Biden’s $2.3 Trillion Infrastructure Capitulation. Stripped Down to $579 Billion | WHAT REALLY HAPPENED

Biden’s $2.3 Trillion Infrastructure Capitulation. Stripped Down to $579 Billion

For weeks I’ve been predicting Biden would capitulate to the Republican-McConnell proposals on infrastructure, including funding it without taxing corps-investors-wealthy. Today, June 24, he did just that, after paring down his original $2.3T proposal for Infrastructure spending step by step. Biden reportedly now agrees to only $579B in new infrastructure spending. What’s not revealed, however, is how much of this total is being earmarked in separate bills that have been moving toward passage that subsidize manufacturing, tech corps, and chip-auto companies. The latter, already agreed to is $52B. Another $110B is in the so-called ‘Endless Frontier Act’, subsidizing US tech development in competition with China. Another unknown amount will no doubt come from Biden’s original $400B targeting manufacturing in his original Infrastructure (aka American Jobs Act) proposal of $2.3T when initially announced months ago.

We now have the latest Corporate Wing of the Democrat Party (Biden, Shumer, Manchin, et. al.) completing their charade negotiations with the Republicans. Step by step the spending was cut, from $2.3T, to the current $579B. Behind the scenes over the past weeks, segments of Biden’s $2.3T were ‘broken out’ of the original $2.3T and moved on separate tracks toward passage. Both Dems and Repubs were in agreement on these elements: i.e. $52B for US semiconductor and auto companies, R&D for US manufacturers in the so-called ‘Endless Frontier Act’, and other provisions of Biden’s $400B proposed spending on manufacturing and US multinational corp subsidization in his original $2.3T Infrastructure proposal.

As we await the final version of the stripped down $579B in next few days, the only question is how much of it will be paid by consumers in the form of gas taxes, fees, and government borrowing (raising the national debt) vs. how much by tax hikes on the wealthy originally proposed by Biden and the Dems during the election. Having already dropped his proposal to raise taxes on corporations back to 28% from the 21% level under Trump (who cut it from 35%), thus raising $850B in revenue, Biden will likely now drop remaining tax hikes on wealthy individuals he originally proposed as well.

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