Are we spending too much or too little on infrastructure?

American infrastructure has improved since the 80s. But it still may be inadequate.

City workers
(Image credit: Justin Sullivan/Getty Images)

Infrastructure — roads, bridges, rail, airports, seaports, waste management, dams, water treatment, electrical grids, the internet, etc — is the backbone of the modern economy, the base upon which the rest of industry sits. When infrastructure works, businesses, individuals and societies can go about their business — travel, shop, ship goods to customers, drink clean water, easily dispose of waste, access information through the internet, etc. When infrastructure fails or doesn't exist, businesses, individuals, and societies face huge problems.

In the U.S., public construction spending (i.e., infrastructure spending) as a proportion of GDP has recently fallen to a low:

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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.