Are clean drinking water, better transportation, and equal access to the internet important issues to you? Then there are a few things you should know about the Infrastructure Investment and Jobs Act of 2021.
Better known as the Jobs Act, this historic infrastructure bill was the biggest of its type in U.S. history. It passed with bipartisan support and promises to revitalize the aging U.S. infrastructure.
In this article, we’ll tell you what you need to know about this historic act.
1. Issues the Biden Infrastructure Bill Addresses
The infrastructure bill that congress passed seeks to address crucial areas of the country’s infrastructure that need serious improvement. These areas include the following:
Repair Roads and Bridges
Many of America’s roads and bridges are in dire need of help. The bill gives $110 billion dollars for the repair and rebuilding of bridges and roads.
Lead Water Pipe Replacement
Lead in drinking water is a problem in the United States. The bill includes $55 billion dollars to replace lead water pipes. This is a big step toward safer drinking water for all.
The bill also includes $42 billion dollars for airports. This is to improve air traffic with improved terminals, runways, and gates.
Broadband Internet Service Deployment
The internet is an integral part of life now. Those without access to fast, broadband internet access are at a distinct disadvantage. The bill aims to bring equality to internet access with funding of $65 billion dollars.
Electric Grid Funding
It’s important to protect and improve the nation’s electrical grid while promoting clean energy. The infrastructure bill does that with an injection of funds in the amount of $73 billion dollars.
These are some of the major areas of spending in the bill. There are many others as well. For more information, take a look at Acgadvocacy.com.
2. Paying for the Jobs Act
Many people have concerns about the federal funding to pay for this expensive bill. How will congress cover the $1.2 trillion-dollar tab?
One is through the return on investment of about a 30% projected economic growth from the bill. The bill creates many jobs for years to come.
Congress is also counting on over $2 billion dollars in unused Covid relief funds. They’re also expecting almost $30 billion dollars in fees from cryptocurrency.
GSE fees, strategic oil reserve sales, and delaying Medicare Part D rebates are all on the table as ways of raising money.
3. Will the Implementation of the Jobs Act Affect the Stock Market?
With $1.2 trillion dollars injected into the economy, the Jobs Act has a significant positive effect on the economy.
The Jobs Act stipulates that all building materials come from the United States. That’s a big boost for American construction materials such as steel, iron, and manufactured products.
The creation of 1.5 million jobs in the engineering and construction industries is also a huge boon to the economy. This all affects the market in a positive way.
Building Back Better
The Jobs Act is a huge investment in the United States with far-reaching, positive effects on the economy. It aims to make roads, bridges, and drinking water safer while making the internet accessible to everyone.
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