More or less public investment?

The Policy Perspective in this chapter points out the need for investment in both labor and capital investments. But should these investments come from the public sector or from the private sector? Economists disagree.

For the argument that more public investment is needed, see the "Growing Public Investment Gap Totals $66–$95 Billion: Two decades of neglect threaten 21^st century economy" from the Economic Policy Institute, a liberal think tank at: http://www.epinet.org/content.cfm/press_releases_pubinvpr

For the argument that the US has over invested in the public sector, see "Overinvestment in Public Sector Capital" from the Cato Institute, a conservative think tank at:
http://www.cato.org/pubs/journal/cj14n1-6.html

Identify the strongest two arguments made by each side.

How would the other side respond to each of these arguments?