President Biden Unveils Plan Worth $2 Trillion to Reshape US Economy
On March 31, President Joe Biden introduced a $2 trillion plan to rebuild the country’s infrastructure. He called the proposal a transformational effort capable of creating the “most resilient, innovative economy in the world.” During his speech outside Pittsburgh, President Biden said the plan “is a once-in-a-generation investment in America.”
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White House officials said the proposal’s combination of tax credits and spending would mean repairs to the nation’s ten most economically crucial bridges, 20,000 miles of rebuilt roads, and the removal of lead pipes from the country’s water supplies. The proposal also includes many other projects meant to create jobs for millions of people in the short run and increase America’s competitiveness in the long run. The plan would also help promote racial equality and accelerate the shift to new, cleaner energy sources to combat climate change faster.
Joe Biden said the program would improve commute times, internet service, drinking water, and wages. Increased corporate tax revenues raised over 15 years, especially from multinationals earning and booking profits overseas, would offset the proposed costs. President Biden said the increases would push companies to invest and produce more in the US.
As Republicans signaled skepticism or outright opposition, Mr. Biden appealed for both parties’ support, saying the program would be “unlike anything we have seen or done since we built the interstate highway system and the space race decades ago.” He also called the proposal “the largest American jobs investment since World War II.”
President Biden said the proposed spending would happen over eight years, and the tax increases would be more than enough to offset the spending in 15 years, eventually reducing the budget deficit. Although the program is spread over the years, it underscores how President Biden has fully embraced the opportunity to use federal spending to address long-standing economic and social challenges in a manner not seen in 50 years.
The spending in the plan is expected to end stagnation in federal investment for research and infrastructure.It would also revert government investment in those areas, as a part of the economy, to its highest level since the 1960s.