Monday, March 1, 2021

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Why Does Donald Trump Want to Spend 1 Trillion Dollars?

Why does Donald Trump want to spend 1 Trillion Dollars? One of the key campaign promises of the US President Donald Trump, along with tax reform and the construction of a wall on the Mexican border was the program to restore American infrastructure. What is the Trillion Dollar infrastructure program, will the Congress approve it, and whether the infrastructure program is feasible or not? Analysis by EurAsian Times.

What is the Trillion Dollar Infrastructure Program

About his desire to “rebuild” the US infrastructure, Trump repeatedly stated in 2016 –  “We will improve our inner cities [in the central states] and upgrade our roads, bridges, tunnels, airports, schools, hospitals.” We will upgrade our infrastructure, which will give jobs to millions of our people, “- said Donald Trump on November 9, 2016, right after winning the presidential election.

What is the essence of the Infrastructure Program?

The main message of the 70-page document under development boils down to the fact that in the next ten years $ 1 trillion is needed for infrastructure development in the US. This is a huge amount, almost comparable to the GDP of Mexico for 2016 ($ 1.05 trillion).

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It is assumed that only $ 200 million will be allocated from the federal budget. The remaining $ 800 million necessary for the reconstruction and construction of new “routes, bridges, tunnels, airports, schools and hospitals” is proposed to be funded by local authorities and private investors.

Will it be approved by the US Congress?

As of December 2017, Republicans have held 52 of the 100 seats in the Senate and 239 of the 435 seats in the House of Representatives. Simply put, the president’s party has a majority in both houses of Congress.

At the same time, the US Democratic Party is skeptical. According to the leader of the Democratic minority in the US Senate, Charles Schumer, for the next ten years, the government proposes to reduce the financing of infrastructure on the lines of several ministries by a total of $ 206 billion.

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Schumer rebuked Trump for wanting to reduce the funding for the states and cities to “pay rich hedge funds for the construction of new toll roads.” And Republican Bill Shuster, chairman of the US House of Representatives Committee on Transport and Infrastructure, believes that President Trump is a “builder” who understands why infrastructure is so “important for jobs and the economy.”

Is the Project Feasible?

According to Transport Minister Elaine Chao, Democrats’ demand to allocate $ 1 trillion from the budget is not very realistic and will increase the deficit. According to the deputy director of the Institute of the USA and Canada of the Russian Academy of Sciences, this program will be especially difficult to implement against the backdrop of the recently adopted tax reform. “At first, a big tax cut will lead to a decrease in budget revenues, and it’s not clear how to take such massive amounts of money for the infrastructure program,” the report said.

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