June 17, 2012

THERE IS AN ANGLOSPHERE:

Europe Is Unraveling, While U.S. and Canada Grow Closer (Joann Muller, 6/15/12, Forbes)

The new bridge spanning the Detroit River between the Motor City and Windsor, Ont., will create 10,000 construction jobs and help bolster the economies of both countries. But because Michigan is too broke to pay for its share of the project, the Canadian government will foot the entire $3.5 billion cost -- including all the land, customs plazas and new highways on both sides of the border.

The kicker? Even though it won't put up a cent of taxpayer money, Michigan can use $550 million of Canada's outlay to qualify for U.S. federal matching funds on $1.1 billion worth of highway projects across the state. "There isn't a down side," said a smiling Michigan Gov. Rick Snyder, who has made the bridge one of his signature projects. Canada will get to collect all the tolls until Michigan's debt is paid back.

It's an unusually generous commitment on the part of the Canadians, but Prime Minister Stephen Harper made clear Friday there is no more important project to secure the future growth of Canada, which is highly dependent on trade with the U.S. "This is a great act of confidence in the future of  the North American economy at a critical time," said Harper, who just returned from a meeting in London with British Prime Minister David Cameron.

Posted by at June 17, 2012 7:55 AM
  

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