Last weekend, President Biden’s $1.2T infrastructure bill passed, in a bipartisan Senate and House of Representatives. This bill will have a disproportionately positive benefit for New York and Rockaway in particular!
There is an old saying, “the squeaky wheel gets the oil,” and this is what is going to happen with New York since we have more infrastructure needs than every other state except California. If initial estimates hold true, roughly $170B (over 14% of the total) would be earmarked for New York State infrastructure projects.
The New York Funds Breakdown is as follows:
While this bill is a “game-changer,” I have mixed feelings about it. To use an insurance term, it is great to see that both parties can come to somewhat of a consensus by “unbundling” the bill and breaking it off the proposed $2+T “Social Spending” bill.
My top 5 benefits to the United States from this bill:
As we all know, Rockaway has been devastated by Super Storm Sandy. We have shown our resiliency building Rockaway back better over the past 9 years. This splurge of money can be used to:
The general public might not find It easy to grasp how much $1 Trillion dollars is, as we could have done this while spending less money. According to www.USDebtClock.org, the current US Deficit sits at $28.8 Trillion or $86,637 per person. The proposed $3.5T package (not yet passed) would be equivalent to over 12% of our current deficit.
To give an example how we got ourselves into this deficit situation, look at the Federal deficit progression below:
President: Debt at Start of Office Debt When Leaving Office
George Washington (1789-1797) $82 Million: 211 years later
William J. Clinton (1993-2001) $4.4T $5.8 Trillion
George W. Bush (2001-2009) $5.8T $11.9T
Barack Obama (2009-2017) $11.9T $20.2T
Donald J. Trump (2017-2021 $20.2T $27T
In summary, this is the largest investment in domestic infrastructure since the 1950s! It is prudent to spend money on long-term projects with trickle-down effects that will improve this country and our quality of life.