Biden's Infrastructure Law Facing Headwinds, But Silver Linings Remain
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Infrastructure spending has fallen by over 10% in real terms since Biden's infrastructure law was passed, despite the fanfare around its $1.2 trillion investment.
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Delays are due to lags in allocating funds, soaring construction costs eroding spending power, complex new requirements, and coordination challenges between federal/state/local entities.
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Progress is happening in some areas, like the Hudson River rail tunnel project starting construction, but permitting and red tape obstacles persist across projects.
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There are some silver linings, like more coordinated infrastructure planning between states and potential for construction cost inflation to moderate.
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Historical context is that infrastructure bills have failed for years before this, so there's hope the current challenges can be worked through to deliver on the promise.