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WASHINGTON: President Joe Biden on Wednesday (March 31) unveiled a $ 2 trillion infrastructure plan aimed at modernizing America’s crumbling transportation network, creating millions of jobs, and offering a “one-time investment.” in a generation “that allows the United States to surpass China on the world economic stage.
The first phase of Biden’s “Build Back Better” program, which he presented in a speech in Pittsburgh, details a massive investment spread over eight years.
By putting infrastructure at the center of the president’s economic agenda, it demands the injection of 620,000 million dollars into transportation, including the improvement of 32,000 km of roads, the repair of thousands of bridges and the doubling of funds for transportation. public.
“Today I propose a plan for the nation that rewards work, not just wealth. Build a fair economy that gives everyone a chance to succeed. It will create the strongest, most resilient and innovative economy in the world.” Biden said.
“It’s a unique investment in a generation in America, unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago.”
The cost would be covered in part by increasing corporate tax from 21 percent to 28 percent.
The new spending offensive comes shortly after the United States approved a nearly $ 2 trillion COVID-19 economic stimulus plan.
And Biden’s speech kicked off what is expected to be a bitter battle in Congress, where Democrats have only a narrow majority and will face strong opposition from Republicans.
The president described the plan as “the largest investment in American jobs since World War II,” which would consolidate the country’s position at the top of the world economy.
“It will create millions of jobs, high-paying jobs. It will grow the economy, make us more competitive around the world, advance our national security interests, and put us in a position to win global competition with China for years to come.” . ” he said.
The first criticisms came even before Biden made his speech, part of the progressive wing of his own party.
Rep. Alexandria Ocasio-Cortez said the package “must be much bigger.”
From the opposite corner, Biden’s Republican predecessor Donald Trump said the tax increase would “decimate American manufacturing” and described the proposed legislation as “one of the greatest self-inflicted economic wounds in history.”
The next few months will test the negotiating skills of Biden, a veteran Washington negotiator, to the limit, and the chances of his infrastructure plan becoming law remain uncertain.
‘CLEAN AND ENERGY FUTURE’
The plan also promises to “spark the electric vehicle revolution” by building a network of 500,000 electric vehicle chargers, replacing 50,000 diesel transit vehicles, and accelerating the transition to a greener economy that makes infrastructure be more resistant to climate change.
“The American Jobs Plan will lead to transformative progress in addressing climate change … making our infrastructure safer and more resilient and seizing incredible opportunities for American workers and farmers in a clean energy future,” said Biden.
Since much of the country’s infrastructure dates back to the 1950s, many Americans share the dream of new roads, bridges, railroads, and airports.
But building a political consensus to transform Biden’s plan is not really an easy task. Both his predecessors, Barack Obama and Trump, made heady promises about infrastructure investment, but struggled to move forward.
Biden’s new transportation secretary Pete Buttigieg, who faced Biden in the Democratic presidential primary, will be on the front lines of the battle, trying to make sure the stars are aligned this time.
“I think now there is a great opportunity to have bipartisan support for a big, bold vision on infrastructure,” Buttigieg said.
“Americans don’t need to sell a lot to know that we have great things to do when it comes to our infrastructure.”
The US Chamber of Commerce backed the infrastructure initiative, but said Biden’s proposal was “dangerously wrong” about how to fund it.
Biden said a 28 percent increase in corporate tax would still leave the rate lower than it was for nearly 70 years between World War II and 2017.
“Nobody, let me say it again, nobody who makes less than $ 400,000 will see their federal taxes go up, period,” he said.
“It is not about penalizing anyone. I have nothing against millionaires and billionaires.”
