A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE
A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Biden’s US$2.25 trillion infrastructure plan boldly recognises public sector role

  • US corporate taxes will rise to help fund the infrastructure upgrade and social welfare spending that the US will need to catch up with front-runner China
  • The Biden plan is a tacit recognition that financial systems in market economies such as the US are not best suited to financing public spending

A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE
A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE
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Anthony Rowley

Anthony Rowley

Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London