SOUTHBOUND SIDE OUTSIDE OF THAT FORTUNATELY YOU DON’T HAVE ANY OTHER ISSUES
STORY ABOUT AS YOU HIT THE
ROADS THIS MORNING THAT YOU
KEEP YOUR SON TOYOTA TIME SAVER
TRAFFIC.
>>BRUCE HAMILTON: PRESIDENT
BIDEN WANTS 2 TRILLION DOLLARS
TO RE ENGINEER AMERICA’S
INFRASTRUCTURE AND EXPECTS THE
NATION’S CORPORATIONS TO PAY
FOR IT. PRESIDENT UNVEILING
WHAT SOME DESCRIBE AS A
HARDHEADED TRANSFORMATION OF
THE U.S. ECONOMY
AS BRANDON SCALE AS THE NEW
DEAL OR GREAT SOCIETY PROGRAMS
THAT SHAPED THE 20TH CENTURY.
JOINING ME ON THE MORNING SHOW
NEWS 4 JAX POLITICAL ANALYST IN
THE HEAD OF THE
JACKSONVILLE UNIVERSITY, PUBLIC
POLICY INSTITUTE RICK MULLANEY
GOOD MORNING. RICK GOOD
MORNING. BRUCE. SO RICK THE
PLAN CALLS FOR SPENDING OVER 8
YEARS EXPECTED TO GENERATE
MILLIONS OF NEW JOBS.
IT’S NOT JUST ABOUT MODERNIZING
ROADS OR RAILWAYS ARE BRIDGES
BUT BUILDING AN INFRASTRUCTURE
FOR THE FUTURE. HOW DO YOU
THINK IT’S GOING TO BE RECEIVED
THAT IS
A DOABLE.
>> WELL BRUCE AND PUT IT IN 2
PARTS THE 2.3 BILLION DOLLAR
TRILLION DOLLAR PACKAGE.
IT’S NOT GOING TO BE RECEIVED
WELL ON THE REPUBLICAN SIDE IN
PARTICULAR AND HAS VERY LITTLE
CHANCE OF A BIPARTISAN SUPPORT,
HOWEVER IF YOU BREAK IT DOWN.
THERE IS AN OPPORTUNITY FOR
BIPARTISAN SUPPORT IN 3
CATEGORIES. ONE IS TRADITIONAL
INFRASTRUCTURE CAPITAL SPENDING
ON ROADS BRIDGES HIGHWAYS
ELECTRICAL GRID WATER EVEN
BROADBAND THAT’S ABOUT
600 BILLION THAT HAS REPUBLICAN
AND DEMOCRATIC SUPPORT. THERE’S
A
SECOND AREA CLIMATE IN GREEN
ENERGY WHICH THERE’S SOME
DISAGREEMENT SOME SPENDING ON
ELECTRIC ON FOR EXAMPLE
ELECTRIC CARS BUT THEN THERE’S
A 3RD AREA. THIS IS NOT CAPITAL
EXPENDITURES.
HOME CARE 400 BILLION DOLLARS
FOR HOME CARE FOR THE ELDERLY
AND THE DISABLED,
THIS MAY BE GOOD PUBLIC POLICY,
BUT IT IS NOT INFRASTRUCTURE.
SO OVERALL BRUCE IN ANSWER TO
YOUR QUESTION. THE 2.3 TRILLION
DOLLAR PACKAGE INVOLVES MORE
THAN JUST INFRASTRUCTURE AND
CLEARLY THE CONTENTS OF THIS
PROPOSAL THERE’S GOING TO BE
DISAGREEMENT ON CAPITOL HILL
ABOUT THE CONTENT OF PEOPLE ARE
WORRIED ABOUT HOW IT’S GOING TO
BE PAID FOR GENERAL PUBLIC HERE
GO OR TAXES. THEY’RE GOING TO
GO UP THE ADMINISTRATION SAYS
WILL BE FINANCED BY HIGHER
CORPORATE TAXES.
>>BRUCE HAMILTON: IS THAT A
TRADEOFF THAT COULD LEAD TO
FIERCE RESISTANCE FROM THE
BUSINESS COMMUNITY AND FOR ANY
ATTEMPTS TO WORK WITH
REPUBLICAN LAWMAKERS.
YES.
