In this era of class warfare, while we worry that the rich are only paying 35% income tax, instead of 39%, let us be grateful that once upon a time we had the Robber Barons. In this era when we have to give a grant for some woman to open a small cookie shop on Hamilton Street, let us be grateful that men built railroads with private money. Let us be grateful that incredible feats of private enterprise built piers, bridges and trestles. Trains allowed us to move vast amounts of raw and finished materials across America. This network allowed us to protect ourselves during two World Wars, and provided the prosperity upon which we now rest.
The Lehigh Valley Railroad tracks extended from their piers in New Jersey to the shores of Lake Erie. The Mile Long Pier in Jersey City was the scene of German sabotage in 1916. A train full of munitions, awaiting shipment to Europe, was blown up on July 30th of that year. In 1914, the railroad built the longest ore pier in the world, in Bayonne. The ore would come from Chile, through the new Panama Canal, for shipment to Bethlehem.
reprinted from September 2013
Yes, when people are allowed to invest their money into projects you can bet that they have analyzed it is a viable option.
ReplyDeleteWhen the government invests it is usually based on benefits to certain people and often is not a viable investment, that needs to be constantly refunded or bailed out with taxpayers money.
The natural market is a fair and brutal decision maker.