Tuesday, February 11, 2020

Because they can

I never took the Stanford Marshmallow test but presume that I am patient.  The current issue of The Economist notes that transportation in Los Angeles ought to involve more buses and less rail transit -- and also congestion pricing on the freeways. Finally.

Tom Rubin sent this:

Image preview

It is hard to fathom the bizarreness of the situation but the graphic helps. While $20-$25 billion have been spent on rail transit in LA county since the mid-1980s, transit use is down -- while the area's population is up by over 1 million (many of them low-income immigrants). It boggles and it would be hard to engineer a worse outcome but our social engineers are at work.

It's about anti-car greenness and all of the silliness that the romantics conjure -- while in bed with those on the receiving end of all the billions.  Drive down LA's Wilshire Blvd right now and observe subway work in progress. Bootleggers and Baptists having a party.

Beyond LA, politicians from both U.S. parties borrow and spend because they can. There are no bond market signals that the world is tiring of ever more U.S. debt. Pres Trump just sent Congress a budget proposal. The only contest will be over who gets the most pork.

Arnold Kling recently posted that there are 13 countries in the world with populations over 100 million. He mentions that all except the U.S. and Japan are "very authoritarian, incompetent, or both."
Both of these countries' treasuries are heavily in debt. What Americans can hope for is to remain the tallest pygmy.