The Build Back Better plan could have an economic impact in Arizona
Sept. 22, 2021
Democrats are working to push through President Biden’s “Build Back Better Plan”. That plan would pump 3.5 trillion dollars into expanding education, health care, climate efforts and child care. The plan would create millions of clean jobs. ASU Economist Dennis Hoffman explains the proposal.
“This was an interesting study…essentially we were asked to examine the economic impact or total impact on the state of Arizona, should the federal government decide to march forward with a 3.5 trillion dollar Build Back Better investment plan and that meant that we had to estimate based upon the categories of expenditures that they were going to make by committee in Congress,” Hoffman said.
He continued that the study found that over the next 10 years, “the impacts are really big…83.6 billion of the 3.5 trillion would be coming to us in direct spending and that direct spending will result in about 150 billion dollars of new income…new GDP rather for the state of Arizona over the next 10 years, it will average about 100,00o jobs that will be supported by this money.”
Hoffman said it would bring $3,300 to each house in Arizona.
He mentions it’s a lot of direct, indirect and induced benefits that would come to the state of Arizona as the result of this federal initiative.
Most of these new jobs would be private sector, it could create jobs in health services, construction, social service and electrical vehicle jobs.
Hoffman sees this taking off in the late 20’s. He said that jobs were projected to be sluggish but this plan would bolster the economy.