President Biden lays out ground-breaking investment plan

Having now celebrated 100 days in office, President Joe Biden has made arguably his biggest statement yet by pitching a sweeping investment plan for jobs, education, and social care in his first speech to a joint session of Congress on Wednesday.

This outline of the plan is expected to cost as much as $4 trillion (£2.9tn), which would be the largest overhaul of US benefits since the 1960s. These plans will centre around the American Jobs Plan and the American Families Plan, with the White House saying that the proposals would be funded by tax raises on corporations and the wealthiest Americans – which has been met with some opposition from the Republican Party.

When delivering the announcement, Mr Biden called this “once in a generation investment in America itself” while also emphasising he will “not add to the tax burden of the middle class of this country.”

The plans aim to boost investment in public transport, high-speed broadband and roads and bridges while it will also be guided by the fight against climate change, something Mr Biden has been very opinionated on.

The American Families Plan, which will cost $1.8tn, will focus on children with the aim of providing free pre-school for children aged three to four, paid family and medical leave as well as health insurance subsidies, tuition-free community college for all and an extension of key tax breaks.

The pandemic has hit the US particularly hard, with as many as 574,000 deaths and 32.3M recorded cases as of writing. Its economy has also been hit with millions requiring additional support in the midst of political uncertainty during the latter stages of Trump’s presidency. The country has been in desperate need of stability and this proposal from Mr Biden should be viewed as a huge step in the right direction.

As the world’s largest economy, the role of the US in helping to achieve the 17 Sustainable Development Goals (SDGs) by 2030 is of vital importance and if this investment plan is implemented, its impact in accelerating such progress will make this possible. These plans will play a role in addressing SDG 1 (No Poverty), SDG 2 (Zero Hunger) and SDG 4 (Quality Education) amongst others. If these prove successful, the US could help provide other countries with the help needed to achieve the SDGs in what is being called the decade of action.