It’s touted by President Biden as a “once-in-a-century” infrastructure bill, but the $2 trillion spending plan actually allots only about 5% to roads and bridges.
And just 25% of the bill, about $639 billion, funds basic infrastructure, according to a White House fact sheet.
Only $25 billion is to be invested in airports and $17 billion for coastal ports, land ports of entry and ferries.
The bill, notes Breitbart News, features massive spending on climate change initiatives such as development for electric vehicles and charging stations, electric school busses and federal vehicles, and clean energy technology.
The White House, dubbing it the American Jobs Plan, says the “once-in-a-century capital investment” in U.S. infrastructure will create “millions” of good-paying jobs and enable America to “out-compete” China by spending about 1% of GDP per year over the course of eight years.
Former Obama economic adviser Larry Summers said he’s “excited” about the plan but warned of inflation risks.
“I continue to be very worried that the current fiscal- monetary mix will overheat the economy,” he wrote on Twitter.
The Biden White House said the plan will be paid for by corporate tax hikes, raising the corporate rate from 21% to 28%.
Sen. Rob Portman, R-Ohio, said he supports “improving America’s aging roads, bridges, ports, and other infrastructure.”
“And we can do so in a bipartisan way,” he said Wednesday, but the Biden is way too expensive and does not focus on infrastructure.
Major items also include $400 billion on expanding health care and $213 billion on affordable housing, research training and development programs.
- $50 billion in the National Science Foundation, creating a technology directorate that will collaborate with and build on existing programs across the government.
- $50 billion to create a new office at the Department of Commerce dedicated to monitoring domestic industrial capacity
- $45 billion in the Environmental Protection Agency’s Drinking Water State Revolving Fund and in Water Infrastructure Improvements for the Nation Act (WIIN) grants.
- $40 billion in upgrading research infrastructure in laboratories across the country
- $40 billion investment in a new Dislocated Workers Program and sector-based training.
- $25 billion to help upgrade child care facilities and increase the supply of child care.
- $14 billion in National Institute of Standards and Technology to bring together industry, academia, and government to advance technologies and capabilities critical to future competitiveness.
- $12 billion investment target funding to ensure new jobs created in clean energy, manufacturing, and infrastructure are open and accessible to women and people of color.
- $10 billion investment in enforcement to ensure employers are providing workers with good jobs – including jobs with fair and equal pay, safe and healthy workplaces, and workplaces free from racial, gender, and other forms of discrimination and harassment.
- $10 billion investment for Civilian Climate Corps.
- $10 billion in the modernization, sustainability, and resilience of federal buildings.
- $5 billion increase in funding for other climate-focused research.
- $5 billion over eight years in support of evidence-based community violence prevention program
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