The Highway Trust Fund will be out of money in a few months, mainly because Congress insists on spending more than it takes in. To avert this supposed crisis, Republican leaders are proposing to cut Saturday deliveries of mail and use the savings to replenish the trust fund.
If you are interested in financial markets, Cato has an interesting forum tomorrow on bank runs. But if you are more interested in highways and spending, you can catch me at this Heritage forum tomorrow on the Hill.
Which Way for the Highway Bill: Fiscal Reform or Big Government?
Congress is currently debating options to solve the “transportation cliff.” Broadly, the federal government spends more on highways and transit than it collects in fuel tax revenue, which has depleted the Highway Trust Fund. One reason for the imbalance is the federal government’s inability to control costs on projects. Federal transportation projects frequently go over budget.
My op-ed in today’s New York Times has prompted numerous critical comments on theNYT website. Let me address some of them.
The American Public Transportation Association (APTA) argues that a 0.7 percent increase in annual transit ridership in 2013 is proof that Americans want more “investments” in transit–by which the group means more federal funding. However, a close look at the actual data reveals something entirely different.