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"U.S. Infrastructure: 1929--2017,"
This paper examines the history of U.S. infrastructure since 1929 and
in the process reports an interesting fact about the U.S. economy.
Infrastructure as a percent of GDP began a steady decline around 1970, and the
government budget deficit became positive and large at roughly the same
time. The infrastructure pattern in other countries does not mirror that
in the United States, so the United States appears to be a
special case. The overall
results suggest that the United States became less future oriented
beginning around 1970. This change has persisted. This is the interesting
fact. Whether it can be explained is doubtful.