The following article is the final part 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

If most transportation infrastructure is owned by the public-sector and there is adequate and cheap public sector capital — whether through local, state or federal sources — why does the American Society of Civil Engineers award U.S. transportation infrastructure a near-failing grade? Why does it estimate a 20-year investment gap of $1.5 trillion for highways and bridges and of $535 billion for transit and intercity rail? Moreover, why are there concerns with the adequacy of funds to pay for the annual capital expenditures of up to $29 billion at America’s airports?

Governments are loath to cede control over prized infrastructure assets. And yet, g