Wednesday, March 10, 2010

Build It

I don't have any great insight into the desirability or practicality of getting feds into municipal lending, but more stimulus and more supertrains are obviously things I can get on board with. Meyerson:
A life spent stranded in Los Angeles traffic can nonetheless yield its epiphanies. One such moment came in November 2008, when L.A. County's beleaguered commuters voted to increase their sales tax by half a cent over the next 30 years to build an electric rail system that could speed their journeys and clean their air. Now, Los Angeles is asking Washington for loans -- not grants, mind you -- to be repaid with that sales tax revenue, to accelerate said construction so that it can be done in one decade rather than three. In other words, to help finance a major environmental and stimulus program that won't add to the federal deficit. It's an idea so novel that Washington's initial reaction was befuddlement.