In what could be contemplated as a bold manoeuvring of Government power to strengthen the world’s largest economy while countering China’s rise, US President Joe Biden had unravelled a $2 trillion-plus infrastructure plan on Wednesday, though the move would likely to hit major stumbling blocks in US Congress, suggested analysts and lawmakers.
Simply put, Biden’s $2 trillion-plus infrastructure investment proposal in effect would line up the corporate America for a ticket into a swathe of projects ranging from construction to human services such as health care to weathering climate change impacts, pulling millions of Americans back into work who had been laid off during the early days of pandemic.
In tandem, while unveiling the proposal in Pittsburgh where Biden had launched his Presidential campaign last year, the US President Joe Biden said, “It’s a once-in-a-generation investment in America, unlike anything we’ve seen or done.
It’s big, yes. It’s bold, yes. And we can get it done”.
Biden’s infrastructure plan meets with swift political resistance
Dichotomising truth from fiction, while Biden’s ambitious proposal to step up US labour market alongside the country’s resilience to climate change while offsetting impacts of the pandemic outbreak, may seem lucrative and deem as a necessity by the Democrats, a rising tax burden amid a soaring budget deficit to back the President Biden’s huge infrastructure plan had already been facing off a flurry of harsh rebuffs by the conservatives alongside major business groups.
Meanwhile, while Biden’s latest proposal to unravel a $2 trillion-plus investment would hike corporate taxations to 28 per cent from an earlier 21 per cent, addressing to massive tax-loads alongside trillions of dollars in national debts, Republican Senator Mitch McConnell of Kentucky, the minority leader, said followed by the announcement, “If it’s going to have massive tax increases and trillions more added to the national debt, it’s not likely”.