Biden’s $2 Trillion Plan for More Cars, More Jobs, Less Pollution – Forbes Wheels
Jim Henry Updated: Nov 9, 2020
The incoming Biden Administration has a big, ambitious green agenda for the interlocking spheres of automobiles, transportation and energy that calls for at investment of at least $2 trillion. The large pool of funding would give consumers continued access to cash and provide the trifecta of industries more capital to push wider adoption of electric vehicles.
Likely included in the new administration’s plans is another round of extended unemployment benefits and/or stimulus payments direct to taxpayers. Job creation in the automotive or transportation sector also is at the top of the list alongside support for EVs and EV charging stations. The development of smart highways that improve safety and hasten autonomous driving, infrastructure improvement, increased mass transit and return to higher fuel economy standards also is likely on the table.
As a first priority, the U.S. auto industry will benefit from consumers receiving a new economic stimulus right away–possibly similar to the spring-summer $1,200 Economic Impact Payments. That’s at least the consensus of automakers and a handful of industry economists. This would help consumers pay their bills and create more disposable income that they could put back into the sector to keep the auto sales recovery rolling.