Travelers wearing face masks line up for security checks at O'Hare International Airport in Chicago, the United States, on Nov. 25, 2020. (Photo by Joel Lerner/Xinhua)
REVIVING "CRUMBLING" INFRASTRUCTURE
The proposal, dubbed the American Jobs Plan, includes 621 billion dollars to improve transportation infrastructure, such as roads, bridges and airports, with 174 billion dollars allocated to electric vehicles.
The plan also sees 300 billion dollars earmarked to revitalize American manufacturers and small businesses, 213 billion for housing, 180 billion to boost the country's research and development, 100 billion in high-speed broadband, and 100 billion to modernize schools and early learning facilities.
"What I am proposing is a one time capital investment of roughly 2 trillion dollars in America's future, spread largely over eight years," Biden said in a speech in Pittsburgh, Pennsylvania, where he kicked off his presidential campaign.
"It will generate historic job growth, historic economic growth, help businesses to compete internationally, create more revenue as well," Biden said, noting that among the highest-value investments would be in America's "crumbling" infrastructure.
According to the American Society of Civil Engineers, the country's infrastructure scores a C minus, with 43 percent of public roadways in poor or mediocre condition, and 7.5 percent of the nation's bridges "structurally deficient."
"Unfortunately, we have been underinvesting in our infrastructure for decades. In 2019, the U.S. spent just 2.5 percent of our GDP on infrastructure, down from 4.2 percent in the 1930s," said the organization, adding that the COVID-19 pandemic has made a difficult situation "worse."
Jeffrey Sachs, economics professor at Columbia University and a senior UN advisor, recently told Xinhua that he strongly supports the long-term package, as investing in infrastructure builds "the base of the economy."
"The United States hasn't done this properly in a long time ... The United States needs to focus on infrastructure investment," he said.
