August 2020 Volume 2

COVER STORIES

eliminate the possibility, but it will make it much harder. But if it can get done, what would be on the table? President Trump has provided little detail as to what his infrastructure plan entails, but he has said he would like to see a package in the realm of $1.5 trillion. Depending on the specifics, we believe this can be a real possibility with an all Democratic Congress. A split-party Congress wouldmake this far more difficult, as philosophical disagreements about what gets prioritized, how to pay for it, and even what would count as “infrastructure,” would slow the process down considerably. Biden would like to implement a $2 trillion infrastructure plan spread over four years that is focused on stimulating the economy while also addressing climate change needs. In addition to substantial investment in traditional infrastructure projects like roads and bridges, other tenants of the plan include bringing back the successful “Cash for Clunkers” program – launched in 2009 as a result of the previous financial crisis to encourage Americans to purchase more fuel efficient vehicles – the construction of 500,000 electric charging stations, and setting an ambitious goal of having American-made public transportation buses emit zero emissions by 2030. We imagine enhanced broadband build-out, particularly in rural areas, would be included, as would other climate-focused construction, like power generation enhancements with a set date for zero carbon emissions. This is ambitious and would likely pass only with an all Democratic Congress. Should Biden have to work with a split Congress, an infrastructure plan is still possible, but it would take a very different, likely more traditional, less climate focused structure. Costs, Caveats, Consequences The caveat of all of this is cost. Will our leaders be willing to spend more to enact some or all of these proposals? It is not an easy question to answer. Many folks can justifiably ask if all the spending is necessary. Three trillion dollars has been spent so far on the pandemic response alone – and that is on top of the country’s standing budget of nearly $5 trillion. As a result, our deficit has taken on an even deeper shade of red: three quarters into the 2020 fiscal year, our budget deficit stands at $2.74 trillion, which is a 267 percent increase over the same period for fiscal year 2019, bringing our national debt to $24 trillion. These are not small numbers, and they play a significant role in the calculus of what policies and spending make the most economic sense. The World Health Organization declared COVID-19 a pandemic on March 11th. The U.S. began its economic shutdown shortly thereafter on March 16th. The finishing touches are getting put on this piece on July 17th, 123 days since the start of the shutdown and 109 days until the election on November 3rd. To think of how the world has turned upside down in such a short amount of time and how much can still change in a nearly equal amount of time before Americans head to the polls to make their choices is dizzying and confusing.

Nevertheless, we as a country will have to make some very real decisions on who will lead us, so that those leaders can make some very real decisions on what policies are best for future economic strength and stability. And yes, all of these decisions – ours and our political leaders’ – are being made amid toil, tumult, trepidation, and with a full recognition that it is impossible to properly predict the future. But actions will have to be taken. True, genuine, holistic leadership will be necessary. And who sits in the various chairs of leadership is critical. So, if there is any takeaway here, please remember to vote. Because in the end, elections matter. And this election could very well be “the most important election in our lifetime!” ■

Steve Haro is Principal at Mehlman Castagnetti Rosen & Thomas and can be reached at sharo@mc-dc.com

FIA MAGAZINE | AUGUST 2020 17