Money, money, money.
You may recall Biden’s disastrous $1 trillion infrastructure bill, much of which actually went to green energy, including billions for electric car chargers for the rich.
Well, it’s going to waste even faster than usual because of the inflation unleashed by spending sprees like it.
Money set aside to build new roads and bridges as part of Biden’s $1 trillion infrastructure project is ‘evaporating’ as inflation raises the costs of materials, the Associated Press reported.
Those dollars are essentially evaporating, Jim Tymon, executive director of the American Association of State Highway and Transportation Officials, told the AP. The cost of those projects is going up by 20%, by 30%, and just wiping out that increase from the federal government that they were so excited about earlier in the year.
The rising prices have decreased how much can be done with the funds, and officials in various states have said the money isn’t going as far as they’d like. They’re concerned they’ll now take more years to complete projects.
The only answer is to pass a $2 trillion infrastructure bill and watch project costs go up by 40% to 50%.
This is bad news for California’s light rail whose cost went up another $5 billion earlier this year going to $105 billion, up from what was supposed to be $42 billion in 2008, but government project inflation is much more rapid than anything in the private sector. And as anyone who remembers shovel-ready projects knows, nothing actually gets built.
Take the bridge that Obama and Biden used as the poster bridge for their infrastructure boondoggles.
“The individual elements of this plan to make sure we’re going to fix that damn bridge here that is going into Kentucky,” Biden rambled to a tiny hand picked audience of sympathizers.
That “damn bridge” was supposed to be fixed 20 years ago.
Biden is promising to do the thing that his own boss had promised to do and then didn’t do.
While the Obama administration never did help build a new bridge, $8 million in taxpayer money was wasted on an environmental impact study on the bridge. This was in addition to previous environmental findings from 2012 and 2005.
Any day now. There’ll be more studies and nothing built.