US President Joe Biden signed a bipartisan infrastructure investment bill totaling about $1 trillion at the White House on the 15th. Economists believe that this bill is not enough to fill the huge infrastructure financing gap in the United States and has limited pulling effect on economic growth. Biden said at the signing ceremony of the bill that the bill will make the largest investment in infrastructure such as roads, bridges, railways and public transportation in the United States in decades, create a large number of jobs and alleviate the bottleneck of the supply chain. The bill includes funding existing federal public works projects and adding about $550 billion in infrastructure investment over five years. Compared with Biden's initial proposed infrastructure plan of about $2.25 trillion, the investment scale of the bill has shrunk significantly. The research of ray FEL, an economics professor at Yale University, shows that since the 1970s, the proportion of U.S. infrastructure investment in GDP has been declining, resulting in a serious shortage of U.S. infrastructure investment. He said the scale of the current bill was "quite moderate". Analysts believe that infrastructure projects have large investment scale, long construction cycle and slow return, and have limited pulling effect on economic growth in the short term. In the long run, the infrastructure bill will push up US government debt and cause crowding out effect on private investment, which may offset the positive effect of public investment. The Congressional Budget Office estimates that the bill will push up the federal budget deficit by about $256 billion over the next 10 years. The US Department of Commerce forecast data show that the real GDP of the third quarter of this year increased by 2% in the year to the end of the year in the 2% quarter of this year, which is far less than the 6.7% quarter of the second quarter. (outlook new era)