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So. Donald Trump’s $1.5 trillion infrastructure plan. As near as I can tell, here’s the skinny:

It’s really more like a $1 trillion plan.

States are expected to put up $800 billion.

The federal government will put up $200 billion.

But the money will be taken from other projects.

In other words:

Net new spending from the federal government will be zero.

The incentives to states will be far too small to prompt any truly new development—though I have no doubt that states will compete ferociously to get federal money for projects they were going to do anyway.

The private sector will get involved only if they can make money via tolls, use fees, etc. That is to say, taxes.

In yet other words:

There is nothing there. There will be no new publicly-funded infrastructure.

Would anybody care to tell me if I’m missing anything here?