President Biden’s latest project aims the restore the country’s infrastructure to its former glory, the ambitious plan includes Texas’ power grid and coasts infrastructure, two major points that were recently shown their weakness points.
Additionally, new plans to rebuild Texas highways and ports are on the way, as a new strategy to push broadband into rural parts of the state, where approximately 31 percent of the residents do not have access to high-speed internet.
Republican lawmakers in the state have been looking for ways to fund this type of project for a while now, which makes Biden’s plan a particularly good attempt for building a solid bi-partisan alliance with the GOP. The punchline here is the fact that the plan also comes with a lot of heavy investment in clean energies, a long-time enemy of the oil and gas industry in the state.
Republican U.S. Rep. Kevin Brady thinks that making the move to green energy would be the “biggest economic blunder of our lifetime.” He even went so far as to call the plan a Trojan horse to raise taxes.
“Smart infrastructure investment can boost economy over time, GOP-Democrats agree,” Brady tweeted. “Imposing $2 tril taxes on U.S. job creators during recovery is a net loser for America. Less U.S. growth & investment, jobs moving overseas.”
In a recent press conference, Biden explained that his plan aims to build the economy from the bottom up and the middle out — not the top down.
“As we saw in Texas and elsewhere, our electrical power grids are vulnerable to storms, catastrophic failures and security lapses to tragic results,” the President said, while also promising to “put hundreds of thousands of people to work” rebuilding a “modern, resilient and fully clean grid” and capping hundreds of thousands of dry oil and gas wells, many in Texas.
The plan is set to cost at least $2 trillion and it is to be funded by raising the corporate tax rate, a far practice from President Trump’s previous maneuvers.