President Biden visiting Louisiana to preview economic plan
ALEXANDRIA, La. (KALB) - President Joe Biden will be traveling to Louisiana on Thursday to make the case for his new $4 trillion economic plan.
The president will be making stops in Lake Charles and New Orleans to talk hurricane recovery and the COVID-19 pandemic, but the main point of the proposal is for the economy.
The proposal would invest $2.3 trillion in infrastructure which would provide relief for the $14 billion worth of infrastructure project backlogs in the state.
District 27 State Representative Mike Johnson said, “Our roads and bridges are some of the worst in the country and it’s not just at the state level but also at parish and local. There are parts of my district that have potholes bigger than the cars.”
The economic plan would invest $115 billion specifically for road and bridge repairs. Last month, President Biden’s administration gave Louisiana a “D” grade for infrastructure. The plan would also give money to repairing water systems and getting reliable broadband to every resident.
The proposal also has $1.8 trillion for tax cuts and education. Deborah Randolph, the President of the Central Louisiana Regional Chamber of Commerce, said early education is underfunded in Louisiana.
“In order to build a strong workforce for the future, we can’t afford to lose a single child because they didn’t get the early education they needed,” said Randolph.
Although the economic plan addresses a number of needs, officials are concerned about the cost of it.
“We do not favor raising taxes particularly on businesses, industries and small businesses because of the negative impact it has on growing our economy,” said Randolph.
State Representative Johnson said this would put the country in additional debt that they will be paying off for a long time.
“It is deficit spending at a greater amount than we have ever seen. I hope the initial funding coming from the federal government will be used on infrastructure and that we try to be smart on how we spend the money. We need to not go into deficit any more than necessary,” said Johnson.
The president’s plan would be to raise the corporate income tax rate by seven percent, which the administration says would raise $2 trillion over the next 15 years.
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