All eyes will be on D.C. in the coming hours as the big-ticket item on today’s agenda is the House’s vote on the Biden $3.5 trillion infrastructure bill.
Originally planned for this past Tuesday, the vote was postponed due to the House’s full docket earlier in the week by sitting Speaker Nancy Pelosi.
There’s no doubt that, for better or worse, today’s vote will have a major impact on the U.S. economy and the nation as a whole.
… With that in mind, let’s take a look at this highly debated infrastructure bill today and what it means for the U.S. and your investments in the coming months.
What You Need to Know…
The rebuilding of America (a topic both sides of the aisle have always seemed to agree on) has been a topic of discussion for years. And despite past bipartisan talks sparking excitement from D.C. officials and the nation itself, most failed to make any significant headway on the agenda, leaving America’s infrastructure to continue to crumble.
Though the Trump administration continued to tout the importance of “Rebuilding America” during their initial campaign and following term in office, Democrats succeeded in pulling the Administration’s attention away from such pressing issues, leaving the much-anticipated issue up for grabs when the current administration took office.
From day one in office, President Biden has pushed his current infrastructure bill, making it one of – if not THE – biggest items on this administration’s check list.
This usually bipartisan topic, however, has been met from day one with criticism from Republicans as many claim the bill contains several left-wing policies hidden under the shroud of a mutually agreed upon topic, the nation’s infrastructure.
As it currently stands, the bill would include a $200 billion expenditure to establish universal pre-kindergarten for kids 3 and 4 years old, the addition of dental, hearing and vision benefits to Medicare recipients, and free community college tuition to individuals in the nation, regardless of whether they are official citizens or not.
Though noble in their efforts to push U.S. education and medical standards higher, many on the Right side of the aisle continue to ask the question, “How are we going to pay for this?”
In fact, some critics of the bill have gone as far as to claim that the infrastructure bill as it currently stands has the potential to turn the entire nation into a “welfare state”, urging many to start or continue to lean on the government for their needs rather than teaching them to work for themselves. Such a move could very well have a significant, negative impact on the ongoing U.S. economic recovery as it would expand the government’s influence over the entire nation.
In a recent statement, Maine Senator Susan Collins noted that D.C. officials, “… will not build a more prosperous, just and equitable society characterized by opportunity, dignity and meaning just by issuing government checks. The time-tested way to achieving those goals for American families is by supporting and rewarding work… By recognizing the dignity of work.”
The number of Republicans stepping forward to continue the fight against this infrastructure bill only continues to mount as Senator Marco Rubio also made a statement recently claiming that the bill, “… Would re-create the failed welfare system that President Clinton and then Senator Joe Biden opposed in the 1990’s, when there was a bipartisan consensus that the goal of welfare should be to encourage work and marriage rather than dependency.”
Despite the opposition across the aisle, however, Democrats continue to move ahead with plans to fully support the infrastructure bill as it currently stands, saying that the full slate of programs included in the bill including the social initiatives as well as affordable housing and expanded health care are necessary to help those in the nation who continue to struggle with such issues.
The Wrap Up…
Though Republicans continue to urge a vote against the bill, warning of the negative impacts it could have on the nation’s work ethic and, as a direct reflection, the nation’s economy as a whole, Democrats too continue to stick together on today’s vote urging the importance of offering a helping hand to those in need.
Only time will tell which side of the aisle is correct… for better or worse.
Learn More Here…
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