Biden sets out ‘once-in-a-generation’ infrastructure plan

US President Joe Biden set out a $2 trillion infrastructure investment plan on Wednesday to modernizing America’s aging transportation system, creating millions of jobs, and delivering a “once-in-a-generation” investment that will reignite the economic growth.

Biden unveiled the plan in his speech at a carpenters’ training center outside of Pittsburgh, where he started his campaign, “rebuild the backbone of America”, two years ago. Here’s the outline of his ambitious 8-year infrastructure investment plan called the American Jobs Plan:

• It recommends spending more than $600 billion on infrastructure, including the modernization of highways, the replacement of train cars and buses, and the reconstruction of aging bridges. It would rebuild 20,000 miles of roads and highways and repair the 10 most economically significant bridges.
• The plan will address the climate crisis, reduce income disparities, and improve the economy of the United States. Biden hopes the plan would generate millions of new jobs.
• Billions of dollars will be spent to improve high-speed internet broadband, replace lead water pipes and ensure access to pure drinking water. It will also update the power grid and make it more stable when switching to more modern, renewable electricity sources.
• It proposes funding for rural and minority populations, as well as the establishment of a national climate-focused laboratory partnered with a historically black university.
• It also aims to expand community care services for elders and individuals with disabilities, modernize classrooms, and renovate houses and office buildings. It will also allocate funds to train millions of employees and to endorse trade union strengthening efforts.
• Biden suggested a major raise in income taxes to pay for the investment plan. Biden introduced a variety of reforms, including raising the corporate tax rate from 21% to 28% and forcing multinational companies to pay more taxes in the US.
• In the coming weeks, Biden plans to unveil a second legislative package, entitled the American Families plan, that will improve the healthcare, housing, and schooling sectors. This measure is intended to be funded, in part, by raising taxes on the country’s wealthiest citizens.
• With these two expensive plans Biden hopes to unify and mobilize the country to fight the climate crisis and overthrow China’s hegemony on the world economy.
• Biden’s plan will likely to face a greater criticism in Congress, where the Democrats hold only a narrow majority and will face strong opposition from Republicans.

Republicans in Congress are now objecting to the project’s reach, claiming that the tax increases would harm American competitiveness and hinder the country’s economic growth.