President Biden’s infrastructure plan to be rolled out today is only part I of about a five trillion dollar package. Part I is a $2.25 trillion boondoggle to overhaul the nation’s infrastructure of roads and bridges with billions going to retrofitting housing and transit in accordance with the bizarre Green New Deal and to provide reparations.
Only $650 billion will be used on infrastructure with $80 billion of that for the failed AMTRAK. The rest is climate change retrofitting and other bad things.
This is only the first half. There will be another huge and permanent welfare package for about the same amount in a few weeks.
Democrats plan to spend about five trillion, and that might not be the end of it. It’s not what Joe Biden said he would do while on the campaign trail.
The U.S. won’t be able to pay this back, and we have probably spent too much already. After the spending binge, prepare for the fall.
We have some details from The Washington Times.
MORE SOCIALIST WASTE
- Another $170 billion will go to electric car production. There will be some Solyndra-like failures as cronies get the contracts.
- Biden also wants Congress to authorize $45 billion for eliminating all lead pipes and service lines,
- $100 billion for expanding high-speed broadband to rural and underserved areas,
- $100 billion for modernizing the U.S. electric grid,
- and more than $200 billion to “produce, preserve, and retrofit” affordable housing with an eye toward energy efficiency and climate change. [Totally unnecessary and it will do nothing for the climate]
- The plan calls for expanded access to long-term care services under Medicaid, which the White House expects to open up additional [union] job opportunities.
- Biden called on Congress to put $35 billion toward climate-related research and development, $50 billion into semiconductor manufacturing and research, and more than $50 billion to try to increase access to capital for domestic manufacturing.
This administration believes the federal government creates jobs and should be in charge of basically everything. We are duplicating the failed policies of Barack Obama to the 50th power.
FUNDING
The “American Jobs Plan,” is supposed to be funded in part by hiking the U.S. corporate tax rate from 21% to 28%. The administration estimated that the overall package will generate millions of jobs.
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It’s odd since Donald Trump doing the opposite worked in creating millions of jobs, many for minorities.
The White House estimated that the spending, most of which is doled out over an eight-year period, would be paid for over a 15-year period with tax increases.
“We think that these are investments that, as a country, we cannot afford not to make,” an administration official told reporters on a call previewing the plan. [Investments are taxes with Big Brother running everything] “At the same time, Biden feels that the right, the responsible thing is to identify how we could pay for these investments across time.”
When businesses take their business out of the country, the taxpayer won’t be paying for anything.
PART II
A second package, a multi-trillion-dollar one, that includes additional spending on health care, child care, and what some advocates call “human infrastructure” is supposed to be released in the coming weeks.
This will be more of the socialist union payoffs and permanent welfare systems.
The administration is doing it piecemeal so Americans don’t go into a coma over the price tag.
Biden will travel all the way to Pittsburgh on Wednesday to provide more detail.
TAXES WILL GO UP ON THE MIDDLE CLASS
The White House estimated that the tax increases would generate more than $2 trillion over the next 15 years and reduce the debt in the long run. The package released Wednesday is not paired with other tax hikes on individuals that Mr. Biden has floated like increasing the top individual income tax rate from 37% to 39.6% and increasing capital gains taxes on earnings of more than $1 million.
The White House has said that individuals and families earning less than $400,000 per year will not see their taxes increase under the president’s plans.
However, analysts project that hiking the corporate rate would indirectly hit people under that threshold through higher utility bills and hits to retirement savings accounts.
MOST TERRIFYING
The plan includes a call to expand collective bargaining rights for public sector workers and endorses House-passed legislation that would make it easier for workplaces to unionize and would authorize stiffer penalties for companies that violate workers’ rights, among other changes.
We shouldn’t even have public-sector unions. It puts the workers in bed with Big Brother.
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