President Biden has introduced an extremely ambitious infrastructure plan which Democrats will try to pass through congress. The evenly split congress will need ‘all Dems on board’ in order for the plan to gain traction. The Republicans, along with economists, are screaming foul on what they say is a massive federal power grab that will increase an already ballooning deficit and will be next to impossible to pay back. The unprecedented spending package comes on the heels of the newly implemented $1.3 trillion dollar stimulus package. 2020 has put the US printing presses in overdrive. 2021 has them on 24 hour shifts! One has to wonder how long it takes to print that much money. Maybe we should invest in printing presses.
I scratch my head and ask myself ‘who is going to pay back all this debt?’ Is anyone thinking about our children’s grandchildren? In simple terms, if a household spends more than it earns, eventually things go bad. Using that analogy, I hope the US Government ‘house’ is prepared for the future. By the way, is it just me or is anyone else concerned about this? Remember when a billion dollars was unheard of? We are now throwing around trillions as if it’s no big deal. At this rate, by 2030, we will be throwing around quadrillions as if it’s no big deal. I don’t know about you, but all of this makes me very uncomfortable. Here are some of the big-ticket items in the plan:
- $621 Billion – Roads & Bridges Infrastructure & Resilience to Include Airports, Transit, Waterways, Coastal Ports, Ferries & Road Safety
- $400 Billion – Health Care – Community Based Care for The Aging Population & People with Disabilities
- $300 Billion – Supply Chains – Strengthen Manufacturing Supply Chains Including $50 Billion for a New Office at The Commerce Department to Monitor Domestic Industrial Capacity Plus $43 Billion to Jump Start Clean Energy Manufacturing
- $180 Billion – Research & Development – For Future Technologies & To Address Climate Change
- $111 Billion – Energy Grid – To Form a More Resilient Energy Grid That Will Produce 100% Clean Energy by 2035
- $100 Billion – Broadband – To Build High Speed Broadband to Reach 100% Coverage
- $100 Billion – Work Force Development – For Programs Targeted at Underserved Communities
We could debate until the cows come home on what is and isn’t vital. With that said, there are some much needed programs in that list. The US has let our transportation infrastructure go to pot. Many of the country’s roads, bridges and tunnels were built in the late 1800s and early 1900s and have a life span of 50 to 100 years. Toward that end, I hope we do get that transportation money into the system and put Americans back to work building the future infrastructure that the next generation can rely on. It seems to me, at the very least, the Democrats and Republicans should agree on that – if that’s humanly possible.
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