President Biden already increasing debt by nearly $4 trillion
Chika Mori and Lee Jay Walker
Modern Tokyo Times
President Biden of America announced a new stimulus package costing $2 trillion. Thus, since Biden took office, his two packages total just below 4 trillion dollars. This includes $1.9 trillion to deal with the convulsions of coronavirus in the form of relief.
Hence, with another stimulus package in the offering, Biden is quickly adding to America’s enormous debt mountain. Therefore, with corporate tax set to increase from 21 percent to 28 percent, it is clear that America is set for more taxes against wealthier members of society.
The stimulus package announced by Biden is aimed at the infrastructure and creating jobs. Biden pointedly said, “Our infrastructure is crumbling.”
Voice of America reports, “The president’s plan envisions, over a span of eight years, repairing 32,000 kilometers of roadways, 10 economically significant bridges and 10,000 smaller ones, getting rid of dangerous lead pipes in water systems and significantly upgrading the country’s electrical grid, computer broadband and transit systems.”
The U.S. Chamber of Commerce opposes the proposals of Biden despite sharing the need to overhaul the infrastructure. Neil Bradley, Chief Policy Officer and Executive Vice President of the U.S. Chamber of Commerce, said, “We need a big and bold program to modernize our nation’s crumbling infrastructure and we applaud the Biden administration for making infrastructure a top priority. However, we believe the proposal is dangerously misguided when it comes to how to pay for infrastructure. Properly done, a major investment in infrastructure today is an investment in the future, and like a new home, should be paid for over time – say 30 years — by the users who benefit from the investment. We strongly oppose the general tax increases proposed by the administration which will slow the economic recovery and make the U.S. less competitive globally – the exact opposite of the goals of the infrastructure plan.”
Biden will announce another economic package in roughly two weeks. These concern community colleges and free access, subsidies for child care, and coverage of health insurance. Thus the debt ratio is growing quickly under the new Biden administration.
Of course, individuals who support government intervention will welcome aspects of Biden’s spending plans. Indeed, some want Biden to increase spending even further. Alternatively, the proposed corporate tax rate hike – and other possible tax increases – will worry many manufacturers and people who support limited government intervention.
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