Biden’s Jobs and Infrastructure Plans From 18.6 million new jobs to smart roads, Biden’s plans are ambitious

An economic forecast from Moody’s Analytics released Sep. 23, 2020, found that President Joe Biden’s “Build Back Better” economic plan, if enacted under a Democratic administration, would create 18.6 million jobs and result in an almost $5,000 boost in annual household income for middle-class Americans.1 The Moody’s forecast said Biden’s plan—which includes investments in education, social safety net, healthcare, clean energy, and infrastructure—would result in an average annual gross domestic product (GDP) growth of 4.2% between 2020 and 2024, and 2.9% between 2020 and 2030. According to Moody’s, the plan would achieve an unemployment rate of 4.1% by 2022.1 As part of his plan, Biden proposes spending $2.4 trillion on energy and infrastructure to achieve net-zero emissions by 2050 while investing heavily in roads, bridges, green spaces, water, electricity, and universal broadband.2 Let’s take a deeper dive into Biden’s plans for jobs and infrastructure, what they promise to achieve, and how Biden proposes to pay for them. KEY TAKEAWAYS

The Biden jobs and infrastructure plans are designed to eventually achieve net-zero emissions while boosting job creation and growing the economy.
A major goal is to help small businesses while holding corporations more accountable.
Another major goal is to address the pandemic starting on day one of the Biden administration.
The infrastructure plan is designed to address climate change while building a new, eco-friendly infrastructure ranging from transportation to energy to automobiles and more.
The net cost of Biden’s economic plan is expected to be $2.6 trillion by 2030.

The Biden Jobs Plan As part of his “Build Back Better” agenda, Joe Biden promises to “create millions of good-paying jobs and to give America’s working families the tools, choices, and freedom they need to build back better.”3 Tax Credits/Penalties for Corporations Biden proposes to generate new jobs for workers by:

Offering tax credits to companies to expand their U.S. footprint and bring jobs back from overseas
Penalizing companies that manufacture products offshore and import them back to the U.S.

Relief for Families, Small Businesses, and Communities Additional job-related relief would come from:

Providing aid to state, local, and tribal governments so educators, firefighters, and other essential workers wouldn’t be laid off
Extending unemployment insurance to help those who are currently out of work
Providing financial relief for Main Street businesses and entrepreneurs to maintain and hire workers