The Congressional Budget Office, cutting against the grain of conventional wisdom, argues in a recent study that the economic importance of increased federal spending on infrastructure has been exaggerated.

"Although further, carefully selected investments in public infrastructure may well be productive, there is little evidence to suggest that substantial, across-the-board increases in current programs would be more productive on average than private investment," the CBO notes in the study, tilted "How Federal Spending for Infrastructure and Other Public Investments Affects the Economy."

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