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Cover: The cover image, taken by U.S. Army Corps of Engineers photographer Mark Rankin, is of Chickamauga Lock and Dam, which is located seven miles North East of Chattanooga, Tenn., and was completed in 1940. The lock is owned by the Tennessee Valley Authority and operated by the U.S. Army Corps of Engineers. A project to replace the now-deteriorating lock began in 2003and is scheduled for completion in 2023.iii
PrefaceFederal investment in infrastructure has been receiving more attention than usual since the Trump Administration and new Congress took office in January 2017. Not surprisingly, the debate is largely about money: how to finance repairs, new roads, and other projects without adding to the deficit, either by direct public spending or tax credits. Less discussed but no less important are issues concerning the policies that support the mature and urban-centered economy that the United States has now-rather than the economy it had decades ago, when most of the current terms of federal engagement were set. These issues are the focus of this report. We frame the infrastructure debate around the case for modernizing federal policies related to funding, finance, and project selection; recognizing the centrality of regional initiatives that transcend local government and state boundaries; and understanding different types of financing-public, private, and public-private partnerships. The premise is that if compelling public benefits can be articulated and financial incentives properly aligned on both the public and private sides, appropriate investment and maintenance will follow. Poorly targeted investment comes from poorly designed policy. Inadequate maintenance often is a symptom of management and governan...
