infrastructure, local government

With U.S. infrastructure aging, public funds scant, more projects going private

When the city of Chesapeake, Va., considered closing a crumbling, 80-year-old bridge over the Elizabeth River in 2008, local officials knew that neither the state nor the federal government would pay for a replacement. Just tearing down the old one would cost millions of dollars. So they sold it. “We paid them $10,” said Bob Hellman, one of the investors, but “what we gave them wasn’t just $10.” Hellman’s investors group, American Bridge Partners, agreed to remove the old bridge — and to build a brand-new one, solely with private money.

Senh: This is what Barack Obama will be pushing for next in his failed jobs bill. We'll have to see if Republicans will block it. Why $10? It seems like such an arbitrary number. Why not just $1 for the bridge? But you do what you have to do to survive in this economy. If the federal government won't pay for improving the infrastructure, then let the private companies do it.

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With U.S. infrastructure aging, public funds scant, more projects going private