Morning Must-Read: David Dayen: Congress Is Blowing a Huge Opportunity to Rebuild America

David Dayen: Congress Is Blowing a Huge Opportunity to Rebuild America: “The days of cheap borrowing have returned…

…Yields on the 10-year Treasury bond, a good benchmark for determining government borrowing costs, have fallen to the lowest level since last year’s government shutdown…. The economy remains sluggish enough to keep a lid on interest rates. Demand remains well below trend, the housing market has grown weaker, and inflation has not approached the Federal Reserve’s 2 percent target…. This confluence of factors has led to the re-emergence of the biggest bargain in America, an opportunity we have squandered amid years of low interest rates. Once again, we have a chance–perhaps the last chance–to use cheap borrowing to invest in priorities that will never be this affordable again…. Taking advantage of low rates and enacting a large infrastructure program would actually save money in the long-term, while strongly supporting economic recovery right now…