The article “Biden Details $2 Trillion Plan to Rebuild Infrastructure and Reshape the Economy” by Jim Tankersley and published on March 31, 2021, in the New York Times, explores the current U.S president's proposed budget plan. The president projects that the proposal will rebuild more than 20,000 miles of road infrastructure, 10,000 bridges and addressing social and racial inequalities through corporate tax. According to Tankersley, the proposed budgetary plan is expected to significantly improve the country's economic level, further pushing it ahead of other countries through innovation and investment. Further, the investment plan's total cost would be financially supported by increasing corporate tax over 15 years.
Tankersley notes that this plan's short-term gain is increased job opportunities for the Americans while raising the country's economic competitiveness in the long run. These gains will be brought about by many projects, including those mentioned in the previous paragraph, and incorporating other strategies, such as moving to cleaner energy sources, that would accelerate the fight against disparities in the country. With the magnitude of the proposed budgetary plan, critics have questioned several aspects that pertain to it. However, as Tankersley writes, President Biden has remained vigilant on the proposed plan, citing that it will help reduce the federal deficit in the coming years. Moreover, the president noted that the plan would supplement the American economy, end years of bad investment plans, and foster capitalism within the U.S.
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The author outlines the detailed proposed budget plan, noting that each category proposed requires huge funding to accomplish. For instance, President Biden proposes a $180 billion budget to promote research and development within 15 years. On the other hand, repairing roads and constructing bridges will cost approximately $115 billion, developing a better water infrastructure will cost $111 billion, among other multibillion-dollar projects. According to Tankersley, the president is adamant that these budgetary proposals will undo the racial gaps created by previous regimes due to their ineffective investment of federal money.
A significant issue within the article stems from the proposal to increase corporate taxes and wealthy individuals. According to Tankersley, those opposing the proposed budgetary plan argue against the proposed tax increases. The reliance on corporate tax to fund the 15-year plan has been termed "nonstarters for bipartisan negotiations” (Tankersley, 2021). While the Republicans continue to question the proposed corporate tax increase, President Biden has acknowledged their concerns and welcomes their ideas on funding the plan. Additionally, the critics have also questioned the size of the proposed plan. Previous administrations have used proposals to repair or develop additional infrastructure, and the Republicans site President Biden's proposals on building more roads as a bipartisan move.
Additionally, corporate tax increases will bring an imbalance in the U.S tax system, undermining multinational corporations. Senator Mitch McConnell, a well-known critic of the president's budgetary proposal, publicly said that he would not support the proposal if significant changes were not included in the final document. In his defense, the senator believes that financing the proposal would significantly increase the taxes. Moreover, the proposed plan would also increase the national debt. These issues have elicited debate and division in Congress. The most affected people from the proposed tax increases are the wealthy and corporate companies. In essence, overtaxing the wealthy widens the tax inequality gap. While the middle and lower-class individuals could welcome this move, using the additional money to fund government projects does not adequately justify the proposed increase. Corporates will also be affected, further discouraging multinational companies from investing in the U.S.
The New York Times is a credible source that provides accurate information critical to scholarly writing. Within the article, the author encompasses direct quotes from various involved individuals, such as the president and the senator, to cement the information. Indeed, incorporating exact phrases or words said by a particular person allows the reader to confirm the statement's story or credibility further. Additionally, the reader provides links to other similar stories, giving the reader more room to explore the story. These links direct the reader to other credible sources and follow up stories related to the proposed budgetary plan. Moreover, the article was recently published, and as such, the information provided is relevant. Given that the newspaper publishes articles for the general public, they are expected to provide accurate information.
From my perspective, the proposed budgetary plan will significantly benefit the country's economy, foster job creation, and improve the manufacturing sector. While these plans take many years to be accomplished, they will create better economic policies and infrastructure for future generations. At the same time, increasing corporate tax and those of wealthy individuals is also an excellent move. The current tax regime has been criticized for favoring wealthy individuals and companies instead of low-income earners. Therefore, the two groups' tax increases will create a balance between the poor and wealthy groups. Their tax proceeds will also benefit all communities and reduce the racial inequality gap proposed by the plan. Ultimately, I support President's Biden budgetary proposal since its benefits will significantly improve the country's economy in the next several years.
Reference
Tankersley, J. (2021). Biden details $2 trillion plan to rebuild infrastructure and reshape the economy . The New York Times - Breaking News, US News, World News and Videos. https://www.nytimes.com/2021/03/31/business/economy/biden-infrastructure-plan.html
