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Why Does U.S. Build Roads If It Can’t Pay to Fix Them?

April 6 (Bloomberg) -- A number of years ago in Cambridge, Massachusetts, a young friend from Germany turned to me and commented on the potholed and patched streets that surrounded us, as well as the uneven sidewalks and assorted other rough edges.

“It looks like a Third World country here,” he said. “Apparently no one cares.” To him, it was amazing that the wealthy and well-educated residents of Cambridge would tolerate such a poor public environment.