On Friday President Joe Biden announced a plan that could create about two million jobs for the American people. President referred to Moody’s report about his infrastructure plan, however, a big question is about the plan if passes through. Job security is another aspect on which the President didn’t say much especially in a wake of covid-19 that resulted in massive organic job growth under a remote working umbrella.
President Biden infrastructure plan is a 2 Trillion dollar sharply focused on the real image of America, the American Dream. Clean water, high-speed broadband, transportation and manufacturing are the key takeaways from it. The government main revenue stream is tax income, to fuel the plan President Biden hinting towards the hike in corporate tax rate which may have been around 28%.
Biden's plan proposed large portion of funding comes through the hike of the tax rate, however, explicitly promised that no one earning under $400,000 would see any change in their tax rate. It reflects Biden is going after the wealthy and large corporations to bear the burden of the bill.
As they claimed, support is there as the American people understand that the basic infrastructure that brought this far requires and new revamp strategy to excel next 100 or more years. Slowing down the advancement of climate change is at the heart of the whole plan. Clean green energy is a need and requirement of the future.
The Plan further seeks decarbonisation to help distressed communities by retrofitting carbon capture from steel, cement and chemical production facilities. The Plan would also prioritize the building of high-speed broadband infrastructure and reducing the cost of broadband internet service.
It’s a very bold step of President Biden as he was preaching in his election campaigns about the spending on America for a better America. Tackling infrastructure changes is a daunting task that requires firm belief and commitment. It needs a vision, a far-sighted eye and most of all belief in self-capacity for change. An ambitious, considerate infrastructure plan could set the course for America greatness. Mr President and his team are very optimistic about it, happens or not, only time can tell.