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Global spending on infrastructure increased 4.5 percent last year led by a 7 percent rise in the Asia/Pacific region and a 1.5 percent jump in Europe.

Like Europe, the U.S. is also on the low end of the scale. A recent report from the American Society of Civil Engineers gives the nation's infrastructure a D+, up from a its previous grade of a D in 2009.

Marketplace Economics Correspondent Chris Farrell joins Morning Report host Jeremy Hobson to discuss the state of infrastructure in the U.S. and whether the country can afford to improve it.

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Follow Chris Farrell at @cfarrellecon