Life-cycle budgeting is suddenly the latest transportation-planning fad. Even some free-market groups are promoting it as a way to save tax dollars.
The theory is that a life-cycle analysis will look ahead at all future costs, not just the initial cost, of transportation projects. At first glance, this sounds great. Most transportation fixed infrastructure needs to be replaced every 30 years or so, and rolling stock needs even more frequent replacements. Transit agencies tend to look ahead only 30 years, thereby pretending that such replacements are not needed.
