The Magazine for Asian Investors
President Joe Biden’s “Build Back Better” plan was his grand plan during his election campaign with the promise that he would renew the infrastructure of the United States and invest in green energy. But now the signs have changed because, with rapidly rising inflation, many are skeptical about the $1.75 trillion plan since the U.S. national debt has already risen to $29 trillion this year. That this never-ending hole of deficit spending knows no end and the farce about the discussion of the debt ceiling we have already addressed in an earlier article.
Scaremongering – But stagflation is taking hold
But now President Biden is facing opposition from within his own ranks. Sen. Joe Manchin (D-W.Va.) says on Fox News Sunday that he will vote against the infrastructure package. With that, he’s reaping the Democratic world this Sunday. He said, “I cannot vote to continue with this piece of legislation. I just can’t. I tried everything humanly possible. I can’t get there.”
Reasons for his vote against the package, he said he was very concerned about rising inflation. In addition, the national debt has already grown to $29 trillion and the impact of COVID and new variants on the future economy is not yet known. COVID has again brought restrictions to our lives with rapidly increasing numbers of cases in the U.S.
As chairman of the Senate Energy and Natural Resources Committee, he is also highly critical of the bill’s proposed climate-related regulations to promote renewable energy sources and eliminate fossil fuels. In this regard, he said, “If enacted, the bill will also threaten the reliability of our electric grid and increase our reliance on foreign supply chains.”
Since President Biden has already shut down some oil pipelines, he seems to have hit the mark. For some time now, the White House has been accusing OPEC+ of pumping too little oil but has shut down its own oil supply through new regulations.
Consequently, the controversial infrastructure package will most likely go down with it, just like most of the other promises.