The White House is pushing an infrastructure bill that could reshape the discussion around capitalism as it seems to reestablish the federal government as a primary driver of how the economy should grow and function.
In addition to traditional infrastructure projects, Biden’s $2.25 trillion American Jobs Plan would make government investments in broadband, electric vehicles, climate change, elderly care, child benefits, housing and developing future technologies.
It would redefine classic infrastructure projects to include investments in workers and families paid for by tax hikes on corporations.
The ambitious proposal effectively transforms the relationship between the government and the private sector, making radical changes to key sectors of the economy that could be felt for years down the road.
It places a big bet on the ability of the federal government to drive sustained economic growth at a time when confidence in institutions is low.
And it will almost assuredly open Biden up to attacks from Republicans that he’s undermining traditional American capitalism and implementing a socialist agenda — after a heated election where cries of “socialism” were central to former President Trump’s campaign.