Aggregate margin debt is a real concern. Bankruptcy filings needs more context besides year over year comp. to give a sense of where we are in the business cycle.

To the extent that Macy's has more aggregate foot traffic than TLRD, it is a net positive for their tuxedo rental business, which is their Macy's offering. It's a great platform to introduce customers to your offering. As I stated, AMZN is not getting into the tuxedo rental business, so I think it is a defensible business, just like tailored clothing is a defensible niche against the AMZN onslaught.

Conflating infrastructure spending with industrial policy is not sound public policy. The world is littered with horribly admiinistered government projects that are now tombstones marking capital destruction.

When I was growing up in western PA during the steel industry's decline, my Congressman was signing onto every pork-barrel project he could to buy jobs for the citizens of his district. One was a synthetic fuels plant that lasted not even for one Congressional term, because the business model was unsupportable. In the last decade, the US has spent hundreds of billions of dollars subsidizing 'renewable energy' and today renewable energy represents roughly the same proportion of our total energy supply that it did 10 years ago. Without any direct government support and against a great deal of government imposed adversity, private capital drove domestic oil and natural gas production dramatically higher over the same time period the government was destroying capital chasing renewable energy fads. I'm not suggesting that renewable energy is not a laudable endeavor, but that there is plenty of private capital to foster the growth of promising renewable technology,

More pointedly on the topic of infrastructure--I think assigning an aggregate amount of infrastructure spending turns a reasonable process on its head. Why not have the Federal Government set non-financial criteria for potentially green-lighting infrastructure projects, and then vet incoming proposals on their own merits. Why not learn from the last infrastructure binge in 2009 when nearly a trillion dollars were spent, but all we really learned was that there weren't that many 'shovel ready projects'.