The internet is abuzz with recrimination and speculation about governmental reallocation of resources from the Army Corps of Engineers to other military projects, about tax cuts depriving Washington of resources to spend on internal improvements, and about the fiscal stimulus or lack thereof from the reconstruction effort. I'm too tired to sort all of that out today. There is something I'd like the policy makers to consider, however.
The picture dates from the World War II years. This is Third Street at State Street in Milwaukee, looking north toward Mader's restaurant, which is still serving those German specialties as well as the beer chaser in a glass boot. The lead coach on the train came out of Cold Spring Shops lettered "Buy War Bonds." There might be some advantage to the government financing whatever Gulf Coast reconstruction plan emerges that way. To the individual, a war bond is a way of prepaying one's future taxes. Some of the commentary I'm seeing about possible reluctance of overseas investors to hold additional U.S. debt in the face of a potentially large economic hit suggests the creation of an equivalent to the war bond as a way of preempting that reluctance as well as providing something symbolic. (If nothing else, that bond sale might placate such commentators as have argued the Bush administration has asked little of most citizens. The price of gasoline promises to be more effective at prompting another symbolic sacrifice some commentators have urged, namely exhorting suburbanites to unload their sport-utes. A week ago I counted some eight pickups, minivans, and sport utes as well as two big motorboats parked at roadside with "For Sale" signs on them.)
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