(USA Features) A new analysis of President Joe Biden’s infrastructure initiative found that for every job it creates, it will cost taxpayers more than $666,000.
In conducting the analysis, The Washington Post gave the president “two Pinocchios” for saying that his American Jobs Plan, which contains spending for new infrastructure, would create 19 million jobs.
Both Biden and Transportation Secretary Pete Buttigieg have made the 19 million jobs claim, which comes from a Moody’s analysis, though CNN has estimated that the economy will add about “16.3 million jobs over the same period if the infrastructure proposal does not get passed.”
“Subtracting Moody’s 16.3 million figure from Biden’s 19 million projection would equal 2.7 million net jobs created by the infrastructure plan. Rounding up to 3 million jobs and dividing by $2 trillion equals $666,000 per job. If the jobs plan leads to 2.7 million jobs created, the cost to taxpayers would be $740,740,” Just the News reported.
As far as passage, House Speaker Nancy Pelosi (D-Calif.) said this week Democrats would like to draft formal legislation for the Biden plan by May and have it finalized over the July 4 holiday.
Thus far, a White House fact sheet talks about key elements of the plan but doesn’t contain specifics about which infrastructure projects would be funded.
To get it through an evenly divided Senate, however, Democrats are considering invoking budget reconciliation thereby avoiding an expected filibuster by Republicans. That is the same strategy the majority party used to get Biden’s $1.9 trillion American Rescue Plan passed in March.
“We have this bill that we hope we can do, especially, the infrastructure bill,” Pelosi said Thursday. “It has always been bipartisan. We will do so in a bipartisan way. If we have to go to reconciliation, that is a lever, but I hope it is not something we need to do.”
Republicans have criticized the measure as prohibitively expensive and focusing too little on traditional infrastructures such as roads, bridges, ports, waterways, airports, and rail.