There is plenty to like about the proposed infrastructure plan of Joe Biden’s administration: who does not want better roads, clean water and faster broadband to binge on Netflix? But while the ends are laudable, it is the means to get there that are more politically contentious. As in, how to pay for the $1tn wish list?

There are only so many wealthy people and corporations to tax, as the left would prefer, and many have access to smart accountants. With bouts of inflation scares in the markets, and rising prices already walloping consumers at the grocery store and on car lots, printing money will not go over well.

Others can argue over the specifics of the president’s plan. My concern, and that of many taxpayers who will foot the bill, is where the money comes from. Buried in the Biden administration’s proposal is a passing reference to “direct pay bonds”, which I believe is the single best way to finance much of the plan.