Well, it's not. Electromagnetic vehicles traveling along the cable could serve as a mass transportation system for moving people, payloads, and power between Earth and space. Current plans call for a base tower approximately 50 km tall - the cable would be tethered to the top. To keep the cable structure from tumbling to Earth, it would be attached to a large counterbalance mass beyond geostationary orbit, perhaps an asteroid moved into place for that purpose. The cable is basically in orbit around the Earth.
Conceptual designs place the tower construction at an equatorial site.
The extreme height of the lower tower section makes it vulnerable to high winds. According to Smitherman, construction is not feasible today but it could be toward the end of the 21st century. In 50 years or so, we'll be there. Then, if the need is there, we'll be able to do this. That's the gist of the report.