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Biden wants to invest $ 2 trillion in infrastructure: "A once-in-a-generation opportunity"
The US president has unveiled a huge plan to rehabilitate the economy following the corona and deal with China. "We can not wait another minute," said Biden, who wants to fund the plan through taxes on big, rich corporations. Trojan of the far left "
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United States
Joe Biden
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Thursday, 01 April 2021, 13:20
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In video: Biden presents $ 2 trillion economic plan (Photo: Reuters)
US President Joe Biden yesterday (Wednesday) unveiled an ambitious $ 2 trillion plan for a once-in-a-generation investment in infrastructure designed to upgrade America's outdated transportation system, create millions of new jobs and face China in the global economic arena.
Biden compared his "revolutionary" program to the American space program of the 1960s.
The Democratic president said she would improve the lives of the poor and the middle class, fight climate change and fund taxes that would be imposed on big corporations and the rich.
"Today I am proposing a program that rewards workers, not just capitalists. It will build a fair economy that will give everyone a chance to succeed. It will create the most powerful, resilient and innovative economy in the world," Biden declared.
"It's a once-in-a-generation investment in America, something we haven't seen before or have done since we built the interstate road system and the space race many decades ago."
The plan includes extensive upgrades to transportation, communications and energy infrastructure, which according to Biden will revive the economy affected by the corona plague and restore its competitiveness to the world.
"We can not wait another minute, this is something that should have been done a long time ago," the president said during a visit to Pittsburgh.
"The rest of the world is closing in on us and closing in on us quickly - we can't let that go on."
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Compare the investment in infrastructure to the space program.
Biden in a speech in Pittsburgh, yesterday (Photo: AP)
Biden's infrastructure program, the second massive spending package in its two-and-a-half-month administration after the $ 1.9 trillion Corona package last month, faces a tough test in Congress worried about the deepening deficit.
However, the plan wants to address bridges, roads and other public works that have been neglected across the country, after recent administrations failed to carry out this task.
If Biden's initiative passes, the US administration's involvement in the economy will expand to an extent not seen for decades.
"In fact, it's the biggest investment in job creation in America since World War II. It will create millions of well-paid jobs," Biden promised.
In addition, he stressed that it would reward the "diligent" citizens instead of the rich of Wall Street, and would counterbalance an economy that had become "distorted and unfair," especially under his predecessor Donald Trump.
Republicans will make it difficult to pass the plan.
A suburban train passes a road in Chicago (Photo: AP)
"When Trump's tax reform passed, 83% of the money went to the top percent," he said.
"It is not about revenge, but about giving opportunities to everyone. That is the truth: we are all better when our situation is good."
He proposed funding the plan through a tax deferral on large corporations and citizens who do not pay their fair share.
According to him, there will be a tax increase for those who earn more than $ 400,000 a year, and the corporate tax ceiling will rise to 28% from 21% today.
"I have nothing against millionaires and billionaires, I believe in American capitalism," Biden stressed, but added, "The largest companies in the world, including Amazon, do not pay a single cent in federal income tax due to loopholes in the law. It's just not fair."
All recent governments have abandoned infrastructure.
Bridge in Chelsea, Massachusetts (Photo: AP)
Biden's speech was the opening shot of what is expected to be a bitter battle in Congress. Democrats have a slim majority, and Republicans oppose the plan because they claim it includes excessive government spending.
Senate Republican minority leader Mitch McConnell called the far-right "Trojan horse" program because it includes raising taxes and supporting labor unions.
"Our nation can use a serious and focused infrastructure program," McConnell said, but Biden's program, he said, is merely "another liberal list of goals" and a "big missed opportunity."
The business sector is furious at Biden's intention to fund the program through them. "We need a great and courageous plan to upgrade our country's crumbling infrastructure and we commend the Biden administration for making infrastructure a priority," the United States Chamber of Commerce said in a statement. "However, we believe this proposal is dangerously incorrect due to the ways of financing the investment in infrastructure."
Trump, who wanted to advance an infrastructure investment plan but failed to advance it in Congress, said Biden's tax hikes would hurt the U.S. economy and "destroy" the manufacturing industry.
The coming months will be a test of Biden's negotiation skills, who for decades managed to bridge the gap between Democrats and Republicans when he was a senator and vice president. The chances of the plan being presented yesterday are still unclear.
Although all Republican lawmakers opposed his Corona epidemic assistance program, Biden said he was confident some would support his infrastructure program. He said he was willing to negotiate with them.
"I do not think you will find a Republican in the House of Representatives or in the Senate who does not think we need to improve our infrastructure," Biden said. "China and other countries are eating our lunch. We negotiated with good intentions, but we must pass the plan on."
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