President Biden’s monster new spending proposal, the $2.3 trillion American Jobs Plan, promises to “reimagine and rebuild a new economy.” That’s a tall order, even if you intend to spend a couple trillion dollars trying over the next eight years. The current American economy is a technologically advanced, $21 trillion behemoth. And most of it isn’t the government doing stuff but rather the ordinary business of life created by gazillions of daily decisions made by all of us. Politicians, whether in Washington or in statehouses around the nation, should remember that.
So before Biden and congressional Democrats embark on such an ambitious and expensive undertaking — and the proposal is hardly a done deal, politically — it’s probably worth asking whether the American economy needs to be reimagined and rebuilt.
The most literal manifestation of that bold aspiration is the infrastructure portion of the plan, a big chunk of which aims to “rebuild” the nation’s transportation, water, and electrical systems. But do they need to be rebuilt or otherwise dramatically upgraded? Granted, the American Society of Civil Engineers says they do. In its 2021 report, the group gives U.S. infrastructure a lousy C- grade and warns …read more
Source:: The Week – Business