The Infrastructure Investment and Jobs Act, President Joe Biden’s $1.2 trillion bipartisan infrastructure proposal, will create nearly 1 million new jobs over the next decade, a new report from S&P Global suggests.
The report, published on Monday, was circulated by the White House on Wednesday afternoon and estimates that a $1 trillion infrastructure investment, such as the bipartisan package, “will alone create 883,600 more jobs by 2030, while increasing per-capita income and consumer spending.”
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S&P also estimated that the package would add $1.7 trillion to the U.S. gross domestic product and increase per capita income, which in 2019 averaged just over $33,000, by $100 across that same time frame.
Since Biden took office, there has been historic job growth, 4 million new jobs, the most in any president’s first six months, as businesses reopen from the pandemic following the distribution of vaccines to the public.
Independent projections from the Congressional Budget Office, the International Monetary Fund, the Federal Reserve, the World Bank, and the Organisation for Economic Co-operation and Development, in addition to second-quarter GDP data, suggest America will this year reach the highest levels of growth in nearly four decades. “While the American Rescue Plan is delivering relief for working families and enabling a historic recovery, this is no time to build back to the way things were,” the White House said in a statement. “The bipartisan Infrastructure Investment and Jobs Act and the President’s Build Back Better Agenda will upgrade our nation’s roads, bridges, and rail; revitalize manufacturing and the innovation economy; shore up critical supply chains; solidify our care infrastructure; and make long-term investments in our nation’s children and families. Combined, they will help ease the burden of high costs on working families, deliver one of the biggest middle class tax cuts ever, and generate sustainable economic growth over the long-term.”
The Biden administration circulated a similar estimate from Moody’s in early August that projects the president’s “Build Back Better” agenda, including both the bipartisan infrastructure plan and the $3.5 trillion budget reconciliation package, would average 2 million new jobs each year for the next decade.
“In terms of employment, Biden’s proposed policies contribute to the creation of 14.4 million more jobs during his term and 20.1 million through the end of 2031. Under the infrastructure deal and reconciliation package, employment increases by 12.9 million during his term and 19.1 million by year-end 2031,” the Moody’s estimate reads. “Unemployment is similar under both policies, but only because labor force participation is measurably higher under Biden’s policies than under the infrastructure deal and reconciliation package.”
House Democrats reached an agreement on Tuesday to advance both infrastructure proposals following nearly two weeks of negotiations between House Speaker Nancy Pelosi and a group of 10 centrist Democrats.
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White House officials previously told the Washington Examiner that the president supports Pelosi’s timeline, which now commits to focusing on the reconciliation for the next month before bringing the bipartisan infrastructure package, previously advanced through the Senate, to the floor for a final vote by the end of September.