>> IN PART BRUCE, THERE’S SORT
OF 2 APPROACHES TO THIS ON FOR
PRESIDENT BIDEN IN FOR THE
ADMINISTRATION, IT’S ABOUT
RAISING THE CORPORATE TAX RATE
FROM 21% TO
28% AND ALSO TAXES ON WEALTHIER
AMERICANS THOSE MAKING FOR
THOSE WITH ADJUSTED GROSS
INCOMES, $400,000
OR MORE. THE RESPONSE ON THAT
ON THE BUSINESS SIDE AND FROM
REPUBLICANS IS THAT THOSE
CORPORATE THAT INCREASING THE
CORPORATE TAX RATE IS GOING TO
RESULT IN HIGHER PRICES IS
GOING TO SALT IN THEM THE LESS
COMPETITIVE ECONOMICALLY AND
THAT THERE’S NO FREE LUNCH HERE
SO YOU’RE GOING TO SEE A
DISAGREEMENT ON THAT PROPOSAL
WHEN IT COMES TO TAXES THE
REPUBLICANS WANT TO PAY FOR
INFRASTRUCTURE, BUT THESE
AREN’T THE TAXES THEY PREFER
THEY PREFER USER FEES, THEY
ALSO PREFER FOR THE FUTURE
TAXES ON ELECTRICAL VEHICLES.
SO BRUCE YOU’RE GOING TO SEE A
GREAT DEAL OF DISAGREEMENT ON
HOW TO PAY FOR THIS
AND YOU’RE GOING TO SEE A BIG
DEAL A GREAT DEAL OF
DISAGREEMENT AN INCREASE TAXES
SO WHETHER THIS BECOMES A
REALITY ALL COMES DOWN TO THAT
SLIM
>> MAJORITY.
BRUCE I THINK THAT’S EXACTLY
RIGHT IN THE END I BELIEVE THIS
IS GOING TO HAPPEN JUST AS YOU
SAW WITH THE COVID-19 PACKAGE
AND THAT ONE POINT 9 TRILLION
DOLLAR PACKAGE. THIS IS GOING
TO END UP GOING TO
RECONCILIATION MOST LIKELY
THERE WILL BE DISCUSSIONS THERE
WILL BE TALKS BUT IN THE END
THE 2.3 TRILLION DOLLAR PACKAGE
IS VERY LARGE.
REMEMBER THIS WE JUST PASSED A
1.9 TRILLION DOLLAR PACKAGE AND
THERE’S A PHASE 2 COMING IN THE
WEEKS AHEAD THAT’S PROJECTED TO
BE ANOTHER
2 TRILLION. REPUBLICANS ARE
GOING TO PAUSE AT THE SIZE OF
THE SPENDING THEY’RE GOING TO
PAUSE AT WITH TAXES AND
THEREFORE DEMOCRATS WILL GO IT
ALONE ONCE AGAIN AND THE REAL
NEGOTIATIONS WILL TAKE PLACE
WITH THE MORE MODERATE WING OF
THE DEMOCRATIC PARTY JOE
MANSION AND CINEMA FROM ARIZONA
FOR EXAMPLE AND OTHERS IF THIS
COMES TO BE WILL HISTORY LOOK
AT THIS.
>>BRUCE HAMILTON: AS FDR’S NEW
DEAL 2021 STYLE.
>> I THINK FDR’S NEW DEAL LOOKS
SMALL COMPARED TO THIS.
BERNIE SANDERS, FAMOUSLY SAID
IN AN INTERVIEW THAT JOE BIDEN
WOULD BE THE MOST PROGRESSIVE
PRESIDENT SINCE FDR I THINK
THAT PROPHECY IS TURNING OUT TO
BE TRUE IN TERMS
OF SPENDING. THIS IS A MASSIVE
MASSIVE SPENDING PACKAGE IN
FACT IF YOU STEP BACK INCLUDING
THE 4 TRILLION DOLLARS THAT WAS
SPENT BY PRESIDENT TRUMP FOR
COVID RELIEF LAST YEAR. THE
ONE-POINT-NINE TRAIN THAT WAS
JUST PASSED THIS 2.3 TRILLION
DOLLAR PACKAGE AND THE
2 TRILLION DOLLAR PACKAGE
THAT’S COMING. THAT’S
OVER 10 TRILLION DOLLARS AND
PROPOSALS IN THE LAST 12 TO 15