President Biden recently unveiled his $2 trillion “infrastructure” bill, known as the American Jobs Plan.
During prepared remarks, Biden said he is “proposing a plan for the nation that rewards work, not just rewards wealth. It builds a fair economy that gives everybody a chance to succeed, and it’s going to create the strongest, most resilient, innovative economy in the world.”
He added, “It’s about infrastructure.”
According to CNBC, the American Jobs plan would allocate “$621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development.”
What about the other $1.4 trillion? Well, that would go to what Biden refers to as “soft infrastructure.”
That includes “$400 billion to care for elderly and disabled Americans.” And, “more than $300 billion into building and retrofitting affordable housing.” And, “$580 billion in American manufacturing, research and development and job training efforts.” And, “more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids.”
In other words, Biden’s infrastructure bill has little to do with infrastructure, as it is commonly known in the American lexicon.
Biden even admitted this during the plan’s roll-out in Pittsburgh. According to Biden, “The American Jobs Plan is going to help in big ways. It’s going to extend access to quality, affordable home or community-based care. Think of expanded vital services like programs for seniors, or think of homecare workers going into homes of seniors and people with disabilities, cooking meals, helping them get around their homes, and helping them be able to live more independently.”
Once again, what in the world does this have to do with infrastructure? Nothing, obviously.
Biden’s American Jobs Plan has little to do with upgrading our nation’s crumbling infrastructure, but much to do with progressive plans of reimagining the American economy.
For instance, buried within Biden’s so-called infrastructure plan just happens to be the largest tax hike in American history.
Even Rep. Liz Cheney (R-WY), no fiscal hawk by any stretch of the imagination, called Biden’s plan for what it really is. “The largest tax hike in American history in order to pay for the kind of Green New Deal spending outlined by President Biden today should be a nonstarter in Congress. The plan President Biden outlined today would destroy jobs, increase our debt and threaten our long-term economic stability,” said Cheney.
Cheney added, “Even Democrats admit this effort is more about fulfilling their Green New Deal fantasies, and the mammoth level of spending in this plan – on top of what Democrats have already rammed through Congress – will only push us closer to fiscal insolvency.”
This raises a relevant question: Would the tax hikes within Biden’s plan even come close to paying for the $2 trillion bill? Short answer: No.
According to the Tax Foundation, Biden’s record tax hike would raise less than half of the total cost. The Tax Foundation estimates that Biden’s tax hikes would bring in $643 billion to $886 billion, far less than the more than $2 trillion price tag.
So, where will the rest of the money come from? If you answered by impoverishing future generations with unsustainable debt and inflation, you would be correct.
Of course, none of this came up during Biden’s press conference.
The left and mainstream liberal media are working in cahoots to frame Biden’s American Jobs Plan as the best thing since sliced bread. The greatest infrastructure project since President Eisenhower’s interstate highway program. As if.
In reality, Biden’s American Jobs Plan is another multi-trillion-dollar boondoggle that will add to the national debt, while doing little to actually upgrade America’s roads and bridges.
Chris Talgo ([email protected]) is senior editor at The Heartland Institute.