Reports indicate that the Biden administration is in the process of drafting a $3 trillion infrastructure proposal.
According to a report put out by the New York Times, though, just like the recently passed $1.9 trillion coronavirus bill, only a fraction of the $3 trillion infrastructure proposal – $1 trillion to be precise – would actually be put towards infrastructure, including “the construction of roads, bridges, rail lines, ports, electric vehicle charging stations, and improvements to the electric grid and other parts of the power sector.”
So, the question is…
…Where is the other $2 trillion going?
Bloomberg News reports that $400 billion of the Biden administration’s proposal would go toward “green spending.” A stated goal of the proposal is to lower carbon emissions.
Biden’s plan, accordingly, appears to have the backing of far-left Rep. Alexandria Ocasio-Cortez (D-NY). She has stated that Biden’s proposal is in-line with her Green New Deal.
The Times reports that some of the money would also go toward “the development of other ‘high-growth industries of the future’ like 5G telecommunications.”
And, there is a lot of social welfare-type spending in the proposal as well. In fact, according to the Times, Biden’s “infrastructure” proposal would look to address economic inequality and promote equity. One way that the proposal would accomplish this goal is by developing one million “affordable and energy-efficient” housing units.
The Washington Post also reports that the so-called infrastructure proposal includes ideas for free community college and free universal prekindergarten.
There are numerous problems with Biden’s infrastructure proposal.
One of them is how it is getting funded. According to the Times, much of the funding will come from the raising of taxes, particularly on the rich and corporations.
Another closely-related problem, at least for Biden and the Democrats, is that the bill is unlikely to get the Republican support needed to pass through the Senate. Here, the Biden administration, according to the Times, may look to split the proposal up into several smaller proposals that will have a better chance at getting through.
It is expected that the Biden administration’s infrastructure proposal could be presented to members of Congress before the end of the week.