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In February, President Joe Biden plans to outline an infrastructure plan intended to help America “build back better.” Congress has already provided nearly $4.5 trillion in response to the coronavirus outbreak. Spending more—possibly trillions more—risks stunting the economic recovery and wasting taxpayer money.
Many arguments are made for expanded infrastructure spending: Low interest rates make investment now cheaper than ever; federal investments in new energy technologies will help to aid certain politically favored industries while curbing others; American infrastructure is crumbling and needs to be rebuilt by the federal government; the American economy needs a stimulus plan that can create jobs and boost the recovery. While none of these arguments for new federal spending is fact-based or convincing, this