US prez proposes $6-trn budget, plans to revitalise manufacturing

02 Jun '21
2 min read
Pic: Shutterstock
Pic: Shutterstock

President Joe Biden last week proposed a $6-trillion budget to ‘reimagine’ the US economy and avert Chinese competition. A key component of the plan is to revitalise manufacturing, secure US supply chains, invest in research and development (R&D) and train Americans for the jobs of the future. Biden said a post-pandemic United States "cannot afford to simply return to the way things were before."

"We must seize the moment to reimagine and rebuild a new American economy," he said. The plan will ensure the best, diverse minds in the country are put to work creating the innovations of the future while creating hundreds of thousands of quality jobs today.

As part of the blueprint, the government is expected to unleash $6.011 trillion in 2022, with increases gradually rising to $8.2 trillion in 2031. A huge chunk would be an infrastructure bill originally proposed at $2.3 trillion but since whittled down to $1.7 trillion in negotiations with Congress. Another $1.8 trillion would go on increased state-funded education and social services.

The overall aim, Biden said, is to grow the US middle class, while positioning "the United States to out-compete our rivals."

The plan includes fixing highways, rebuilding bridges, upgrading ports, airports and transit systems. Ten most economically-significant bridges that need reconstruction will be fixed. Ten thousand smaller bridges, offering critical linkages, will also be repaired.

The proposals also includes building, preserving and retrofitting over 2 million homes and commercial buildings, modernizing schools and child care facilities, and upgrading veterans’ hospitals and federal buildings.

Fibre2Fashion News Desk (DS)

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