Biden’s latest stimulus plan: Reducing inequality

Finance & Tax

Biden wants to not just invest in the regions that already have the most potential but also direct capital into underserved areas where people suffer the most.

Traffic passes by a sinkhole caused by a water main break. | Drew Angerer/Getty Images

By VICTORIA GUIDA

Link Copied

Republican lawmakers for years have longed to pass legislation that would rejuvenate the nation’s aging infrastructure and boost economic growth. They might finally get it with Joe Biden as president but with a focus they never counted on: targeting inequality.

Biden’s $2 trillion plan is aimed at boosting productivity — the key to raising wages and improving American living standards — by generating jobs, and bolstering transportation, communications systems and power lines. But he wants to do that not just by investing in the regions that already have the most potential but by also directing capital into underserved areas where people suffer the most from potholes, poor public transportation and lack of internet access.

It would represent the government’s most extensive bid to spend federal dollars not just on helping poor people but on revitalizing the places where they live: housing, child care centers, water systems, roads and public transit. It’s an ambitious experiment that is part of Biden’s pledge to combat racial and economic inequality.

[Read More…]