President Biden has released the details of his infrastructure plan. It’s a big bill — priced at roughly $2.8 trillion over a decade, with tons of money for repairs, maintenance, trains, green investment, and more (as well as a lot of other stuff). It would be paid for with hikes in income and corporate tax rates.
A main objective of the plan is supposed to be tackling climate change. Judging by the standards of American politics, it is quite aggressive. But judged by the standards of Biden’s campaign platform, and more importantly, by the standards of what is needed to combat climate change, the proposal falls far short of the mark. America will need bolder action than this to do its part in the global fight to preserve a livable climate.
First, the good. Biden would invest $85 billion in public transit agencies, $80 billion in Amtrak, and $174 billion in electric vehicles. That’s a doubling of federal funding for transit and a quadrupling for intercity rail. He would invest $35 billion in green research directly, and another $155 billion in general research, including advanced energy technology. Most importantly, there are $400 billion in clean energy tax credits …read more
Source:: The Week – Politics