President Joe Biden unveiled his more than $2 trillion infrastructure plan on Wednesday, in which he wants to reshape the nation’s economy, create jobs, and repair roads, buildings, and schools – among other things. USA Today has created a breakdown to show exactly where the money will go. To pay for the plan, the president wants to raise the corporate tax rate to 28%. While many are worried about government and personal spending during the pandemic, others are worried about saving for later in life. According to PwC’s Retirement in America report, many Americans are under-saving for their retirement.
USA Today/Javier Zarracina, Joey Garrrison, and George Petras
Joe Biden wants to spend $2 trillion on infrastructure and jobs. These 4 charts show where the money would go
President Joe Biden on Wednesday introduced a sweeping $2 trillion infrastructure and jobs package that looks to reshape the American economy and make the most significant domestic U.S. investments in generations.
His far-reaching American Jobs Plan includes spending to repair aging roads and bridges, jump-start transit projects and rebuild school buildings and hospitals. It would also expand electric vehicles, replace all lead pipes and overhaul the nation’s water systems.
But the plan goes far beyond infrastructure.
It’s as much a jobs program – one that looks to build the nation’s clean energy workforce, expand manufacturing and boost caregiving as a profession to serve the elderly and disabled.
“Put simply, these are investments we have to make,” Biden said. “Put another way, we can’t afford not to.”
Click here for a photo breakdown of where the money will go.
CNN Business/Julia Horowitz
Stocks had a wild start to the year. Investors should be careful
Signs of market mania. Volatile tech stocks. Rising government bond yields.
Welcome to the second quarter, where Wall Street strategists say the trends that defined the first three months of the year will remain influential.
“The start of 2021 is indicating what we expect for the full year,” said Jeffrey Sacks, head of investment strategy in Europe, the Middle East and Africa for Citi Private Bank.
Overall, the stock market performed well between January and March. The S&P 500 gained 5.8%, closing out Wednesday near a record high. The Dow Jones Industrial Average rose 7.8%, while the Nasdaq Composite climbed a more modest 2.8%.
But day-to-day, pockets of turbulence kept cropping up. Speculative behavior was on display across markets, as investors backed meme stocks like GameStop, pumped billions of dollars into “blank check” acquisition firms and snapped up digital art with non-fungible tokens, or NFTs.
Sacks expects more examples of this in the second quarter, given that investors will remain flush with cash as governments and central banks continue to provide stimulus.
“There’s [a] lot of liquidity looking to be invested,” Sacks told me. “That’s likely to continue because we know central banks are intent on keeping rates low.”
Read the full story, here.
1 in 4 Americans have no retirement savings — and those who do aren’t saving enough
Americans are under-saving for their retirement, according to PwC’s Retirement in America report.
One in 4 Americans have no retirement savings and those who are saving aren’t saving enough, PwC U.S. asset manager and wealth management leader Bernadette Geis told Yahoo Money.
“Those that are [saving], on average, what they have saved will afford them like $1,000 a month of actual cash while they’re in retirement,” Geis said.
The report found that the median retirement account balance for 55-to-64-year-olds is $120,000. When divided over 15 years, that would generate a modest distribution of less than $1,000 per month and even less for those who outlive their life expectancies.
The lack of retirement preparedness is leading to a path of a looming “crisis,” Geis said, as Social Security is projected to be depleted by 2034 and “there’s a huge demographic that aren’t likely to meet their savings goal.”
Among those 60 years old or older, 13% have no retirement savings. That number increases to 17% among 45 to 59-year-olds, 26% among 30 to 44-year-olds, and 42% for those between the ages of 18 to 29.
What experts say is adding to the bleak outlook, here.