President Biden looks to overhaul the nation’s infrastructure. There is a heavy focus on transportation, trade, and broadband.
The “American Jobs Plan” is a sweeping proposal for infrastructure investment.
“What I’m proposing is a one-time capital investment of roughly $2 trillion dollars in America’s future. Spread largely over eight years to generate historic job growth, historic economic growth, to help businesses compete internationally, and create more revenue as well,” the President explains.
The President is calling for $115 billion to modernize roads and bridges, plus another $17 billion for ports and inland waterways. He says that the investment will lay the groundwork for more shipping and global trade.
“By making our infrastructure more secure and resilient and seizing incredible opportunities for American workers and American farmers in a clean energy future,” Biden explains.
The plan also includes $100 billion dollars to close the digital divide: “American Jobs will make sure every single American has access to high-quality, affordable, high-speed internet for businesses, for schools, and when I say affordable, I mean it.”
The President says that the investment in both physical infrastructure and research and development have lagged for decades. He expects better R&D to help revitalize American manufacturing in rural communities across America.
“It’s going to boost America’s innovative edge in markets where global leadership is up for grabs,” Biden states. “Markets like battery technology, biotechnology, computer chips, clean energy, and competition with China in particular.”
While infrastructure is typically a bipartisan issue, the question of how to pay for it can be divisive. Iowa Senator Chuck Grassley says that Republicans will have their own payment plan.
The Senator states, “Republicans are going to think in terms of places to get revenue from reductions in expenditures and other places, as well as taxes.”
President Biden plans to pay for infrastructure with his “Made in America” tax plan, which would set the corporate tax rate at 28 percent and rollback several provisions from the previous administration’s tax cuts.
Related:
Breakdown of President Biden’s “American Job Plan”