President Trump last night repeated his call for big spending on infrastructure. But his actual plan depends on money that doesn't appear to exist. The so-called $1.5 trillion plan has only $200 billion in federal funding. Trump promised shiny new roads and bridges. He even used the word shiny. But he's really leaving states to pay $1.3 trillion of the $1.5 trillion. Not one state in the republic has that kind of money.
Trump did refer to public-private partnerships, where appropriate, as he put it. But actually that's the ONLY way to fund a major road project with so little federal support. So as a practical matter the infrastructure plan is a nation of toll roads.
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