On Monday, President Joe Biden signed a massive $1.2 trillion infrastructure bill into law following months of negotiations.
"For too long, we've talked about having the best economy in the world. We've talked about asserting American leadership around the world with the best and the safest roads, railways, ports, and airports. Here in Washington, we've heard countless speeches, promises, and white papers from the experts," Biden said at a White House ceremony Monday afternoon.
"But today, we are finally getting it done. So my message to the American people is this: America is moving again. And your life is going to change for the better."
According to ABC News, the infrastructure package, with $550 billion in new spending, will tackle a variety of infrastructure needs, including $110 billion for highways, roads and bridges, $66 billion for passenger rail, $65 billion in high-speed internet, $55 billion for water, $39 billion in public transit, $25 billion for airports, $7.5 billion for electric vehicle charging stations, and $17 billion for ports, as well as other areas.
"I truly believe that 50 years from now, historians will look back at this moment and say, that's the moment America began to win the competition of the 21st century," Biden continued. "So with confidence, optimism, with vision and faith in each other, let's believe in possibilities. Let's believe in one another. And let's believe in America."
The president has been under criticism lately due to increased inflation, which has risen to its highest rate in 30 years. According to a new ABC News/Washington Post poll, 53 percent of Americans disapprove of Biden's job performance while 41 percent approve. More than a majority also disapproved of his economic performance (55 percent) even though 63 backed the bill.
In a press briefing Friday, White House Press Secretary Jen Psaki asserted that the $1 trillion infrastructure bill, plus the $1.75 trillion reconciliation package still awaiting approval in Congress, will reduce the inflation.
"I would note that everyone from the Federal Reserve to Wall Street agree with our assessment that inflation is already expected to substantially decelerate next year," she said. "And economists across the board also agree that the president's economic agenda … will not add to inflationary pressure and will ease inflationary pressure over the long term."
Photo courtesy: ©Getty Images/Kevin Dietsch/Staff
Milton Quintanilla is a freelance writer. He is also the co-hosts of the For Your Soul podcast, which seeks to equip the church with biblical truth and sound doctrine. Visit his blog Blessed Are The Forgiven.