President Biden puts effort to re-shape US economy with new $2 trillion infrastructure package

The US President Joe Biden is looking for a dramatic shift in the direction of the US economy, with plans to invest around $2 trillion in the infrastructure, climate change and the human services.

The new plan comes after recently enacted $1.9 trillion coronavirus relief package and would provide a bigger role to the federal government in the US economy, with plans for over 20% of annual output.

The plan would spread the cost of projects over an eight-year period and aims to pay for it all over 15 years, including $621 billion to rebuild the infrastructure, such as roads, ports and bridges and a historic $174 billion investment in the electric vehicle market, with expectations to have a nationwide charging network completed by 2030.

The members of bi-partisan Congress largely agree that capital investments are needed but are divided on the total size of the package and inclusion of a social services programs.

The Congress will be also asked for $400 billion towards expanding access to affordable home and a care for aging and people with disabilities.

The plan also includes building and retrofitting affordable homes, support to US manufacturing, boosting the nation’s electric grid and revamp a water system.

Biden is moving forward with the massive job and infrastructure effort and also trying make operational a plan to provide enough COVID-19 vaccines for adults by the end of May.

The administration is expected to announce the second legislative package soon, with the new package expected to include an expansion in health insurance coverage, an extension of the expanded child tax benefit and paid family and medical leave.