Is Biden’s $2.5 Trillion Enough?

Biden unveiled an ambitious infrastructure plan this week that seeks to tackle most of these areas, as well as others unrelated to infrastructure. By allocating $2.5 trillion to a series of projects, the 46th president is hoping to position himself as a modern-day FDR — a president who took over during a time of economic crisis and saved the economy with a series of drastic reforms to the economy and the national infrastructure.

At Biden’s service is a Democratic majority in Congress, as well as his advanced age and the possibility that he won’t run for a second term. The president wants to leave some legacy behind him and he’s prepared for bold moves that a younger president who’s thinking four or eight years forward in terms of the political repercussions might not be willing to risk.

But Republican opponents reject Biden’s reforms out of hand. Senate Minority Leader Mitch McConnel called it a “Trojan horse,” charging that it includes provisions with no direct connection — or no connection at all — to infrastructure. A large part of the money will be devoted to research and development, but also to the elderly and disabled, as well as to public schools. And in order to meet the bill’s historically high cost, the president recommends raising the corporate tax rate from 21% to 28%, a move sure to meet fierce political opposition. Former president Trump warned that the result of raising taxes on companies is that they’ll emigrate to countries with lower tax rates, with disastrous consequences for the American economy.

What’s in the plan?

About a quarter of the money — $621 billion — will be directed to transportation infrastructure. About $115 billion to roads and bridges, $85 billion for public transit, $80 billion to upgrade railways, and $42 billion for airports. A significant share of the funding — $174 billion — will be devoted to encouraging a transition to electric vehicles by constructing thousands of charging stations across the United States, among other things.