Shortly after passing a 1.9 trillion dollar coronavirus relief bill, President Joe Biden looks to unleash another mammoth bill, with this potential legislation aimed at American infrastructure. Formally announcingthe plan in a speech on Wednesday, Biden proudly proclaimed the bill would be the largest “investment in American jobs” since the second world war.
Divided into two parts, Biden hopes to achieve both the American Jobs plan, which is part of his infrastructure bill, and the American Families plan, which will be unveiled in the coming weeks. It’s unclear whether or not the 2 trillion dollar infrastructure plan will include both of the parts.
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Sweeping would be an understatement in describing the bill. $621 billion would be dedicated for transportation-related infrastructure, $300 billion would go to drinking water-related infrastructure, broadband and electric grids, and $300 billion would be allocated for affordable housing and upgrading schools. Another $400 billion would go to caring for elderly and disabled Americans and $580 billion would be used for domestic manufacturing, job training, research and development.
“I’m proposing a plan for the nation that rewards work, not just rewards wealth. It builds a fair economy that gives everybody a chance to succeed, and it’s going to create the strongest, most resilient, innovative economy in the world. It’s not a plan that tinkers around the edges; it’s a-once-in-a-generation investment in America, unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. In fact, it’s the largest American jobs investment since World War II,” Biden said.
On a practical level, the plan aims to repair roads, fix at least 10 major bridges while providing repairs on 10,000 other ones, reduce bottlenecks in ports and airports, create 500,000 electric car charging stations, overhaul all of the nation’s lead-based pipes and service lines, among other ambitious initiatives, over the next eight years.
Biden promised Americans making under $400,000 would not see an increase in their federal taxes as the tax burden would be placed upon corporations. After former President Trump reduced the corporate tax rate from 35% to 21% in 2017, Biden would raise the rate up to 28%
“It will create millions of jobs — good-paying jobs — will grow the economy, make us more competitive around the world, promote our national security interests, and put us in the position to win the global competition with China in the upcoming years,” he said.
“It’s big, yes. It’s bold, yes. And we can get it done,” added Biden.