Please ensure Javascript is enabled for purposes of website accessibility
Zakaria: How Biden’s New Deal Can Really Make America Great Again
News
By News
Published 4 years ago on
April 5, 2021

Share

[aggregation-styles]

While Donald Trump claimed he wanted to “Make America Great Again,” President Joe Biden is attempting to actually do it. The former president’s slogan got Americans thinking nostalgically about the 1950s and early ’60s, when the United States dominated the world and its economy produced rising wages for workers and executives alike. A defining feature of those years was federal investment in infrastructure, scientific research and education. (Think interstate highways, NASA and the massive expansion of public universities.) By contrast, Washington in recent years has mostly spent money to fund private consumption by giving people tax cuts or transfer payments.

Biden’s infrastructure plan is the first major fiscal program in five decades that would focus once again on investment.

When you look at federal spending as a whole, it seems to have risen significantly over the past few decades. But the composition of that spending tells the real story — most of that increase is a result of sharp rises in entitlement programs such as Medicare and Medicaid. Core investment spending has actually dropped substantially. The United States used to spend as much as 3 percent of its gross domestic product on transportation and water infrastructure; that number is now closer to 2 percent. The United States used to be the world’s unquestioned leader in basic science and technology. China is now almost on par with it.

Read More →

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

UP NEXT

Rise of the Anti-“Woke” Democrat

Caitlin Clark Returns and Leads Fever to Upset Win Over Unbeaten Liberty

16 hours ago

Iran Fires Another Round of Missiles at Israel, and Explosions Are Heard in Tehran

16 hours ago

Israel Says Attacks on Iran Are Nothing Compared With What Is Coming

JERUSALEM/DUBAI (Reuters) -Israel pounded Iran for a second day on Saturday and Prime Minister Benjamin Netanyahu said its campaign would in...

16 hours ago

16 hours ago

Israel Says Attacks on Iran Are Nothing Compared With What Is Coming

16 hours ago

Military Parade Barrels Through Nation’s Capital With Tanks, Troops and 21-Gun Salute

16 hours ago

Authorities Still Searching for Suspect in Shooting of 2 Minnesota State Lawmakers

16 hours ago

Caitlin Clark Returns and Leads Fever to Upset Win Over Unbeaten Liberty

16 hours ago

Iran Fires Another Round of Missiles at Israel, and Explosions Are Heard in Tehran

18 hours ago

Stephen Miller’s Former High School Classmate Challenges His Deportation Policies

18 hours ago

‘We Will Kill You Dead’: Florida Sheriff’s Stark Warning to Demonstrators

18 hours ago

Trump Says ‘War in Israel-Iran Should End’

Help continue the work that gets you the news that matters most.

Search

Send this to a friend