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Inflation melts away Biden's $1trillion infrastructure plan

The $1 trillion in federal infrastructure investment sparked by the massive bill President Joe Biden signed last year is starting to kick in.

But many projects around the country are being stalled or delay - or facing double the projected costs - because the highest inflation in 41 years is pushing up the prices of materials.

There is also a widespread shortage in workers, further hampering efforts to rebuild or revamp roads, bridges, airports and water systems across the country.

The price of a foot of water pipe in Tucson, Arizona: up 19 percent. The cost of a ton of asphalt in a small Massachusetts town: up 37 percent. The estimate to build a new airport terminal in Des Moines, Iowa: 69 percent higher, with a several year delay.

The price hikes already are diminishing the value of a $1 trillion infrastructure plan Biden signed into law just seven months ago. That law had included, among other things, a roughly 25 percent increase in regular highway program funding for states.

Many economists and Republicans say the influx of federal funds is one of the leading causes of skyrocketing inflation, and money set aside for the projects is being rendered useless.

'Those dollars are essentially evaporating,' said Jim Tymon, executive director of the American Association of State Highway and Transportation Officials. 'The cost of those projects is going up by 20 percent, by 30 percent, and just wiping out that increase from the federal government that they were so excited about earlier in the year.'

Des Moines International Airport: Four years ago, a new 14-gate terminal was projected to cost $434 million and be open by 2026. By this spring, the cost had soared to $733 million

Series of bridge repairs along Interstate 55 in St. Louis, Missouri, came in at $63 million this year, 57 percent over the budgeted amount

In Huntington, Massachusetts, a 1.5-mile stretch of road won't be finished this year after a 37 percent spike in the price of liquid asphalt

Residents west of Little Rock, Arkansas, will pay a $146 monthly surcharge to Central Arkansas Water to install new water lines - 17 percent more than planned

Prices for some key materials in infrastructure construction have risen even more. Prices paid to U.S. manufacturers of asphalt paving and tar mixtures were up 14 percent in May compared to last year, according to data from the Federal Reserve Bank of St. Louis. Prices for fabricated steel plate, used in bridges, were up 23 percent, and ductile iron pipes and fittings - used by water systems - were nearly 25 percent higher.

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by Anonymousreply 19June 23, 2022 11:22 AM

This presidency is an unmitigated failure, just floundering around, letting the Republicans and the woke dictate what is happening in the country. Biden is not a strong leader and is about to be repudiated this fall and, should he run again, will have one of the lowest vote totals in modern history, maybe lower than Dukakis. Younger Dems need to speak up and take over as the voice of the party, since the fossils must be replaced. Right now there is no one who can do it, except Pete, who can never be elected.

by Anonymousreply 1June 20, 2022 9:17 PM

This bill SANK the American Economy....The Infrastructure Bill was too large with too much giveaways to the rich. Biden and Buttigieg both lied about how many jobs it created. And the Infrastructure Bill gave Pete and excuse to travel around the country cutting ribbons instead of doing actual work. Buttigieg LIED when he went on his favorite Fox News and said this bill would fight inflation....I will NEVER vote for Buttigieg..

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by Anonymousreply 2June 22, 2022 10:20 AM

The preceding opinions were brought to you by the morale decaying Moscow Natasha!

by Anonymousreply 3June 22, 2022 10:28 AM

Bananas Rotting in Shops as we Type This Doomsday Headline: Nothing Can Be Done

by Anonymousreply 4June 22, 2022 10:31 AM

R3 = Moscow? Try Folsom, Ca. Pete is a liar. He is a political prostitute. He works for his Corporate Overlords. Look at him. He looks like the guy who would go to D.C. as a Senator and stay for 35 years if he could. He is everything wrong with Washington. And do not forget his donors making money off Transportation Contracts... The Infrastructure Bill has tanked the economy. Pete lied when he said this bill would have shovel ready jobs. Nope.

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by Anonymousreply 5June 22, 2022 11:29 AM

OP has linked to Fox News and the Washington Examiner, but wants us to think he's not a conservatroll.

by Anonymousreply 6June 22, 2022 11:32 AM

[quote] This presidency is an unmitigated failure

Oh brother, just stop with this bullshit. Inflation is a world wide problem, not just a US problem

Trump had "Infrastructure week" almost weekly during his administration and passed nothing, that is an unmitigated failure.

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by Anonymousreply 7June 22, 2022 11:45 AM

R6 thinks everyone to the right of Mao is a conservative troll. R6 is part of the problem.

by Anonymousreply 8June 22, 2022 11:55 AM

[quote] Trump had "Infrastructure week" almost weekly during his administration and passed nothing, that is an unmitigated failure.

That's strange. I thought this was a thread about Biden, and yet here you are again bringing up a President who's been out of office for a year and a half. That's an unmitigated failure.

by Anonymousreply 9June 22, 2022 11:57 AM

They will throw money at whatever projects they start, to finish them.

It's all smoke and mirrors. The infrastructure MUST BE FIXED. There's no choice.

by Anonymousreply 10June 22, 2022 1:00 PM

The problem with blaming people is that people get blamed, R9. Sometimes, even the person most responsible for the topic at hand.

by Anonymousreply 11June 22, 2022 2:47 PM

The "buy American" requirement is quite draconian, and increases the cost of projects immensely. Google it. Add that on to inflation, and it's incredible that they even finish any of the projects.

by Anonymousreply 12June 22, 2022 2:51 PM

[quote] That's strange. I thought this was a thread about Biden, and yet here you are again bringing up a President who's been out of office for a year

R1 brought up "unmitigated failure" so I just assumed this was a thread about Trump, surely you understand.

by Anonymousreply 13June 22, 2022 3:49 PM

Failed alibi.

Biden tweets about 'Putin's Price Hike' just moments after Fed chair said president is WRONG to blame Russia for inflation:

Powell warns of further interest rate hikes and recession

by Anonymousreply 14June 22, 2022 10:10 PM

Cash is king people! Sell all stocks and bonds and buy a strong mattress.

by Anonymousreply 15June 22, 2022 10:29 PM

"The Infrastructure Bill will create 19 MILLION jobs"-----Buttigieg........The number is 2.7 million and those are temporary jobs. This bill tanked the economy. Once the bridge is built the job is over. Once the pothole is fixed the job is over. Once the Rich People Marina is built it will be maintained non stop so the rich people can enjoy their life perks that Mayor Pete provided them. LINK is FOX NEWS = Because Pete LOVES Fox News.

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by Anonymousreply 16June 23, 2022 1:27 AM

Why do I have a feeling that this whole thread is mostly one poster talking to himself?

by Anonymousreply 17June 23, 2022 1:42 AM

Nothing will be done unti bridges start falling.

by Anonymousreply 18June 23, 2022 1:48 AM

R18 - Bitch, I'm clean and flying straight now!

by Anonymousreply 19June 23, 2022 11:22 AM
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