U.S. Needs a Well-Designed Infrastructure Plan

With progress on deregulation and passage of the tax bill, the Trump administration's pro-growth economic agenda is shifting. During a meeting over the weekend at Camp David with Republican congressional leaders, President Donald Trump outlined his legislative agenda for 2018. Along with immigration, the military and national security, infrastructure was singled out as a key objective.

Judging by remarks made by a broad range of politicians and economists in recent years, this policy initiative commands widespread support -- and with good reason: It promises beneficial effects for both the supply and demand sides of the economy. And it can be funded in a cost-effective manner. Indeed, the question is not the economic or financial desirability of such a program, but its political feasibility.