New York Times slips the truth on Biden’s ‘infrastructure’ bill: ‘The first step in a two-part agenda to overhaul American capitalism, fight climate change’
Mr. Biden appeared at a carpenters training center outside Pittsburgh to unveil his $2 trillion infrastructure plan, a far-reaching proposal that he will seek to pay for with a substantial increase in corporate taxes.
The scale of the infrastructure program he is rolling out — one of the most ambitious attempts in generations to shore up the nation’s aging roads, bridges, rail lines and utilities — is so big that it will require 15 years of higher taxes on corporations to fully offset eight years of spending.
The measure, called the American Jobs Plan, is the first step in a two-part agenda to overhaul American capitalism, fight climate change and try to improve the productivity of the economy. He said the second step, the American Family Plan, would come in a matter of weeks.
The new plans come on top of the $1.9 trillion stimulus plan Mr. Biden signed into law this month, which was financed entirely by borrowing and was passed with no Republican support. The programs reflect Mr. Biden’s campaign promises and a leftward shift in his party in recent years.
If his full set of proposals become law, they would mark a new era of ambitious federal spending to address longstanding social and economic problems. Their odds of passing Congress have risen in the midst of a pandemic in which lawmakers have approved record amounts of government spending to rescue the economy from recession.
The spending in the first phase of Mr. Biden’s two-part agenda includes a wide range of investments in physical infrastructure, including highways, mass transit and electric vehicle charging systems and upgrades to water pipes, the electric grid and veterans’ hospitals. It also includes a big increase in federal research and development spending and efforts to provide home-based care to older and disabled Americans.
The second step will feature spending and tax credits meant to invest in what liberal economists call human infrastructure. It will include aid to the poor, paid leave for workers and measures meant to reduce the cost of child care and help women work and earn more.
Together, those two proposals could cost as much as $4 trillion between spending increases and tax incentives. The second phase of the proposals is expected to include tax increases on high-earning individuals.