I went looking for some evidence that D.C. was actually doing something to promote infrastructure investment. I’m pleased to tell you that I did find one good example. A much-needed expansion of electricity capacity has gotten the financial backing from D.C. The commitment to finance a portion of the project will go a long way to insure that this project is completed, and many jobs will be created as a result. Fred Hochberg (newly appointed by Obama) had this to say about the project and the willingness of Washington to provide the necessary loot:
The US would lend as much as allowed under the rules
The tag for the infrastructure investment will come to $10Bn. Hochberg has said he would put up half of the money. This is the kind of “can do” attitude that is required to get the much-needed investment completed. Hurray for Fred! Finally, a guy in D.C. that is getting something done. Right?
Well, actually, that’s not the case at all. Good old Fred is the boss at the EXIM bank. The $5bn commitment he’s made has nothing to do with infrastructure in America. The $5bn of taxpayer money is going to the Czech Republic. The money will be used to expand the Temelin nuclear power plant.