US President Joe Biden unveiled an ambitious development plan, which includes initiatives to boost the country’s infrastructure and fighting climate change. Biden has set an agenda to reconstruct the US’s roads, bridges, ports, airports and more, an attempt that comes on the heels of his $1.9 trillion American Rescue Plan that pumped incentive money into the coronavirus-ravaged American economy. The first half of Biden’s Build Back Better package, the American Jobs Plan will be costing around $2 trillion. The second half of the proposal, the American Families Plan, is for big-ticket programmes around social infrastructure like universal pre-kindergarten and health-care reforms and will likely take shape as an additional $2 trillion bill a few weeks down the road. According to many experts within US, the first plan is to fix and upgrade old highways, tunnels, dams and levees to the tune of $1 trillion. On the 2020 campaign trail, Biden touted his Build Back Better package and pledged to reverse the steep decline in US infrastructure, promising to invest in everything from ports and airports to schools and universal broadband. It will indeed be an amalgamated effort since many are on board with the federal government leading the charge to fix broken bridges, ageing rail lines and leaky water mains. For many Democrats, Biden’s strategy to protect massive infrastructure spending has the potential to change things rapidly. This could also boost America’s very broadly. Few analysts are of the view that, the absolute size of the $3 trillion package would make other things inferior or less important that ever been done, anywhere in the world as it would be the largest infrastructure effort in history.
The plan also reflects new belief of Biden government that funding should be in the service of long-term economic investment. It also reveals that many Americans now less concerned about debt and inflation. In short, the infrastructure package, could drive the rebirth of the American growth rate. Time will better tell about the consequences and outcomes.