Big moment for the Biden presidency. Congress finally passes infrastructure bill- $1.2 trillion, the biggest single federal investment in infrastructure (incl measures to combat climate change) in over a decade. Got 13 GOP votes. Will be a relief to the administration.
https://twitter.com/speakerpelosi/status/1456852294444765184
But at a cost- bigger social spending package which liberals wanted removed, with a promise it’ll come before the House by November 15th (after budget implications are worked out).
Hope will be gives Biden some much needed momentum.
Hope will be gives Biden some much needed momentum.
Three potential wrinkles
1) it’s a lot of new spending. Possibility of adding to worsening inflationary outlook.
2) Obama’s first two years were legislatively successful (had huge congressional majorities). Didn’t stop the shellacking in the midterms of 2010.
3) if libs...
1) it’s a lot of new spending. Possibility of adding to worsening inflationary outlook.
2) Obama’s first two years were legislatively successful (had huge congressional majorities). Didn’t stop the shellacking in the midterms of 2010.
3) if libs...
...don’t get the social spending bill the intra Democrat tensions (already severe) likely to become even worse.
On inflation front spending is spread over time so hope/expectation will be any impact is relatively muted.
Spending includes
$550bn over 10 years for roads, bridges, highways etc
a new high speed broadband network
Money to modernise power grid
$50bn for communities to deal with flooding, fires etc- consequences of global warming.
Billions for a new electric vehicle network
$550bn over 10 years for roads, bridges, highways etc
a new high speed broadband network
Money to modernise power grid
$50bn for communities to deal with flooding, fires etc- consequences of global warming.
Billions for a new electric vehicle network
Also something this debate often misses is that the argument is that (if) spent right over medium/long term this spending will not only boost growth but productivity- and thus potentially reduce inflationary pressures.
https://twitter.com/lewis_goodall/status/1456964254943354884
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