Fareed Zakaria recently joined a growing group supporting a National Infrastructure Bank. His piece, though, moves the ball forward. Zakaria begins to make the case for Republican and Tea Party support. Let's flesh it out a bit.
Zakaria makes two main arguments:
- An American Infrastructure Bank would make decisions based upon project merits rather than upon formulas or earmarks
- Today, the US infrastructure market is dominated by the government, and an infrastructure bank would introduce greater private participation
I'd like to make five additional points:
- Rather than give projects grants or gifts, an IBank would provide loans and loan guarantees with the expectation of getting repaid
Now we just have to convince Progressives.