It’s touted by President Biden as a “once-in-a-century” infrastructure bill, but the $2 trillion spending plan actually allots only about 5% to roads and bridges.
And just 25% of the bill, about $639 billion, funds basic infrastructure, according to a White House fact sheet.
Only $25 billion is to be invested in airports and $17 billion for coastal ports, land ports of entry and ferries.
The bill, notes Breitbart News, features massive spending on climate change initiatives such as development for electric vehicles and charging stations, electric school busses and federal vehicles, and clean energy technology.
The White House, dubbing it the American Jobs Plan, says the “once-in-a-century capital investment” in U.S. infrastructure will create “millions” of good-paying jobs and enable America to “out-compete” China by spending about 1% of GDP per year over the course of eight years.
Former Obama economic adviser Larry Summers said he’s “excited” about the plan but warned of inflation risks.
“I continue to be very worried that the current fiscal- monetary mix will overheat the economy,” he wrote on Twitter.
The Biden White House said the plan will be paid for by corporate tax hikes, raising the corporate rate from 21% to 28%.