Xing Wu
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August 6, 2021
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Portman difference
United States Senate continues to debate landmark bipartisan decision Law on investment in infrastructure and employment.
The legislation, in which Senator Portman was instrumental in developing, represents the largest investment in basic infrastructure in our country’s history.
the Law on investment in infrastructure and employment will benefit America’s infrastructure, its economy and, most importantly, the American people. Here are some key victories in this historic legislation:
NEW AND IMPROVED BASIC INFRASTRUCTURE: America’s infrastructure is collapsing. The American Society of Civil Engineers gives our Infrastructure a “C-“, and project that our economy risks losing more 10,000 billion dollars of GDP by 2039 if we do not invest in repairs. We fell to 13th in the world in infrastructure while the main foreign competitors like China are spending almost four times both on infrastructure and as a percentage of GDP.
the Law on investment in infrastructure and employment plans $ 550 billion in new spending to modernize and upgrade our country’s basic infrastructure, including roads and bridges, ports and waterways, railways, power grid, broadband, etc. ., helping to reverse this trend and improve the competitiveness of the US economy.
LONG-TERM ECONOMIC BENEFITS: This targeted investment in basic infrastructure will help grow our economy by building sustainable assets that improve productivity and efficiency without adding inflation.
This investment will also create hundreds of thousands of well-paying jobs. in industries ranging from construction and plumbing to electrical engineering and software development, with a recent to study noting that the legislation could create around half a million new jobs by 2024.
Especially the Law on investment in infrastructure and employment will achieve these goals without adding to the runaway inflation that the United States is currently experiencing.
According to to American Enterprise Institute economist Michael Strain: “There is good reason to believe that this bipartisan infrastructure spending will not be inflationary. Its goal is to improve long-term productivity, not short-term demand. By strengthening the economy’s supply, this would ease inflationary pressures. In addition, the spending would be spread over a decade and would probably add very little to the deficit until 2024. “
In a joint statement with Strain, American Action Forum President Douglas Holtz-Eakin agrees: “A well-structured infrastructure bill would boost supply to the economy, reducing inflationary pressures. Improving roads, bridges and ports would make it cheaper for businesses to operate, allowing them to increase production per hour and putting downward pressure on consumer prices.
RESPONSIBLE COMPENSATION, NO FURTHER IMPT REINFORCEMENT: the Law on investment in infrastructure and employment this investment in our long-term economic health is offset by a combination of new income and savings and without further tax hikes for American families or businesses.
In particular, the legislation leaves intact the 2017 Tax Reductions and Employment Act, sweeping legislation that helped fuel robust economic growth, resulting in record unemployment, higher wages and the lowest poverty rate since the measure was introduced in 1959. By preserving these tax cuts, bipartisan infrastructure legislation prioritizes American families and job creators.
STRONGLY SUPPORTED BY THE AMERICAN PEOPLE: Congress has been talking about fixing America’s infrastructure for decades, and the American people strongly support a bipartisan investment to do so. The Senate is now in a position to do so. A CBNC survey conducted at the end of April indicated that 87% of the public supports bipartisan efforts to repair our roads and bridges.
A CBS News / You Govt The survey also found that 87% of Americans support federal spending more on building and repairing roads and bridges. 59% of those polled in the same poll said they supported the bipartite infrastructure deal.
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