All he said was that we have the material, and the cost of the material would be 40 billion.
There’s a pretty big difference between theoretically having the materials, and manufacturing them in large quantity. And there are a lot of engineering issues to be resolved. For instance, the shuttle flew a ‘tether’ a year or two ago to see how much electrical current would be generated in it. The amount was substantial. This thing could therefore wind up being a power source, too. But then, it also complicates the engineering.
Think of an analogy with a manned mission to Mars. We know how to do it - we don’t need any breakthroughs in materials or physics. But there are a ton of very difficult engineering, human factors, and budgetary problems that have to be solved first. How do humans stand up to 9 months in zero-G? How do we land them on Mars? Send an unmanned probe there first with the return lander, so that they are guaranteed a serviceable craft and fuel when they get there? Or do they take it with them? That sort of stuff.
In the case of the tether, what about satellites and space junk? They’ll be ripping past the thing every quickly. What about security? With the terrorist attacks recently, this would be a key concern. Then there’s the problem of learning how to extrude these carbon nanotubes in orbit, and the construction of a satellite large enough to do it.
So if we had all the materials we needed today, and Congress said, “Go ahead, spend what you need”, we’d probably still be 20-50 years away from being able to build one.
And once you had the tether in place, you’re probably looking at another 20-40 years of construction to make it usable. Hell, how long did the World Trade Center take to build? This thing is going to be 48 THOUSAND miles long. Twice the circumference of the Earth, straight up. That kind of makes the transcontinental railroad look like a weekend project.