The following article is part one of a three-part feature series based on the recent report — Planes, Trains and Automobiles: Renewal of U.S. Transportation Infrastructure. The full report with footnotes and references is available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3792493

Among President Biden’s top policy priorities is his pledge to invest in America’s infrastructure. In this, he is not very different from his predecessors. Besides the immediate employment and income gains that politicians like to focus on, well-conceived and well-executed infrastructure investments boost the growth of economic capacity, compounding year after year, potentially paying for themselves many times over.

During his campaign, President Biden put out a very detailed infrastructure plan. His objectives are broad, and include job creation, applying “buy American” mandates, prioritizing safety across all modes of transportation, and utilizing ex