For those unaware, Michigan has been hard hit by the increasingly insistent intrusion of an unpleasant reality (that the era of cheap energy is over). Detroit and Wayne County are especially hard hit, as the economic malady destroying the auto industry hit a city already weakened to the point of collapse by stark racial segregation and disinvestment.
What Michigan likes to do is imagine that "big projects" will save it, so it tends to build enormous temples to optimism, much in the same way the pharaohs built the pyramids as monuments to themselves: "I may pass on, but my mighty empire will last forever," the pyramids say.
Well, in this country, not so much. Instead, you just get big tombs and sad little stabs at pouring big rivers of public money down leaky drains, hoping that somehow it will stick around long enough to fertilize some growth in the ruined soil.
The latest fantasy in Southeast Michigan is "Aerotropolis," a gigantic industrial park centered on, you guessed it, the airport, because we all know that every day, in every way, flying's getting better and better.
Sterling writer and columnist Jack Lessenberry wrote an article about the scheme here, which caused me to realize that one of the biggest reasons we have a hard time finding the capital needed to build a sustainable infrastructure in this country is that we squander it all on the kinds of investments that are:
- killing us, and
- clearly stupid at the time, no hindsight needed.
Hmmm, I thought -- when Wall Street wants to issue a new stock, they have to put out a prospectus that warns the rubes about the key assumptions made and the vulnerabilities of the company being touted. Like when they want to sell stock in a company whose profits all depend on cheap energy, they have to include some warnings about that dependence in the prospectus.