrastructure bill but there was never a consensus on how robust it should be and how it should be done. Now, amid this pandemic is a real opportunity to jolt the economy in a positive way and rebuild America.
The White House last year cited the most recent report card from the American Society of Civil Engineers, which gave America’s infrastructure a D-plus grade. That grade takes into account tens of thousands of roads, bridges, tunnels and more all across our nation. But it does not include other critical infrastructures such as the nation’s old and decaying electric grid or our airports and train systems.
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Infrastructure that is not maintained costs jobs and money, in the form of lost income (from time wasted) and repairs to vehicles damaged by crumbling roads.
So there is no question about the need and the opportunity to act. The question is, "How do we pay for it?" And here’s the answer:
The president should create a program called "MAGA Bonds," named after his slogan "Make America Great Again."
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Bonds would be a great investment with a patriotic and needed purpose, providing an opportunity for Americans and institutions that want to do their part in helping to "Make America Great Again."
Bonds would not burden current taxpayers who will be financially overwhelmed with post-coronavirus recovery, and they would allow big improvements to be amortized over time. They could be sold in increments of 10-, 15-, 20-, or 25-year bonds.
This would not only adequately spread out the costs, but it would also allow a good return for the investor.
Why bonds? They are critical to everyday life. You are able to drive over smoothly paved highways, borrow a DVD from your library, watch an office park rise in your community or benefit from factory expansions that create new jobs all because of the U.S. bond market.
Simply put, without bonds to finance projects in a timely way, our infrastructure systems would erode and eventually break down.
Even bigger than the stock market, the largest securities market in the world plays a vast and vital role on the global stage, in the U.S. economy, and in the daily life of every American.
The bond market provides local, state and federal governments, as well as private enterprises, the funds needed to get development and long-term infrastructure projects off the ground.
Before people are hired, earth moved, concrete poured, or products rolled off the factory floor, the capital needed for the work has to be in place. And chances are bond issues financed these projects that help maintain our well-being, quality of life and U.S. competitiveness.
When it comes to large-scale infrastructure renovation and replacement for public works, as well as for new and expanding businesses, bonds make things happen and help lower costs. They make it possible to build bridges, roads, transportation systems, power plants that light and heat our homes, reservoirs and pipes that bring us water, sewer systems and factories that produce products fundamental to daily life.
Simply put, without bonds to finance these projects in a timely way, our infrastructure systems would erode and eventually break down.
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In addition to infrastructure projects, bonds also help governments manage cash flow, passing savings onto taxpayers who help the government pay for needed services such as the military, police, health care, education and more.
The fairest and most equitable way to pay for these big-ticket items is to spread the costs to those who will benefit from them over time.
How do we sell the idea of MAGA Bonds to the public? Well, there is no better salesman than the president of the United States.
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I can see him announcing MAGA Bonds with great fanfare, then using the bully pulpit of the presidency to sell them. He could appeal to patriotism and the idea of a good investment opportunity to fulfill his promise to "Make America Great Again." He can talk about the jobs that would be created. And he can remind citizens that it is better to invest in America than to be overly taxed by America.
Now is the time to build, repair and maintain our nation and do it with Republicans and Democrats working together. All Americans of goodwill could come to the aid of their country and buy a "MAGA Bond."
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