Biden Unveils Plan to Spend $ 2 Trillion on US Infrastructure | International and Commodities

Biden Unveils Plan to Spend $ 2 Trillion on US Infrastructure | International and Commodities
Biden Unveils Plan to Spend $ 2 Trillion on US Infrastructure | International and Commodities

The President of the United States, Joe Biden presented on Wednesday (31) a plan of about US $ 2 trillion in investments in infrastructure, the first part of a program to reshape the American economy over the next decade.

In a speech made in Pittsburgh, where he began his campaign for the presidency two years ago, Biden said the project fulfills his promise to rebuild the US “backbone”, strengthening American industry, promoting investment in research and creating jobs for the middle class, especially affected by the covid-19 pandemic.

Biden said the US economy is becoming increasingly uneven and that his plan aims to correct that, in part by raising corporate taxes to defray the investment megaprogram. For the Democrat, the most recent economic growth has not benefited much of American society.

“This is not a plan that only moves around the edges. It is a unique investment in a generation, ”said Biden during the speech. “We all do better when everyone does better. It is time to build our economy from the bottom up and from the middle out, not from the top down. ”

Details of the plan were anticipated earlier by the White House. Of the estimated US $ 2 trillion, US $ 621 billion will be invested in modernizing the transport infrastructure, US $ 300 billion to boost the manufacturing industry and US $ 100 billion to expand broadband Internet access in the USA.

According to the Biden project, the investments will be made over eight years and paid for with a tax reform that expects to raise US $ 2 trillion over the next 15 years. To close the account, the White House wants to raise corporate income tax from 21% to 28% and raise the minimum income tax on American companies abroad to 21%.

Biden went on to say that Americans who receive less than $ 400,000 a year will not be affected by increased federal taxes. However, the expectation is that the Democrat will propose a readjustment of the fees charged to the richest to finance the second part of his economic plan, which will be revealed throughout April.

Predicting difficult negotiations in Congress with Republicans, the American president said he plans to receive opposition members at the White House to hear proposals. He also revealed that he has already discussed the plan with Senate minority leader Mitch McConnell, one of the critics of the package.

“Historically, the infrastructure has been [uma questão] bipartisan. There is no reason why you cannot be bipartisan again. The divisions of the moment should not prevent us from doing the right thing for the future ”, argued Biden in the speech.

The bill, however, came after Democrats passed a $ 1.9 trillion tax package to mitigate the effects of covid-19 on the economy without the support of Republicans.

One of the White House’s strategies to try to win the support of the opposition is to convince that the proposed investments are necessary to strengthen the American economy against the rise of China.

According to Biden, investments in infrastructure and technological research, not seen since the space race against the former Soviet Union, are necessary for the American economy to become more productive and to be able to surpass the Chinese. “50 years from now, people will look back and point to this project as the moment when the United States won the future,” he said.

The project also plans to strengthen the role of the United States in combating climate change. With the investments, Biden wants to build 500,000 stations for refueling electric vehicles in the United States and gradually replace the federal government fleet to reduce carbon emissions.

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Biden — Foto: Gage Skidmore/Flickr

Biden — Foto: Gage Skidmore/Flickr

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