On top of the trillions of dollars already spent on pandemic-related rescue and stimulus since last March, the Biden administration wants a $2.3 trillion package of loosely defined infrastructure spending. In doing so, it risks stimulating an economy that has already recovered, while undercutting America's long-term competitiveness.
STANFORD – Although US President Joe Biden’s $2.3 trillion infrastructure plan would be many times larger than previous such bills, only about one-third of it would meet even a broad definition of “infrastructure.” And the package comes on top of the $5 trillion-plus that has already been spent on COVID-19 relief and stimulus since last March, and will soon be followed by pledges for even more spending in the near term. What could possibly go wrong?
STANFORD – Although US President Joe Biden’s $2.3 trillion infrastructure plan would be many times larger than previous such bills, only about one-third of it would meet even a broad definition of “infrastructure.” And the package comes on top of the $5 trillion-plus that has already been spent on COVID-19 relief and stimulus since last March, and will soon be followed by pledges for even more spending in the near term. What could possibly go wrong?