The Sound Guy
Pursuit Driver
I have no words. Tell me Soros isn't running the left right now. Ha!
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The White House is pushing an infrastructure bill that could reshape the discussion around capitalism as it seems to reestablish the federal government as a primary driver of how the economy should grow and function.
In addition to traditional infrastructure projects, Biden’s $2.25 trillion American Jobs Plan would make government investments in broadband, electric vehicles, climate change, elderly care, child benefits, housing and developing future technologies.
It would redefine classic infrastructure projects to include investments in workers and families paid for by tax hikes on corporations.
The ambitious proposal effectively transforms the relationship between the government and the private sector, making radical changes to key sectors of the economy that could be felt for years down the road.
It places a big bet on the ability of the federal government to drive sustained economic growth at a time when confidence in institutions is low.
And it will almost assuredly open Biden up to attacks from Republicans that he’s undermining traditional American capitalism and implementing a socialist agenda — after a heated election where cries of “socialism” were central to former President Trump’s campaign.
“Every corner of the country is going to be touched by this in some way,” said Mark Zandi, chief economist at Moody’s Analytics.
“It takes a whole different perspective on government,” Zandi added. “Ever since Ronald Reagan it’s been about government dysfunction, we need smaller government, less government. ... This is the complete opposite. It’s saying government and only government can solve the problems we have because they’re so large and beyond any one of us. Infrastructure is a collective problem.”
Experts say a sizable infrastructure investment is badly needed as other countries make advances in high-speed rail and other modes of transportation, and pockets of the country still lack access to broadband when the internet is a necessity to participate in the economy. Biden’s plan also goes beyond traditional investments in roads, railways and bridges to include support for caregivers, affordable housing care and research and development to address climate change.
The White House views the proposal as a “once-in-a-generation opportunity” to make lasting investments in each of those areas, principal deputy press secretary Karine Jean-Pierre told reporters on Wednesday.
And the administration has made clear it will seek to address systemic issues tied to the capitalistic structure of the economy such as economic inequality, reliance on fossil fuels and racial and gender disparities through the American Jobs Plan and a subsequent package.
"No one making under $400,000 will see their federal taxes go up. Period. This is not about penalizing anyone," Biden said Wednesday in Pennsylvania, explaining his proposal to pay for the package by raising the corporate tax rate. "I have nothing against millionaires and billionaires. I believe in American capitalism. I want everyone to do well."
Biden is expected sometime in April to outline a second phase of his Build Back Better push that focuses on human infrastructure like health care and child care through tax credits, drug pricing and free tuition for community college.
Progressives have even pushed Biden to go bolder, citing the window of Democrats controlling the White House and both chambers of Congress.
“While President Biden’s proposal is a welcome first step, more must be done to improve on this initial framework to meet the challenges we face,” Rep. Pramila Jayapal (D-Wash.), head of the Congressional Progressive Caucus, said in a statement, calling it imperative “to enact the transformational policies that we were voted into office to deliver.
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White House moves to reshape role of US capitalism
The White House is pushing an infrastructure bill that could reshape the discussion around capitalism as it seems to reestablish the federal government as a primary driver of how the economy should grow and function.
In addition to traditional infrastructure projects, Biden’s $2.25 trillion American Jobs Plan would make government investments in broadband, electric vehicles, climate change, elderly care, child benefits, housing and developing future technologies.
It would redefine classic infrastructure projects to include investments in workers and families paid for by tax hikes on corporations.
The ambitious proposal effectively transforms the relationship between the government and the private sector, making radical changes to key sectors of the economy that could be felt for years down the road.
It places a big bet on the ability of the federal government to drive sustained economic growth at a time when confidence in institutions is low.
And it will almost assuredly open Biden up to attacks from Republicans that he’s undermining traditional American capitalism and implementing a socialist agenda — after a heated election where cries of “socialism” were central to former President Trump’s campaign.
“Every corner of the country is going to be touched by this in some way,” said Mark Zandi, chief economist at Moody’s Analytics.
“It takes a whole different perspective on government,” Zandi added. “Ever since Ronald Reagan it’s been about government dysfunction, we need smaller government, less government. ... This is the complete opposite. It’s saying government and only government can solve the problems we have because they’re so large and beyond any one of us. Infrastructure is a collective problem.”
Experts say a sizable infrastructure investment is badly needed as other countries make advances in high-speed rail and other modes of transportation, and pockets of the country still lack access to broadband when the internet is a necessity to participate in the economy. Biden’s plan also goes beyond traditional investments in roads, railways and bridges to include support for caregivers, affordable housing care and research and development to address climate change.
The White House views the proposal as a “once-in-a-generation opportunity” to make lasting investments in each of those areas, principal deputy press secretary Karine Jean-Pierre told reporters on Wednesday.
And the administration has made clear it will seek to address systemic issues tied to the capitalistic structure of the economy such as economic inequality, reliance on fossil fuels and racial and gender disparities through the American Jobs Plan and a subsequent package.
"No one making under $400,000 will see their federal taxes go up. Period. This is not about penalizing anyone," Biden said Wednesday in Pennsylvania, explaining his proposal to pay for the package by raising the corporate tax rate. "I have nothing against millionaires and billionaires. I believe in American capitalism. I want everyone to do well."
Biden is expected sometime in April to outline a second phase of his Build Back Better push that focuses on human infrastructure like health care and child care through tax credits, drug pricing and free tuition for community college.
Progressives have even pushed Biden to go bolder, citing the window of Democrats controlling the White House and both chambers of Congress.
“While President Biden’s proposal is a welcome first step, more must be done to improve on this initial framework to meet the challenges we face,” Rep. Pramila Jayapal (D-Wash.), head of the Congressional Progressive Caucus, said in a statement, calling it imperative “to enact the transformational policies that we were voted into office to deliver.
