Along with the US$1 trillion infrastructure bill, US President Joe Biden also expressed confidence that Congress will pass a US$3.5 trillion spending bill. This bill will serve to fund childcare, community college and other social programmes with an increase in taxes on companies and the rich.
The re-opening of the US economy after the Covid-19 pandemic, coupled with unprecedented fiscal and monetary stimulus, has ignited the strongest inflationary pressure since the 1970s. With budget deficit projected to be US$3 trillion ($4.05 trillion) this year, the US national debt is exploding at its fastest pace since World War II.
This, however, seems to be just the tip of the iceberg. Adding to the mix is the recent US$1 trillion infrastructure bill to rebuild the nation’s deteriorating roads and bridges, as well as fund new climate and IT initiatives. This bill was overwhelmingly approved by the US Senate on Sept 9, 2021.
