WHAT THEY’RE SAYING: AMERICAN JOBS PLAN WILL ACCELERATE GROWTH, PUT PEOPLE TO WORK, MODERNIZE NATION

National Economic Council Director Brian Deese“The typical person pays $1,000 in extra costs in wasted time and fuel … One in three households in rural areas of the country can’t even access high speed internet.”

Yesterday, President Joe Biden introduced the American Jobs Plan, a once-in-a-generation investment in American infrastructure that will bring America’s infrastructure and economy in the 21st century by expanding broadband access, investing in physical infrastructure, and increasing efficiency through clean energy.

Here’s what they’re saying: 

Associated Press: Biden announces huge infrastructure plan to ‘win the future’
“It’s not a plan that tinkers around the edges,” Biden said. “It’s a once-in-a-generation investment in America unlike anything we’ve seen or done since we built the interstate highway system and the space race decades ago. In fact, it’s the largest American jobs investment since World War II. It will create millions of jobs, good-paying jobs.”
[…]
Standard & Poor’s chief U.S. economist, Beth Ann Bovino, estimated last year that a $2.1 trillion boost in infrastructure spending could add as much as $5.7 trillion in income to the entire economy over a decade. Those kinds of analyses have led liberal Democrats in Congress such as Washington Rep. Pramila Jayapal to conclude, “The economic consensus is that infrastructure pays for itself over time.”

Reuters: Biden infrastructure plan could be big boost for blue-collar America
President Joe Biden’s massive infrastructure plan would create millions of jobs, undoing some of the economic damage inflicted by the coronavirus pandemic, economists said, with lower middle-income workers and minorities possibly benefiting the most.
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CEW estimates the investment would create 8 million jobs for workers with a high school diploma or less and 4.8 million jobs for those with more than a high school diploma but less than a bachelor’s degree.
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There is also a $213 billion investment to produce, and retrofit more than 2 million affordable homes for low-income homebuyers and a plan to target 40% of the benefits of climate and clean infrastructure investments to disadvantaged communities.

The New York Times: That Spotty Wi-Fi? There’s $100 Billion to Fix It.
A year after the pandemic turned the nation’s digital divide into an education emergency, President Biden, inheriting the problem, is making affordable broadband a top priority, comparing it to the effort to spread electricity across the country. His $2 trillion infrastructure plan, announced on Wednesday, includes $100 billion to extend fast internet access to every home.
[…]
“This is a vision document that says every American needs access and should have access to affordable broadband,” said Blair Levin, who directed the 2010 National Broadband Plan at the Federal Communications Commission. “And I haven’t heard that before from a White House to date.”

CNBC: Biden’s infrastructure plan will bolster the U.S. semiconductor industry, Commerce Secretary says
The White House’s infrastructure plan will put the U.S. on more equal footing with China as it bolsters the American semiconductor industry, Commerce Secretary Gina Raimondo said Wednesday.

“This is about out-competing China,” Raimondo told CNBC’s Jim Cramer in a “Mad Money” interview. “If we act now … we will compete with China. There is time to do that, to rebuild, to build in semiconductors in particular, but we have to get to the business of doing it.”

The New York Times: Biden’s Push for Electric Cars: $174 Billion, 10 Years and a Bit of Luck
“We find ourselves at a unique moment here where most American businesses and many states are looking toward a decarbonized future, but recognize there’s a big lift on the infrastructure side,” said Bob Perciasepe, president of the Center for Climate and Energy Solutions, an environmental research group. “This investment alone obviously won’t solve the climate problem or fix all of the infrastructure in the United States but it will be a huge boost.”

Automakers see the writing on the wall and many, including General Motors, Volkswagen and Ford Motor, have made big E.V. promises. But even they acknowledge that they will need federal help.

Business Insider: Biden’s infrastructure package pledges $378 billion to revamp US housing and schools
Of the trillions set aside in the proposal, more than $300 billion is allocated to building, preserving, and revamping homes, schools, and federal buildings across the country. The shortage of affordable housing creates a huge opportunity for new jobs, the administration said. Similarly, the “D+” rating given to US school infrastructure by the American Society of Civil Engineers details another area of the economy in dire need of repair, they added.

Yahoo Finance: “American Jobs Plan” Provides Significant Support for U.S. Solar Industry
“The U.S. solar industry has received a tremendous show of support from President Biden as the country begins to emerge from the economic slowdown caused by COVID-19,” said CEO Myke Clark. “Solar Alliance managed to navigate a difficult 2020 and continued to grow our pipeline of solar projects during an unprecedented year. The American Jobs Plan contains key provisions that will accelerate our growth as a company and allow us to contribute to the rebuilding of the economy through clean energy project deployment.”

The Wall Street Journal: Biden Infrastructure Plan Aims to Boost Economy’s Productivity Over Time
Boosting long-term growth isn’t the administration’s only objective. Mr. Biden said Wednesday the investments are necessary to tackle climate change and help the U.S. compete with China, whose spending on research and development as a share of economic output has outpaced the U.S.

Mr. Biden’s plan also stresses equity in access to jobs and transportation options, including $20 billion for a new program that would reconnect neighborhoods cut off by past transportation investments as well as research funding for historically Black colleges and universities.

The White House also estimates the plan would create “millions and millions” of jobs over time, including in new clean-energy sectors and in caring for the aging and those with disabilities.

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