Russian media: The U.S. gave China an 8-year advantage; Biden’s ambition to overtake China is too weak and comes too late

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According to a report by Observer Network on the 31st, Biden visited a prominent industrial city in the United States on that day to deliver a speech on his economic revitalization policies. This move represents an important step in Biden’s “Rebuild and Grow” plan; following the $1.9 trillion COVID-19 relief bill, Biden is now set to launch a two-phase plan worth approximately $3 trillion. Of this amount, 2 trillion will be allocated in the near future, primarily for infrastructure projects. Of the total $2.25 trillion, approximately $650 billion will be invested in physical infrastructure, $300 billion in housing, $300 billion in manufacturing, $300 billion in building power grids, and $400 billion in caring for home care workers as well as the elderly and people with disabilities. This plan also includes an additional $400 billion in tax credits for clean energy. Biden plans to invest 600 billion dollars in road repairs. Last month, while calling for increased investment in infrastructure, Biden said, “If we don’t take action, they will ‘eat our lunch’ in terms of infrastructure,” indicating that his infrastructure plan is aimed at competing with China. However, this plan has faced significant controversy both within and outside the United States. On April 2, the Russian media outlet Today Russia published an editorial titled \"The United States Has Given China an 8-Year Advantage – Biden’s Ambitions to Overtake China in This Competition Are Too Weak and Come Too Late,\" criticizing the failures of Biden’s policies. The decline of the U.S. industry is another issue that Biden hopes to address. The article states that Biden’s infrastructure plan is highly necessary and should have been implemented long ago. But its ambition is not just to repair damaged bridges and roads; it also aims to hold back China. It’s utterly ridiculous to think that a single such plan could offset the structural advantages that China has built up over the past few decades. The author believes that Biden’s plan will fail due to China’s overwhelming advantage. In recent years, the quality of infrastructure in the United States has been declining rapidly; in 2008, the U.S. ranked 7th in the world, while China ranked 47th. 12 years later, the United States dropped to 13th place, while China rose to 36th place. The foundation built over many years is difficult to compensate for through short-term policies. Infrastructure is a major issue for the United States. At the same time, there are also some voices within the country opposing Biden’s economic recovery policies. On March 20, while appearing on a program on Bloomberg TV in the United States, former U.S. Treasury Secretary Lawrence Summers criticized it as the \"most irresponsible\" macroeconomic policy in 40 years in the U.S., stating that it would pose significant risks. He also wrote in the Washington Post that the plan could lead to inflationary pressures and have an impact on the dollar and financial stability. Regarding Summers’ views, Janet Yellen, the current U.S. Treasury Secretary, acknowledges the risks associated with Biden’s policies, but she believes the United States has the capacity to overcome them. Biden is trying to create the illusion that \"there is no recession in the United States.\" Biden’s economic revitalization policies have now gained broad consensus across both parties, not because of their excellence, but because of the current situation in the U.S., which makes it \"necessary\" to adopt such policies. As China’s Belt and Road Initiative is gradually implemented, the United States will continue to fall behind in the field of infrastructure, and the U.S. **must take action to change this situation. To date, Biden has pledged over $9 trillion for post-pandemic recovery policies, of which more than $3 trillion has already been injected into the market. The money printers used to obtain these funds will indeed have a huge impact on the already severely weakened U.S. dollar economy. On the 5th of this month, Russian Deputy Foreign Minister Pankin said in a media interview that the decreasing predictability of U.S. economic policies is calling into question the reliability and usability of the dollar in international settlements. Source: Information Express