"This is not a plan that tinkers around the edges. It is a once-in-a-generation investment in America, unlike anything we've done since we built the Interstate Highway System and the Space Race, in the 1950s and '60s."We have to move now. I'm convinced that if we act now, in 50 years people will look back and say, 'This was the moment America won the future'."
"Most of the $2.3 trillion will buy votes rather than infrastructure, including $400 billion for 'elder and disability care', $213 billion for 'green and affordable homes', $174 billion for electric vehicles, $137 billion for 'school and childcare infrastructure', $100 billion for 'job training' and so forth."It's a smorgasbord for Democratic Party urban constituencies that leaves $180 billion for 'R&D in tech of the future' and $300 billion in manufacturing subsidies as an afterthought."
"In a recent interview with financial TV outlet Real Vision, Hoisington's Lacy Hunt pointed out that, early in his career – back in the 1960s and 1970s – $1 of government spending might have generated as much as $4 or $5 of GDP within a few years. But today, according to Hunt, that multiplier is negative...It's about -0.2, resulting in -$1.20 roughly three years after $1 of new fiscal spending."