Biden’s infrastructure plan is a down payment on the economy America can – and should – have

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By Janet Yellen, U.S. Secretary of the Treasury

For more than a generation, America has underinvested in the public goods that are the foundation of our economic growth: infrastructure, education, childcare.

Our funding for them has been on a downward trajectory for nearly forty years. In 2019, it was about three-quarters of what it was in the 1970s. On Tuesday, the United States Senate began to turn the page on this unfortunate chapter in our economic history and, with two pieces of legislation, started building the economy that Americans should – and can – have.

The first development happened in the late morning when the chamber passed the Infrastructure Investment and Jobs Act, which – as its name indicates – will commence the largest modernization of American infrastructure since Eisenhower built the Interstate Highway System.

Its history is written in concrete and fiber optic cable. In addition to repairing roads and extending transit lines,…

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