Hate to Say We Told You So

Ten months since passage of the federal stimulus bill, the concerns expressed by many that the funds were simply an expensive, short-term fix are coming to fruition (emphasis ours):

The summer of 2009 was a boom time for Pike Industries and other paving firms in the state as $130 million in federal stimulus funds poured into the state, the equivalent of a full year of spending for the state Department of Transportation's typical highway and bridge program.

But with $110 million of the highway stimulus already spent or committed under the American Recovery and Reinvestment Act, prospects are not as bright for the coming construction season.

"We had a good year and I'm a big fan of what the stimulus did for us. The state Department of Transportation did a great job of getting the stimulus money out in a timely manner so it could have an immediate impact. But next year looks pretty bleak with only $20 million left," says Christian Zimmermann, Pike's CEO.