For my initial assessment of Biden’s recently announced $2.3T Infrastructure Plan–and why it will have virtually no economic impact in 2021 and minimal even 2022-24, listen to my Alternative Visions radio show of Friday, April 2, 2021.
TO LISTEN GO TO:
https://alternativevisions.podbean.com/e/alternative-visions-biden-s-infrastructure-plan/
SHOW ANNOUNCEMENT
Today’s show focuses on Biden’s just announced Infrastructure Plan. Called a jobs plan, it will produce few jobs in 2021-22 and have virtually no impact on the near term 2021 economic recovery effort. Estimated by the Wall St. Journal at $2.3T, over 8 yrs., very little will hit the US economy in the much needed early stage of recovery in 2021. At best it will be passed no sooner that 3rd quarter 2021 and not then if filibuster in Senate is upheld. Composed of two phases, the second will not likely be passed (if at all) until 2022. Combined with the Biden prior Covid 19 Relief bill (American Rescue Plan) which projects less than $1T spending in 2021, the combined two fiscal spending bills (ARP and now American Jobs Plan, aka Infrastructure bill) will provide roughly $1 trillion stimulus to US economy in 2021, as it reopens aggressively in coming months. Dr. Rasmus discusses the outlines of Biden’s Tax plan, designed to cover part of the cost of the two stimulus bills. (see last week’s show for more details on Biden’s tax proposals).
And the CNA CCC??????????
So the big spend is the big lie and the big lie will “herd” the lower 90% into the brutal, waiting arms of the radical right as economic despair settles in. So what do people of goodwill do? How can you fight back against the booming chorus of economic disinformation? Even the mild Robert Reich asked in despair after the Biden capitulation on raising the minimum wage: why in the world did we all fight so long and so hard for Biden’s election victory only to be betrayed on this important issue? And as posted on this blog, the defeat of the minimum wage means $400 billion less per year to the lower 90%. A very big number. I can hear Mitch McConnell’s laugh all the way from Texas. Without prosperity, Callimachus told us in 200 BC, no one is secure. It is still true