'Gasoline Tax, Unchanged Since 1993, is Due for an Increase'

Barry Ritholtz:

U.S. on Highway to Flunking Out, by Barry Ritholtz: Roads are crumbling, bridges are collapsing, and what was once considered one of the greatest achievements of any government anywhere has fallen into embarrassing disrepair. I am of course discussing our nation’s infrastructure. ... How did this happen? Credit a combination of benign neglect and anti-tax ideology run amok. ...

Since 1993, the U.S. federal gasoline tax has been 18.4 cents a gallon, which finances the Highway Trust Fund. Adjusted for inflation, the tax is now about 10 cents a gallon. ...

The U.S. interstate highway system, once the envy of the world, is in mediocre and deteriorating condition today ... putting the U.S at a competitive disadvantage. ...

The solution is simple. Raise the federal gasoline tax five cents a year for the next five years. Index it to inflation starting in the fifth year. It's the least the U.S. can do to keep up.