Bill

In November 2021 the bipartisan Infrastructure Bill was passed. It authorized $1.2 trillion for improvements in existing structures with $550 billion going toward new programs. The congress had tried for years to pass such a bill and this was the crowing achievement of the Biden administration. It is one thing to allocate funds but another to actually spend the funds. There is the government red tape much of which centers around environmental concerns. As of May 2024 17% of the money has been assigned to projects. Axios a liberal publications says, Spending President Biden's trillion dollars on U.S. projects before November is turning out to be a nearly impossible task. This is not limited to the Infrastructure Bill as the same thing is happening to the Inflation Reduction Act (IRA) and the CHIPS Bill. Sometimes this can be helpful as in the case of charging stations. $7.5 billion was set aside to build charging stations for EV's but only seven have been built and reports say that three of those are not working. This will not pose a problem as EV sales have slowed considerable. The question is what will happen to this money. The $280 billion dollar CHIPS Act passed in August 2022 has been more successful as it just hands out money to private companies. So far $30 billion has gone to Intel, Micron, Global Foundries, Polar, Samsung, BAE and Microchip. Hopefully this money will encourage these companies to expand their facilities and create new jobs in America which will further the trend toward reshoring.