Biden proposes $ 2 trillion investment in the US economy

Charlie Taylor

President of the United States, Joe Biden on Wednesday (31) proposed a comprehensive use of government power to reshape the world's largest economy and counter China’s rise with a more than $ 2 trillion plan that quickly came up against political resistance. According to Reuters, Biden's proposal aims to place the US corporate sector as a financier for projects that put millions of Americans to work on infrastructure works such as roads, as well as combating climate change and promoting of social services, such as care for the elderly. "It's a unique investment in a generation in America, unlike anything we've ever seen or done," said Biden at an event in Pittsburgh. “It is big, yes. It is bold, yes. And we can do that. ”Biden proposes $ 2 trillion investment in the US economy

Biden

Biden's second legislative proposal in the multi-trillion dollar range in his two months in office supports an economy shaken by the coronavirus pandemic. It also promises to strengthen unions and the country's resilience to climate change, long-sought progressive goals.


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Another economic proposal that Biden will announce in April could add another 2 trillion to the cost of the project. Along with his recently enacted $ 1.9 trillion coronavirus relief package, Biden's infrastructure plan would give the federal government a greater role in the US economy than it has for generations, accounting for 20% or more of annual production.

Investment

The effort sets the stage for the next party conflict in Congress, where lawmakers widely agree that capital investments are necessary, but are divided over the total package size and the inclusion of programs traditionally seen as social services. The president's proposal has been received coldly by conservatives and large business groups. "If there will be massive tax increases and other trillions added to the national debt, it is not likely," said Republican Sen. Mitch McConnell of Kentucky, the minority leader, a day after Biden called. to inform you about the proposal.Campaign Biden is ignoring a campaign promise to raise taxes for wealthy individuals, at least for the time being, without any of the expected increases in the higher income tax rate or the capital gains tax. The plan would instead increase the corporate tax rate from 21% to 28% and would change the tax code to close loopholes that allow companies to transfer profits abroad, according to a 25-page information document released by the White House. reach ”the rich, but deal with the divisions and inequalities aggravated by the pandemic.Plan The plan would extend the cost of the projects over an eight-year period and aims to pay for all of that in 15 years, without increasing the country's debt in the long run, said a key government official. Neil Bradley, executive vice president and director of policies of the nation's largest trading group, the U.S. Chamber of Commerce, said that while the organization shares Biden's sense of urgency in infrastructure, his plan is “dangerously wrong.” “We strongly oppose the proposed general tax hikes by the government, which will slow the economic recovery and make the United States less globally competitive – just the opposite of the goals of the infrastructure plan, ”said Bradley.Dollars The plan includes $ 621 billion to rebuild infrastructure, such as roads, bridges, highways and ports, and a historic investment of $ 174 billion in the electric vehicle market that sets the goal of a national charging network by 2030. The team de Biden believes that a government-led effort to strengthen the economy may make it easier to compete with increased competition and a threat to national security posed by China. Government officials also express their goals in the text of the project to combat economic inequality created by racial discrimination – one of the points, for example, foresees dealing with air pollution that affects black and Hispanic communities near ports or power plants.Government The government wants Congress to set aside $ 400 billion for investment in expanding access to community care for older Americans and people with disabilities. The idea is to reach “underpaid and undervalued” workers in this industry, who are disproportionately non-white women. There are still 213 billion dollars destined to the construction and renovation of sustainable and affordable houses, together with hundreds of billions of dollars to support the US manufacturing sector, strengthening the country's power grid, approving high-speed broadband across the country and renovating water systems to ensure clean drinking water. Just click here if you are already an investor. in the US economy it appeared first in 1 Billion Financial Education.

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