new Penn Wharton report on the proposed infrastructure bill https://budgetmodel.wharton.upenn.edu/issues/2021/8/5/updated-bipartisan-senate-infrastructure-deal excerpt Summary: The bipartisan Senate infrastructure deal, endorsed by President Biden, authorizes about $548 billion in additionalinfrastructure investments, which we estimate is funded by $132 billion in new tax provisions and $351 billion in new deficits. We project that proposal would have no significant effect on GDP by end of the budget window (2031) or in the long run (2050). Introduction Ongoing negotiations on the infrastructure bill have yielded a proposal that includes new infrastructure spending. Revenues for this program come from a wide variety of sources including “unused” funds, changes in tax revenues from increased cryptoasset reporting requirements, and reductions in other government spending. Any “unused” funds would add to the debt relative to a baseline where the funds were not spent. We analyze the updated bipartisan Senate infrastructure proposal using the same framework as we used in our previous analysis of the June infrastructure compromise reached by a bipartisan group of senators and the White House. As described in a PWBM explainer on infrastructure investment, our model captures the how investments in “public capital” like infrastructure boosts the productivity of private capital and labor. For example, improved transportation allows private firms to get their goods to market at a lower cost, which raises both the value of the firm’s capital to private investors as well as the value of the labor that they employ. Unlike the infrastructure compromise outlined in June, we estimate that this bill would increase government debt by 2050. Even with current government borrowing rates being at historical low values, higher government debt mitigates the positive impact of public investment, as U.S. and international savings are diverted from private capital investment toward public debt. more at the link
Man, every time I watch Maria in snippets...such as jarring contrast to her persona on WSJ Report. It's like one day she decided, "Fuggit!!" and let it all sag out. lol, she's squawking like her head's cut off over an issue that her honey colored pooh bear could not deliver for 4 straight years.
I really hope that when (if) this bill passes Biden declares "Infrastructure Week" the week he signs it.
fwiw, Wharton is Trump's alma mater. it was already bad enough that its alum was unable to get an infrastructure bill pass
https://www.forbes.com/sites/christ...now-his-grades-or-sat-scores/?sh=6962993d3764 Trump attended Fordham University for two years before transferring to complete his undergraduate degree at the Wharton School at the University of Pennsylvania.
Bad day for Trump and "Only I can fix this". Sad, pathetic, really ... for such an incompetent president like Joe Biden to accomplish in less than a year what Trump could not in four. I think I might have to shed a liberal tear.
The bill has $110 billion for surface transportation—roads and bridges—with $40 billion of that for bridges; $7.5 billion for electric vehicle charging stations; $39 billion for transit; $55 billion for water systems; $1 billion for Biden's original $20 billion plan to "reconnect" communities of color; $66 billion for freight and passenger rail; $65 billion for broadband; $25 billion for airports; $73 billion to modernize the energy grid; and $21 billion toward environmental remediation. With existing levels of funding for transportation assumed, the final bill totals about $1 trillion. The new funding is about a quarter of Biden's original American Jobs Plan, but one he worked hard to achieve.
Gets a major bipartisan bill and will soon get a 3.5 multi trillion stand alone bill. Biden is teaching a master class on how to get **** done. People always **** on the guy but he keeps delivering. If Obama was trying to pass a 4 trillion dollar bill the right wing would have riots on DC stopping the passage. Biden is literally proposing to reshape America and yet nobody seems to care. His secret weapon is one that was created by right wing as labeling him as sleepy and incompetent.
That's just politics, wish it would have been more in this legislation. I would imagine the next legislation will be more ambitious but not be too much more, I'd be happy if Dems could get half of what they proposed in the next round.
Biden greased some elbows during the Obama years to get things passed when Barack didnt have the patience stomach delays or public "betrayals". I'll give them the benefit of the doubt for initially trying to work across the aisle but we all saw the results, with one side claiming they hedged too much before the ask and the other feeling like it was "take the deal or get nothing". One is more willing to manage individual divas while the other didn't want the headache of taking on any diva, let alone a hostile diva. They are total opposites in terms of how they work congress. Like it or not, Biden kept relationships with congressmen no one else would respect or acknowledge.
This. Often times we get hung up on how well a politician speaks, or how educated he is, what gaffs he makes as a speaker or his personal conduct. What gets overlooked is their ability to build and maintain relationships in Washington and to get things passed through either charm or threat or relationship. People would poke fun at LBJ, RR and now JB.... but they showed an ability to work a room in private that others with less obvious flaws were not able to do...... also when it comes to Biden, it is often pointed out as a negative that he has been in Washington so long.... but I also believe that he likely has learned a lot being there so long, he IS the culture for better or worse.
trump not only failed at passing an infrastructure bill, but actively tried to sabotage the Biden bill out of spite and jealousy... Trump tries to sabotage the Biden infrastructure deal Those close to the former president say he remains miffed that Senate Republicans didn’t move a bill when he was in office. https://www.politico.com/news/2021/07/28/infrastructure-deal-trump-501287
