Bipartisan Infrastructure Agreement: New Jobs. No Inflation. No Tax Hikes.
Last night, a strong majority of U.S. Senators voted to approve the historic bipartisan infrastructure agreement in a key procedural vote.
The agreement – which Portman has played a key role in crafting – represents the largest investment in core infrastructure in our nation’s history to modernize and upgrade roads, bridges, ports, and other key infrastructure assets across the country.
Here are three key benefits Americans can expect from this landmark agreement:
NEW JOBS: The bipartisan infrastructure agreement is poised to create hundreds of thousands of good-paying jobs. One recent study found that the agreement could create around half a million new jobs by 2024.
This agreement constitutes the largest infrastructure investment in American history. Countless opportunities will be created in industries ranging from construction and plumbing to electrical engineering and software development. These new jobs will help spur decades of economic growth and opportunity.
NO INFLATION: The bipartisan infrastructure agreement is specifically designed to reduce inflationary impacts on the economy. Put another way - this agreement will not lead to inflation.
As American Enterprise Institute economist Michael Strain put it in a recent New York Times op-ed, “There are good reasons to believe this bipartisan infrastructure spending won’t be inflationary. Its focus is on improving longer-term productivity, not near-term demand. By strengthening the supply side of the economy, it would ease inflationary pressures. In addition, the spending would be spread out over a decade, and would likely add very little to the deficit until 2024.”
At a time when inflation is surging at the fastest clip in decades, the importance of this point cannot be overstated.
NO TAX HIKES: This agreement calls for the largest investment in core infrastructure in our nation’s history. And it does it without tax hikes.
In 2017, Congress enacted the Tax Cuts and Jobs Act, sweeping legislation that helped fuel robust economic growth, leading to record-low unemployment, higher wages, and the lowest poverty rate since the metric was established in 1959. By preserving these tax cuts, the bipartisan infrastructure agreement puts American families and jobs creators first – ensuring they are positioned to reap the gains of decades of future economic growth and prosperity.
Congress has talked about repairing America’s infrastructure for decades. Now it is time for action. We simply can’t afford to wait any longer.
This historic agreement will upgrade roads, bridges, ports, and other key infrastructure assets across the country – creating jobs and paving the way for economic growth, without raising taxes or increasing inflation.