Jolting Joe Biden continues on a roll as he’s expected to propose a $2 trillion infrastructure plan today during an event in Pittsburgh — supposedly the first of two parts, the ‘American Jobs Plan‘ would not only re-build our transportation system, but invest in care for elderly and disabled Americans, create more affordable housing, refurbish Amtrak and freight rails, and in course supply a shitload of new jobs.
And up to par with reality, the ‘Jobs Plan’ will also reportedly “finally address the climate crisis as a nation” with a view for more green jobs while pushing the US to net zero greenhouse gas emissions by 2050, a heady desination.
Of course, Republicans have become unbridled, especially MoscowMitch:
McConnell in KY says President Biden called him about his infrastructure plan yesterday.
On whether he'll support it: "It's like a Trojan horse called infrastructure… If it's going to have massive tax increases and trillions more added to the national debt, it's not likely."
— Julie Tsirkin (@JulieNBCNews) March 31, 2021
Not only is MoscowMitch wrong, but he’s (as always) way-wrong — he has also way-conventionally forgot about the horror of T-Rump’sTax Cuts and Jobs Act, passed in December 2017, which was supposed to explode the country into new-found wealth and prosperity. Wrong!
Two years ago, just a year and a bit after T-Rump’s big tax cut for the wealthy, the Congressional Budget Office reported not so fast there, assholes:
Treasury Secretary Steven Mnuchin claimed that the tax law would not only pay for itself through higher growth, but would reduce the deficit by a trillion dollars.
When asked whether these claims were true, Director Hall was unambiguous: No. As his testimony makes clear, “the economy isn’t likely to grow quickly enough to shrink the budget deficit.”
CBO projected that the tax cut will add $1.9 trillion to deficits over 10 years, even after accounting for any growth effects.
We are already seeing this play out.
The deficit grew 17-percent last year and is projected to grow another 15 percent this year even as the economy grew faster.
The idea that tax cuts for the wealthy and corporations would allow us to grow our way out of debt — one of Republicans’ favorite myths — has proven incorrect once again.
In December 2017, The Washington Post noted the T-Rump’s tax shit is just that, shit: ‘This amounts to a significant tax break for the very wealthy, a departure from repeated claims by Trump and his top officials that the bill would not benefit the rich.‘
And the same old same old…
However, infrastructure, though, laughed at during the T-Rump years after he continually blathered about a new plan always coming, but never arriving, is vital (CNN):
A $2.1 trillion boost to public infrastructure spending over a decade could create 2.3 million jobs by 2024 and inject $5.7 trillion into the economy by 2029, according to an S&P Global report from last May.
The bump in economic activity may be somewhat smaller now since fiscal conditions have improved, but it still would be considerable, said Beth Ann Bovino, S&P Global’s chief US economist.
“Infrastructure pays for itself if it’s done wisely,” she said.
“It’s the grease that keeps the economy moving along.”
Grease it up…
[Edior’s Note: In the post yesterday on Matt Gaeiz’s sexual escapades, the first four words in the lede contained a horrific error: ‘George Floyd‘ was misidentified as ‘Floyd George,’ a flaw which went uncorrected for hours. In due course, all the fact-checkers were sacked. And those who hired those low-life fact-checkers were also sacked. Finally, those who were sacked were re-sacked. Sorry for the mishap).
End credits at the front:
(Illustration: ‘Shelter in the Storm,” found here).