The US grossly neglected its infrastructure for the last twenty years

Marc Faber : ....when I started to travel the world in the seventies and I went to, say, Latin American countries, to Eastern Europe countries, to Asian countries — all these countries were way behind the US, way behind the US in every respect. And today, the infrastructure in most of these countries is actually better than in New York, Los Angeles, San Francisco. Also, it’s natural because these countries put their infrastructure in in the last ten, twenty years whereas the US — and that is another problem that nobody, or very few people, talk about — the problem of the US is that they grossly neglected their infrastructure for the last twenty years. In other words, they have the same trains, they have to run on the same rail track and that hasn’t been modernized by and large. They have the same subways that they had fifty years ago and so forth. And much too little as the percent of the economy has been invested. It’s all been spent. Consumption. And that doesn’t create wealth. What you consume, what you eat is gone. What you use in gasoline and burn is gone unless it’s used for running factories that produce something. - in FSN