Biden to Invest 1,120 Trillion Won from Cradle to College

Investment in Human Infrastructure such as Childcare and Education to be Announced Next Week in 'US Family Planning'

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Joe Biden is expected to unveil his second infrastructure investment plan worth $1 trillion (1,120 trillion won) next week.

The Washington Post (WP) reported on the 21st (local time) that President Biden is preparing a $1 trillion “American Families Plan” proposal that invests in human infrastructure such as childcare and education. This plan is expected to be announced before Biden’s joint congressional address on the 28th.

The White House stated in a release, "President Biden has presented the first part of a historic plan to invest in the strength of the American economy and families, and will explain the second proposal within days," adding, "Since the details have not been finalized, speculation about the content is premature."

According to WP, the proposal allocates $225 billion (about 251 trillion won) each for childcare funding and paid family leave programs, $200 billion (about 223 trillion won) for universal preschool education, and tens of billions of dollars for other education programs.

WP reported that the Biden administration is expanding the federal government’s role in education, aiming to take responsibility from cradle to college education. WP explained that the plan intends to reduce inequality by improving the educational environment.

President Biden is pursuing separate congressional legislation for this bill and the $2.3 trillion (about 2,570 trillion won) infrastructure investment bill announced last month, the “American Jobs Plan.” Biden intends to fund the necessary resources through corporate tax increases, but given strong Republican opposition, many variables are expected during the legislative process.

The congressional media outlet The Hill forecasted, "Whether the Democrats choose to use the budget reconciliation process to bypass Republicans may depend on how the White House advances the new spending plan."

A Democratic strategist said, "The government might combine the two bills at the last minute, but if certain areas do not receive enough support, it might be easier to separate them and sacrifice one."

This content was produced with the assistance of AI translation services.