Soaring inflation and supply chain woes are poised to diminish the impact of President Biden's signature $1.2 trillion infrastructure package that Congress passed with bipartisan support last year.
With the 2022 midterm elections looming, Biden is selling the infrastructure law as a success that overcame partisan divides and will improve the country with substantial investments in things like roads and bridges as well as clean drinking water, high-speed internet, public transit and airports. "There’s so much more in this law. I’m not going to bore you with the rest of it, but it's significant," Biden said on Tuesday during his second trip to New Hampshire as president.
The cost of construction projects for the government rose 14.1% in March compared with a year earlier, according to whole price information released by the Labor Department last week. The producer price index, which measures inflation at the supplier level before it reaches consumers, surged 11.2% in March from the year-ago period. On a monthly basis, prices grew by 1.4% – an uptick from February, when the gauge increased by 0.9%.
The bill includes more than $500 billion in new spending that will be invested in "core" infrastructure projects such as roads, broadband internet and electric utilities over the next eight years. The White House has billed the measure as a "once-in-a-generation investment" and has projected that it will create 2 million new jobs. That $1.2 trillion investment, however, could yield far less if sky-high inflation continues.
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