Biden’s $2.3 Trillion Infrastructure Plan Is Teeming With Cronyism
“A crony anti-infrastructure plan” is, sadly, the best description of the Biden administration’s proposed $2.3 trillion infrastructure plan. It’s insanely expensive and unnecessary, especially coming, as it does, on top of last year’s fiscal insanity.
Over the past year, our leaders have spent $6 trillion in bailout and COVID-19 relief funds. They’ve driven local, state, and federal government spending up to 43.5 percent of GDP, meaning that we’re already in financial trouble. Now they want to top it off with trillions more of wasteful spending, describing it as “infrastructure” spending, which arguably everyone likes. But once you look at what’s in the bill, you realize that the label is mere marketing for more handouts to politicians’ friends and payments for pet projects.
A large share of the plan, for instance, is a massive handout to private companies. The proposal includes $300 billion to promote advanced manufacturing, $174 billion for electric vehicles, $100 billion for broadband, $100 billion for electric utility industry, and more. This is interesting since Democrats never miss an opportunity to rail against big corporations while professing their love for small companies. Yet they’re eagerly subsidizing their big corporate friends whether these companies need it or not.
And in most cases, they don’t, since they are big infrastructure investors already. AT&T, Verizon, and others are set to receive $100 billion for broadband despite their collective investment of more than $50 billion in broadband-related network infrastructure. The same is true of electric power companies, which are not only profitable firms but also massive investors in the electrical grid. In fact, during the pandemic,
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