Sunday, 09 May, 2021


Biden infrastructure plan proposes spending $174B to boost America’s EV market

DXY Index Price Chart US Dollar with Ten Year Treasury Yield Overlaid Reaction to Biden Infrastructure Spending Package Biden sets out 'once-in-a-generation' $2 trillion infrastructure plan
Conrad Doyle | 01 April, 2021, 05:07

"Our adversaries are anxious about us building this critical infrastructure", he said, noting that the decline in America's gross domestic product means "the rest of the world is closing in, and closing in fast".

The Democratic leader unveiled what would be a hard-hatted transformation of the USA economy.

The president's plan envisions, over a span of eight years, repairing 32,000 kilometers of roadways, 10 economically significant bridges and 10,000 smaller ones, getting rid of unsafe lead pipes in water systems and significantly upgrading the country's electrical grid, computer broadband and transit systems.

Separately, Biden will propose in the coming weeks a series of soft infrastructure investments in child care, family tax credits and other domestic programs, another expenditure of roughly $2 trillion to be paid for by tax hikes on wealthy individuals and families, according to people familiar with the proposal.

Now law, the $1.9 trillion coronavirus relief package served as a cornerstone opening achievement for not just the White House, but the Democratic majorities on Capitol Hill.

Biden said in a speech in Pittsburgh Wednesday that he hopes and believes a number of Republicans and businesses will support his plan, and that while he has laid out his ideas for how to pay for it, he's open to other proposals - and long as they don't raise taxes on those earning less than $400,000 a year.

"I want everyone to do well", said Biden. "You know, China and other countries are eating our lunch", he said.

"It's like a Trojan horse", Senate Minority Leader Mitch McConnell told reporters in Erlanger, Kentucky, earlier Wednesday. While the spending would be temporary, the tax hikes would be permanent - at least until new legislation is enacted to change them. The $2.2 trillion would be spent over the course of eight years and is expected to create millions of jobs.

The US Chamber of Commerce backed the infrastructure push, but said Biden's proposal was "dangerously misguided" over how to fund it.

President Joe Biden's vast infrastructure plan includes $174 billion to boost the markets for electric vehicles and billions more for renewable power - both provisions aimed at weaning the US off of fossil fuels and combating climate change.

"Raising taxes on manufacturers would fundamentally undermine our ability to lead this recovery", Jay Timmons, National Association of Manufacturers president and CEO, said in a statement. Biden hopes to pass an infrastructure plan by summer, which could mean relying exclusively on the slim Democratic majorities in the House and the Senate.

For some progressive and environmental groups, the Biden package is insufficient.

"The funding levels outlined in the White House plan are simply inadequate to meet the essential task of replacing our nation's crumbling water infrastructure, while assuring clean, safe and affordable water for all", Wenonah Hauter, Food & Water Watch executive director, said.

Biden invoked the American space program of the 1960s in touting his plans for a giant expansion in federal funding for science and technology.

What does the plan do for manufacturing and research and development?

"The U.S. market share of plug-in electric vehicle (EV) sales is only one-third the size of the Chinese EV market". The funding would modernize 20,000 miles of road and fix hundreds of bridges across the country, according to the White House.

A higher corporate tax rate will immediately result in higher utility bills as companies pass on the costs and decreased wages for workers. The city famed for steel mills that powered America's industrial rise has steadily pivoted toward technology and health care, drawing in college graduates from western Pennsylvania in a sign of how economies can change.

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