How Is Biden Planning To Overhaul The Economy With Multi-Trillion Dollar Deal?
Biden launched the first phase of a massive two-part, multitrillion-dollar infrastructure package on Wednesday, which is planned to include highways and “human infrastructure,” such as child care. The kitchen-sink strategy seeks to guide the economy in a more environmentally sustainable and equitable direction, with increased taxes on the wealthy and the corporations.
The massive legislative package will leave a lasting impact on the new Biden administration, but it will face a challenging Capitol Hill path. Biden has also signed the Covid-19 relief package, which is worth $1.9 trillion.
“The headwinds the administration will face this time will feel like child’s play relative to the headwinds the administration faced last time,” said Jim Manley, a former Democratic Senate majority leader’s aide.
The American Jobs Plan, a $2 trillion proposal, would focus on programs that could attract bipartisan support, such as highways and bridges, increased broadband internet service, electrical grid and infrastructure modernization, and renewable energy investments, such as electric car charging stations. It also involves an increase in home health care facilities, which are in high demand for the aging population.
The White House said that the plan would generate millions of jobs, many of which will be in poor neighborhoods.
The administration plans to unveil a second step next month, which will entail social safety-net expansions such as making a recent increase in child tax benefits permanent or lowering the Medicare qualifying age limit.
The White House wants to move fast because it still has the political traction that comes with a new administration and the support it gained from the Covid-19 aid program, which provided millions of people with stimulus cash transfers.
Posted: July 6, 2021 by CornerstoneCMG
How Is Biden Planning To Overhaul The Economy With Multi-Trillion Dollar Deal?
Biden launched the first phase of a massive two-part, multitrillion-dollar infrastructure package on Wednesday, which is planned to include highways and “human infrastructure,” such as child care. The kitchen-sink strategy seeks to guide the economy in a more environmentally sustainable and equitable direction, with increased taxes on the wealthy and the corporations.
The massive legislative package will leave a lasting impact on the new Biden administration, but it will face a challenging Capitol Hill path. Biden has also signed the Covid-19 relief package, which is worth $1.9 trillion.
“The headwinds the administration will face this time will feel like child’s play relative to the headwinds the administration faced last time,” said Jim Manley, a former Democratic Senate majority leader’s aide.
The American Jobs Plan, a $2 trillion proposal, would focus on programs that could attract bipartisan support, such as highways and bridges, increased broadband internet service, electrical grid and infrastructure modernization, and renewable energy investments, such as electric car charging stations. It also involves an increase in home health care facilities, which are in high demand for the aging population.
The White House said that the plan would generate millions of jobs, many of which will be in poor neighborhoods.
The administration plans to unveil a second step next month, which will entail social safety-net expansions such as making a recent increase in child tax benefits permanent or lowering the Medicare qualifying age limit.
The White House wants to move fast because it still has the political traction that comes with a new administration and the support it gained from the Covid-19 aid program, which provided millions of people with stimulus cash transfers.
Report by:
Journalist/Photographer _ Florence Akano
Journalist/Photographer _ Olivier Noudjalbaye Dedingar
Category: News Tags: US Economy