Can Obama's Infrastructure Program Work?

Anyone looking for an indication of how dramatically the American political landscape has changed since September 2008, when the global economy slid into its meltdown, should consider this: The proposal floated recently by President-elect Barack Obama to spend at least $675 billion over just two years to stimulate the moribund economy ­-- with the largest share of the money slated for infrastructure projects aimed at repairing crumbling roads, bridges, sewers and the like -- is drawing no serious political opposition, even from conservatives who not long ago would have railed against such a massive spending increase.

To win even broader support for the proposal, Obama advisors announced a plan this week to include about $300 billion in tax cuts for workers and businesses.

To be sure, Obama's infrastructure plan has drawn considerable debate, but mostly over the details -- the size of the stimulus program, how to structure the plan to create the most jobs in the shortest time, and how to administer such a large program to limit corruption and pork-barrel projects.

Indeed, two Wharton professors have prepared congressional testimony or launched new academic research on how to best provide meaningful oversight for government spending on an economic stimulus plan -- an issue that has assumed greater importance amid news accounts that there has been virtually no transparency in the recent doling out of $350 billion in federal bailout dollars to banks and other financial institutions. ...