{"id":276290,"date":"2021-06-16T19:48:00","date_gmt":"2021-06-16T16:48:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/less-state-debt-but-a-lost-decade-for-u-s-infrastructure-spending-sp-finds\/"},"modified":"2021-06-16T19:48:00","modified_gmt":"2021-06-16T16:48:00","slug":"less-state-debt-but-a-lost-decade-for-u-s-infrastructure-spending-sp-finds","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/less-state-debt-but-a-lost-decade-for-u-s-infrastructure-spending-sp-finds\/","title":{"rendered":"#\n  Less state debt, but a \u2018lost decade\u2019 for U.S. infrastructure spending, S&#038;P finds"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f4b8d67944\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f4b8d67944\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/less-state-debt-but-a-lost-decade-for-u-s-infrastructure-spending-sp-finds\/#Have_states_taken_fiscal_discipline_too_far\" >Have states taken fiscal discipline too far?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/less-state-debt-but-a-lost-decade-for-u-s-infrastructure-spending-sp-finds\/#Andrea_Riquier\" >Andrea Riquier<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Less state debt, but a \u2018lost decade\u2019 for U.S. infrastructure spending, S&amp;P finds<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Have_states_taken_fiscal_discipline_too_far\"><\/span>\n  Have states taken fiscal discipline too far?<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000306804\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Most U.S. states took on less debt during the COVID-19 pandemic, continuing a years-long stretch of deleveraging, according to a report published Friday from credit rating agency, Standard &amp; Poor\u2019s. But an emphasis on pay-as-you-go spending for infrastructure is likely constraining needed upgrades, the report argues.<\/p>\n<p> As governments scrambled to figure out how to manage through the COVID crisis, normal spending patterns were upended, the report notes. Many states postponed bond sales or decreased the amount they issued: aggregate state debt backed by taxes (as opposed to revenues from things like user fees) declined 0.7% in fiscal year 2020 compared to 2019.<\/p>\n<div class=\"paywall\">\n       This decline reflects \u201ca continuation of a longer-term trend of deleveraging,\u201d the S&amp;P analysts note.<\/p>\n<p>\u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a>n debt per capita averaged <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $947 over the last five years, declining 8.5% from the peak level of $1,036 per capita in 2012,\u201d they write. \u201cSince 2009, median aggregate debt of states fell by nearly 7.5% with approximately one-third of states reducing their total outstanding net tax-supported debt.\u201d<\/p>\n<p>The report cites data from the National Association of State Budget Officers (NASBO) which shows that capital spending increased by 10.3% in fiscal year 2020 from 2019, to $126.6 billion, the highest level in 20 years. But pay-as-you-go funding made up 74% of state spending on capex. The 26% of spending coming from bond proceeds was the lowest share since 2001.<\/p>\n<p>The S&amp;P analysts believe this ongoing deleveraging among many states might be an ongoing reaction to the aftermath of the Great Recession in 2008. That downturn and the following low, slow recovery \u201cconstrained states\u2019 discretionary spending, coupled with efforts to contain spending on Medicaid, pensions, and retiree health care benefits that outpaced revenue growth.\u201d<\/p>\n<p>Importantly, the report notes, many governments are making hard decisions about infrastructure based not only on the immediate capex cost, but ongoing maintenance as well. Such considerations mean infrastructure has fallen short of what they deem necessary, perhaps by as much as $1.5 trillion, as noted in the chart below, which tallies spending from local governments as well as states.  <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:58.12500000000001%;\" data-mobile-ratio=\"58.12500000000001%\" data-layout-ratio=\"58.12500000000001%\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-354320?width=140&amp;size=1.7204301075268817 140w,\nhttps:\/\/images.mktw.net\/im-354320?width=540&amp;size=1.7204301075268817 540w,\nhttps:\/\/images.mktw.net\/im-354320?width=620&amp;size=1.7204301075268817 620w,\nhttps:\/\/images.mktw.net\/im-354320?width=700&amp;size=1.7204301075268817 700w,\nhttps:\/\/images.mktw.net\/im-354320?width=860&amp;size=1.7204301075268817 860w,\nhttps:\/\/images.mktw.net\/im-354320?width=1260&amp;size=1.7204301075268817 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-354320?width=620&amp;size=1.7204301075268817\" data-enlarge=\"https:\/\/images.mktw.net\/im-354320?width=1260&amp;size=1.7204301075268817\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<p>       For that reason, the analysts call the period after the Great Recession a \u201clost decade\u201d for infrastructure spending.<\/p>\n<p>\u201cThis missed opportunity contributed to a decade of shallow economic growth, missed productivity gains, and deferred maintenance that would inevitably increase the costs of deferred capital projects,\u201d they write.<\/p>\n<p><strong>Read next: <\/strong>This chart shows why we need \u2018infrastructure week\u2019 so badly<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Andrea Riquier\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Andrea_Riquier\"><\/span>Andrea Riquier<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-74AE-74CDFF3282CE%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Less state debt, but a \u2018lost decade\u2019 for U.S. infrastructure spending, S&amp;P finds &#8221; Have states taken fiscal discipline too far? Most U.S. states took on less debt during the COVID-19 pandemic, continuing a years-long stretch of deleveraging, according to a report published Friday from credit rating agency, Standard &amp; Poor\u2019s. But an emphasis&#8230;<\/p>\n","protected":false},"author":1,"featured_media":276291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-276290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/276290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=276290"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/276290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/276291"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=276290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=276290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=276290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}