President Joe Biden's $1.2 trillion plan to rebuild U.S. infrastructure will create close to 1 million new jobs over the next decade, according to a new report published by S&P Global. The analysis, which was circulated by the White House, estimates that by 2030, the Infrastructure Investment and Jobs Act would boost employment by more than 880,000 with many jobs including construction and engineering.
The measure includes $110 billion for roads, $73 billion for power infrastructure, $66 billion for passenger and freight rail, $39 billion for public transit, $11 billion for transportation safety, $7.5 billion for electric vehicle infrastructure, etc.
If the infrastructure bill passes, it will also increase per capita personal income in 2030 by about $100 per person, or roughly 10.5 percent, according to the report. The plan is estimated to add about $1.4 trillion to the economy over the next eight years.
According to the article, the bill will be paid for by repurposing unspent coronavirus relief funds, along with recouping fraudulently paid unemployment money. House Democrats approved a $3.5 trillion budget plan that will serve as the basis for a massive reconciliation bill and set a September 27 deadline for a vote on the infrastructure bill.
