Biden’s infrastructure plan calls for investing a lot of money in caring for the elderly

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Few were surprised that President Joe Biden‘s recently unveiled $ 2.3 trillion infrastructure plan spends a huge amount of money, $ 621 billion, on transportation-related projects. But his decision to include $ 400 billion in spending on care for the elderly and disabled, among other components, raised more than a pair of eyebrows. Count Bank of America BAC analysts, + 2.07% among whom are somewhat surprised by the proposal’s broad focus.

“The infrastructure spending proposed by President Biden encompassed a broad definition of spending plans, beyond the traditional roads and bridges that provide our building materials and long steel coverage. While any stimulus that supports the economy may be positive for the group, we believe that the amount programmed for roads and highways appears disappointing relative to expectations, “analysts said in a note. Non-highway and bridge spending in Biden’s “American Employment Plan” includes $ 25 billion to “help improve child care facilities and increase child care supply” and $ 300 billion to “modernize and revitalize American manufacturers and small businesses. ” And then there’s the substantial amount of money proposed to go into what the White House describes as “the infrastructure of our care economy.” Biden is “calling on Congress to invest $ 400 billion in expanding access to quality, affordable home or community care for older family members and people with disabilities,” the White House said Wednesday in its “fact sheet” on the plan for the President. “These investments will help hundreds of thousands of Americans finally get the long-term services and support they need, while creating new jobs and offering caregivers a raise, bigger benefits and the opportunity to organize or join a union and bargain collectively. . ”

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The director of a nursing facility in Los Angeles talks to residents gathered by a window. fake images

“$ 400 billion is an incredible and ambitious start,” said Ruth Katz, senior vice president of public policy and advocacy for LeadingAge, an association representing nonprofit and for-profit senior service providers. Senior services are “absolutely critical to infrastructure,” he added, citing figures from the United Nations World Population Outlook report that estimates that one in four Americans will be over 65 by 2050. “We need services that age. in the future. We need them now and we need them to be organized and affordable in the future, “Katz told reporters Thursday.” They are part of the infrastructure of the United States of America. “His group launched Thursday” Plan to Better Infrastructure for Aging “as part of their lobbying for funding. Meanwhile, Republican lawmakers have been criticizing the radical nature of Biden’s infrastructure plan.” Our nation could use a serious and specific infrastructure plan, “he said. Senate Minority Leader Mitch McConnell, Republican of Kentucky, in a statement. “This plan is not about rebuilding America’s backbone. ” The S&P 500 SPX, + 1.18% finished above the 4,000 milestone for the first time on Thursday, as DJIA stocks, + 0.52% started in April with a rally, taking advantage of first-quarter earnings a day after Biden presented. your infrastructure proposal. Now Read: Biden Launches $ 2.3 Trillion Infrastructure Plan: ‘It‘s Bold, Yes, And We Can Do It‘ And See: Biden Says Its $ 2.3 Trillion Infrastructure Package Will Relieve Congestion, ‘Dramatically Reducing Travel Time’