What President Biden's infrastructure plan could mean for the U.S. economy

President Joe Biden unveiled a more than $2 trillion infrastructure package on Wednesday as his administration shifts its focus to bolstering the post-pandemic economy.

The plan Biden outlined Wednesday includes roughly $2 trillion in spending over eight years and would raise the corporate tax rate to 28% to fund it. Speaking at a union hall in Pittsburgh, the president called it a vision to create “the strongest, most resilient, innovative economy in the world” — and millions of “good-paying jobs” along the way.

The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years.

The proposal would:

Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
Direct $400 billion to care for elderly and disabled Americans
Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids
Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
Invest $580 billion in American manufacturing, research and development and job training efforts

The announcement kicks off Biden’s second major initiative after passage of a $1.9 trillion coronavirus relief plan earlier this month. In the new move, the administration aims to approve a first proposal designed to create jobs, revamp U.S. infrastructure and fight climate change before it turns toward a second plan to improve education and expand paid leave and health-care coverage.

Biden said he will unveil the second part of his recovery package “in a few weeks.”

“These are investments we have to make,” Biden said of revamping U.S. infrastructure. “We can afford to make them. To put it another way — we can’t afford not to.”

While Democrats narrowly control both chambers of Congress, the party faces challenges in passing the infrastructure plan. The GOP broadly supports efforts to rebuild roads, bridges and airports and expand broadband access, but Republicans oppose tax hikes as part of the process.

Senate Minority Leader Mitch McConnell, R-Ky., said Wednesday he is “not likely” to support the proposal because of the tax increases. Biden called McConnell on Tuesday to brief him on the plan.

McConnell’s Democratic counterpart, Majority Leader Chuck Schumer of New York, touted the bill as a means to create jobs while promoting clean energy and transportation. In a statement Wednesday, he said, “I look forward to working with President Biden to pass a big, bold plan that will drive America forward for decades to come.”

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[loudemaria]

Biden is the most popular president ever. April fools.

[alex_m]

They can’t wait for our generation to deal with a economic depression

[americanpaisareturns]

Ain’t none of that money going towards infrastructure.

[didic]

*It's unfair on how things has turned up to be due to the recent world pandemic things has been so difficult*

*This isn't good in the sense that it ends up affecting the civilians financially in different angles of life*

*we see complains here and there on social Media from different people in different parts all around the world*

*The government has less or no time for their people anymore*

*I suggest that we all should engage in different things to make money and stop hoping on the government*

[onlyRoxannie]

Where is all the lottery money? That was supposed to go toward infrastructure.

[charlesuplifted]

Government debt is higher than all billionaires in the world combined

Government is the issue not the people

[Pink.andahalf]

Gotta devalue the currency for his foreign masters...

[justneb]

Calling this an infrastructure plan is a joke. 25% of the money goes to infrastructure. How are we supposed to pay for all this?

[RaviKiran-lxkw]

Keep printing more dollars. It's going to blow up big time

[Blrmkr]

Government investment? Government investment? You can’t be serious! That’s an insult to the definition of investment. Public sector spends money. People and the private sector actually invest money and grow it into something far bigger.

[pptskills]

Chinese people can help you make infrastructure, unless you pay RMB, otherwise please do it yourself!

[danielkosciuszko]

When trump wanted to pass infrastructure the dems wouldn’t let him lol

[rodgerwoods]

"Its closing in fast. We can't allow this to happen". Americans been saying this all along...

[junedwayne]

This is the perfect time for investors to venture into trading for it is only through trading can investors survive this bearish period

[pixurguy]

Maybe the millions of dollars we sent to Pakistan for transgender studies could have been used to build a road?

[louiseadams]

Over spending never solves ANYTHING ! We are DOOMED UNDER THIS CHEATING LIAR!!!

[stenbak]

Absolutely turmoil bc the money goes to special interest groups

[jaybartlett]

How can a plan whose total spending on infrastructure is less than 50%, way less than 50% be called an infrastructure plan? Flush the toilet on Congress, vote every single incumbent out of office in BOTH parties starting in 2022 and turn the channel to a different media source. That's a good start.

[scottbennett]

Printing and spending money you dont have results in the devaluing of the USD. I would start shorting the USD henceforth. The world will only turn a blind eye to this for so long.

[letsgobrandon]

The most popular President in history and you tube has to remove the 👎 dislike buttons to cover up all of Biden's videos. Talking about voter suppression!