Joe Biden $2tn infrastructure plan

Joe Biden unveiled his plan to plough $2tn in government spending into US infrastructure alongside $2tn in higher corporate taxes, as the first stage of a multitrillion-dollar effort to reshape the world’s largest economy over the next 8 years. The US President made the announcement in Pittsburgh, Pennsylvania on 31 March 2021, calling it the biggest public investment programme since the creation of the interstate highway system of the 1960s. “It’s going to create the strongest most resilient, innovative economy in the world. It’s not a plan that tinkers around the edges,” Biden said.

This lasting injection of government money, funded by higher corporate taxes, will strengthen the economy, trying to emulate what has been done in China during the last three decades. Biden said it would help America’s standing in the world: “[It] will put us in a position to win the global competition with China in the upcoming years. It’s big, yes. It’s bold, yes, and we can get it done.” The plan sets aside up to $621bn in funding for traditional infrastructure upgrades, including roads, bridges, public transport networks, electric vehicles and vital hubs such as ports and airports.

Let’s hope this plan will be implemented, unlike the infrastructure plan announced in January 2018 by the previous administration, which could only manage to build pieces of a ridiculous border wall.