Given government's record of failure, however, Washington would do better to step aside and let private entrepreneurs repair America's roads, bridges and ports.

In May, the American Society of Civil Engineers published "Failure to Act," which estimates America's infrastructure "investment" gap at $1.4 trillion over the next 10 years. This is the difference between current spending and what ASCE says is needed to repair and upgrade our roads, bridges, commuter rail, airports, electric grid, water systems, and inland ports and waterways.

The National Association of Manufacturers (NAM) released a similar infrastructure-needs assessment, "Building to Win," in October, pegging the 10-year investment gap at $1.3 trillion for public transit, highways, bridges, airports, waterways and ports.

Both groups, whose members would benefit from additional infrastructure spending, exaggerate the investment gap, because they base their calculations more on "wish lists" than sound benefit-cost evaluations. But even more sober assessments, by the U.S. Department of Transportation and others, agree that governments—federal, state and local alike—are not spending sufficiently on infrastructure improvements.