US President Joe Biden said that infrastructure is a national security issue where China is moving faster than the US.
In Washington on April 7, US President Joe Biden gave a speech on the importance of his newly proposed $2.3 trillion infrastructure investment package. He said that investing in infrastructure is part of a strategy to compete with China. “Do you think China is sitting around waiting to invest in infrastructure, in research and development? I say no,” Mr. Biden said.
“America is no longer a world leader because we are not investing,” the White House owner commented and warned that the US is falling behind China and the rest of the world in investing in the future. Mr. Biden cited data showing that US government spending on infrastructure decreased by 0.7% of GDP and the US is one of the few major economies where public investment in research and development has decreased.
That’s why Mr. Biden is proposing the largest ever $2.3 trillion investment package for infrastructure projects in transportation, health care, manufacturing, housing, and schools.
Earlier, in late March, when commenting on this proposal, Mr. Biden said: “It will create millions of good-paying jobs. It will boost the economy, increase our competitiveness, promote our national security interests and help us win over China in the global competition in the years to come. The White House owner believes that investment is the only way for the US to compete with China and regain its leading position.
Controversial plan
Mr. Biden said that he and Vice President Kamala Harris are ready to meet with bipartisan lawmakers in the coming weeks to discuss the proposal package. Mr. Biden’s investment proposal is currently facing many criticisms from the Republican Party, especially opposing the plan to increase taxes on businesses to get the budget for the investment package. They believe that increasing taxes will reduce the competitiveness of American businesses and may lead to the situation of shifting production abroad, causing losses to the US job market.
In addition, in There are also disagreements within Mr. Biden’s Democratic Party over the source of funding for the investment package. This is a major challenge for Mr. Biden’s ambition to curb China’s influence as his proposed investment package still needs congressional approval.
Since taking office in January this year, Mr. Biden has made it clear that curbing China’s influence is one of his top priorities. However, unlike his predecessor Donald Trump, instead of adopting an “America First” policy, Mr. Biden has repeatedly said that his administration will coordinate with allies and partners to prevent China’s rise.
In his speech late last month, Mr. Biden declared that he would prevent China from surpassing the US to become the world’s number 1 power and that the US and its allies would hold China accountable for issues such as Taiwan, the East Sea, Xinjiang, etc. “China wants to become the world’s leading country, the richest and most powerful in the world. I will not let that happen because the US continues to develop,” Mr. Biden said.
Minh Phuong
According to SCMP
