US President Joe Biden Unveils The “Once-In-A-Generation” $2 Trillion Infrastructure Plan
US President Biden’s $2 Trillion investment plan focuses upon creating millions of job opportunities and declining the level of climate change. Read on for more.
On Wednesday, the US President Joe Biden unveiled a $2 trillion infrastructure plan that aims at redefining America on a global economic stage. The “once-in-a-generation” investment will focus upon creating millions of job opportunities and for the upliftment of the middle class. This will also enable the rebuilding of the country’s crumbling infrastructure. Biden plans to accomplish his proposal by raising corporate taxes and by renewing the tax policy for fossil fuels. The White House stated that this would help the nation to raise more than $2 trillion in next 15 years.
Stating it as “once-in-a-generation-investment”, Biden said, “It’s not a plan that tinkers around the edges.” Further, comparing it with Interstate Highway System and Space Race, he added, “It’s a once-in-a-generation investment in America, unlike anything we’ve seen or done since we built the Interstate Highway System and the Space Race decades ago.”
Biden further talked about the expenditures of this investment. It will include upgrading roads, bridges, ports, and airports that will eventually help in declining climate change. He further pointed out that it will be the “largest jobs investment” since World War 2. He said, “It’ll create millions of jobs, good-paying jobs, it’ll grow the economy, make us more competitive around the world, promote our national security interests.”
“It will put us in a position to win the global competition with China in the upcoming years,” he further added. Biden mentioned that his plan would modernize 20,000 miles of run-down highways, roads and main streets, and 10,000 bridges. The President stressed the plan’s objectives as it would create millions of job opportunities while tackling climate change. Also, Biden’s plan includes building 2 million housing units which will be “affordable and reliable” for the US citizens.
Coming to his vital step of the tax hike, Biden has issued that corporate taxes would rise from 21% to 28%. Also, it would limit the merging of US companies with foreign MNCs to restrict the taxes. This was just the first part of the President’s proposal. Biden said that he would soon announce the second stage of his investment plan.
Meanwhile, stay tuned to ZEE5 for more updates.