The Biden administration is pressing for passage of the infrastructure package by summer , but as always, the devil remains in the details. While Republicans historically support efforts to rebuild and revitalize traditional infrastructure, there remains mounting opposition to corporate tax hikes.
Thus, any widespread bipartisan support for the infrastructure Plan is doubtful. Regardless, because congressional Democrats only narrowly control both chambers, they will likely face a steep challenge in crafting an infrastructure bill that can obtain the majority votes necessary to push it through. See more ». This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks.
By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies. To embed, copy and paste the code into your website or blog:. Additionally, the Plan promotes price transparency and competition among internet service providers. The jobs bill President Barack Obama delivered this week to Congress will create nearly 2 million new U.
Roosevelt did it. Eisenhower did it. So did Kennedy, Johnson, and George W. And each time, these short-term fiscal expansions worked as intended, generating more economic activity than they cost, putting people to work, and making the country stronger. It prevents layoffs and puts people to work building roads, bridges, and schools. It cuts taxes to spur consumer spending and small business hiring. And it maintains a safety net for Americans most hurt by the economic downturn.
We know from experience that infrastructure investments create private-sector jobs. The Recovery and Reinvestment Act of , for example, saved or created 1.
And more than , teachers got to keep their jobs thanks to a direct state aid infusion in the Recovery Act known as the State Fiscal Stabilization Fund, according to the Education Department. Academic, private-sector, and nonpartisan government studies alike confirm the positive effects of infrastructure and transportation investments on private-sector employment. Why is infrastructure investment such an effective job creator? Because upgrading roads, bridges, and other basic infrastructure lowers the cost of doing business—such as transporting goods.
That makes U. And these investments put people to work earning good, middle-class incomes, which expands the consumer base for businesses. Infrastructure investments have historically had bipartisan support because they boost productivity for all American businesses, while creating jobs.
This is partly because such relief is purely at the discretion of the lender. It would help if the agency that oversees Fannie Mae and Freddie Mac directed them to provide similar relief. But more importantly, Congress should give deserving homeowners more leverage, through a minor change to bankruptcy law, when mortgage servicers are either unable or unwilling to work with them.
Some in Congress are seeking to do just this, apparently under the belief that regulation is inherently harmful to job growth. Given the strong relationship between recent lending practices and current unemployment, however, and given the abysmal failure of other regulators to provide meaningful oversight in the past, any attempt to weaken the CFPB would be the height of irresponsibility.
It would also be grossly premature, in nature as the CFPB is far too new to have a detrimental impact on hiring, meaning the concerns that some have raised are purely theoretical — and to date, the CFPB has shown every intention of working with financial services providers to protect consumers, instead of against them. In closing, we urge you to move forward with your consideration of the American Jobs Act as soon as possible.
Thank you. Right Arrow An arrow pointing to the right. Support the American Jobs Act. Media We offer two caveats: First, the bill must be paid for by increased revenues, not by entitlement cuts that would place the burden on people who can least afford it.
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