[10000truths]

One of the important functions of a government is to act as a backstop for capital-intensive investments with long-term ROIs. The interstate highway system started as Eisenhower's proposal, GPS and the moon mission were funded to one-up the Soviets, Arpanet/Internet was a DoD brainchild, and so on. All of that was enabled by Congresspeople who were willing to carve out a good chunk of the federal budget for large-scale, high-risk, long-tail-reward projects. That sort of thinking has not existed in Congress for some time (least of all during the current "starve the NSF" administration).

[Animats]

That's what favorable tax treatment of long term capital gains is supposed to be for. But that's not what that tax treatment is used for.

It shouldn't require socialism to get anything long term done.

[10000truths]

> That's what favorable tax treatment of long term capital gains is supposed to be for. But that's not what that tax treatment is used for.

The minimum duration for that qualification is one year. One year is nowhere near "long term" for a public works project. The Columbia shuttle took almost a decade to build. The interstate highway system took over three decades (and requires costly and ongoing maintenance).

> It shouldn't require socialism to get anything long term done.

What it ultimately requires is a trifecta of power (to fund the thing), vision (to plan the thing) and longevity (to see the thing through). Those three requirements could be satisfied by a government body or by a munificent billionaire, but democratically-minded people tend to put more faith in the former than in the latter.