On Monday, President Joe Biden pitched the bipartisan infrastructure deal as one “American people can be proud of.” However, he cautioned that there was a lot of work ahead to finish the final product. In a Yahoo News op-ed, he said the deal was the “largest long-term investment in our infrastructure in nearly a century,” adding that most economists could agree that it would create good jobs and strengthen the economy in the long run. In other news, author and entrepreneur, Carol Roth, says for more than a year, the U.S. government has enabled the biggest wealth transfer in history, from “average Americans to the wealthy and well connected.” She says it’s cause for nationwide outrage but is barely being talked about.
Yahoo Finance!/Joe Biden
Biden: Americans can be proud of the infrastructure deal
I have always believed that there is nothing our nation can’t do when we decide to do it together. Last week, we began to write a new chapter in that story.
After weeks of negotiations, a bipartisan group of United States senators forged an agreement to move forward on key portions of my American Jobs Plan — a once-in-a-generation investment to modernize our infrastructure that will create millions of good-paying jobs and position America to compete with the world and win the 21st century.
The Infrastructure Deal is part of my economic strategy that, taken as a whole, will help create millions of jobs for years to come and add trillions of dollars in economic growth. According to one study of my Jobs Plan, nearly 90 percent of the jobs it will create won’t require a college degree, and 75 percent won’t require an associate’s degree. It’s a blue-collar blueprint to rebuild America.
Forty percent of the bridges in our country are more than 50 years old. I believe we should put Americans to work repairing those bridges — to help our economy and make our communities safer. The agreement we reached contains the largest investment in repairing our bridges since the creation of the interstate highway system. It will rebuild 10 of the most economically significant bridges in the country, as well as 10,000 smaller ones that workers, families and businesses across the country rely on every day.
It will put Americans to work replacing our nation’s lead water pipes — so that every single American child, at home or in school, can turn on the faucet and drink clean water. This would be the largest investment in clean drinking water in American history. Right here in the U.S., up to 10 million homes and 400,000 schools and childcare centers get their water from lead pipes and service lines. This agreement will end the threat of lead-contaminated water once and for all, especially in communities of color and in rural America.
You can read the president’s full op-ed, here.
Fox Business/Carol Roth
Carol Roth: COVID allowed our government to enact the biggest wealth transfer ever… and you should be furious
Over a period of just more than a year, the U.S. government has enabled the biggest wealth transfer in history, from average Americans to the wealthy and well connected. This should be causing nationwide outrage but barely anyone is talking about it.
The government has been inflating the costs of everything it touches for years, from education to the cost of home ownership, putting an extra burden on the middle class. Likewise, the Federal Reserve has been printing money and suppressing interest rates, a maneuver that has accelerated substantially since the Great Recession.
As I highlight in my new book, “The War on Small Business: How the Government Used the Pandemic to Crush the Backbone of America,” in 2020 as the coronavirus hit the United States, government actions were brought to a new, devastating level.
The government decided which businesses are workers were and were not deemed “essential,” during the pandemic, not based on science but based on political clout and connections. This meant that a large percentage of small businesses closed, in whole or part, while larger companies got the benefit of accessing these closed businesses’ customers.
Simultaneously, the Federal Reserve took action to support the stock market and the biggest companies, the types of entities that already had access to capital (as well as years of access to cheap debt). This meant trillions of dollars, created at the stroke of a digital entry by the Fed, were pumped into the market. This enabled big companies and their shareholders to get more value, while destroying risk pricing and small businesses.
It’s time we asked if the Fed’s role in making the wealthiest among us even wealthier is an unfortunate side effect or the whole point of their and the government’s plan.
Keep reading, here.
CNN Business/Paul R. La Monica
Signs the 2020 recession may already be over
America’s Covid-induced recession has been a painful one — but it could ultimately be short.
The official arbiter, the National Bureau of Economic Research, hasn’t said this downturn is over. Yet it sure feels like the economy is back in recovery mode with upbeat signs in jobs, housing and stocks.
Some experts think this recession is a mirror image of the one in 1918, which was also sparked by a pandemic: the global influenza outbreak. That downturn lasted just 7 months and was the second shortest on record.
Could the Covid recession follow a similar path? We’ll have to wait for a ruling from the NBER, the organization that declares the beginning and end of economic cycles — which usually takes several months until after a recession is over to declare the end.
There are certainly pockets of the economy still far from pre-February 2020 levels, like small businesses, retail and restaurants.
But plenty of areas are getting better. GDP is growing again, surging for the past three quarters after dips in the first half of last year. The job market is recovering too, as workers in hard-hit services sectors return to employment. Earnings have rebounded along with the stock market. The housing market continues to sizzle.
Read the full story, here.