An Ivy League Analysis Just Destroyed Biden's Biggest Argument for the Bipartisan Infrastructure Bill

Here's why the plan would create zero jobs, on net. 

 

Brad Polumbo Monday, August 9, 2021

The bipartisan infrastructure legislation moving through Congress could end up on President Biden's desk before we know it. The $1 trillion bill has reportedly cleared major hurdles in the Senate and will soon land before the House of Representatives. The president would almost certainly sign the bill, which has his support, and its bipartisan passage would represent a political victory for the Biden administration.

At least, at first.

The promised long-term economic benefits from the sweeping $1 trillion expenditure will likely never materialize, according to a new Ivy League analysis. This runs directly against the president's promises that it would create jobs and stimulate the economy. Indeed, Biden has insisted that the government spending plan will "create millions of good-paying jobs."

"This bill makes key investments to put people to work all across the country," the president said.

It's going to put Americans to work in good-paying union jobs building and repairing our roads, bridges, ports, airports."

He additionally claimed that the plan is a "blue-collar blueprint" for economic opportunity because, supposedly, 90 percent of the jobs created "will not require a college degree."

This rhetoric is likely to appeal to many Americans. But the aforementioned analysis, by the Wharton Business School, pours cold water on the president's rosy promises. In stark contrast to "millions" of good jobs created, the Ivy League analysts project that the plan would have a net zero effect on employment, wages, and economic growth over both the medium-term (by 2031) and the long-term (by 2050).

Despite these meager results, the legislation would still add a whopping $351 billion to the national debt. For context, that's roughly $2,449 in new debt per federal taxpayer.......To Read More....