While I agree with Biden in that improved infrastructure will remove 'bottlenecks' in the economy - making a more efficient economy, I doubt that will do much for stopping inflation. It's not only government spending, but supply shortages that are causing inflation.
When working people have more money, businesses charge more for their goods and services. If working people are willing to pay (and much of the time they have no choice), then businesses will continue.
In our economy, all money trickles up to the wealthiest .01% anyway. Whether they choose to invest it in growth industries or tie it up in conservative non-growth investments is up to them - but that's what determines if we have a bust or boom economy. There's nothing to indicate that the wealthy are going to making risky investments at this time - we're in for a bust economy. Businesses are trying to make up for losses incurred during the pandemic.
Government spending - the creation of money - is just the authority to activate resources. The government is activating millions of people and other resources - hopefully stimulating the economy as a whole. This may encourage the wealthy to start investing in growth industries as well.
The only problem with this is that the wealthiest aren't taxed enough - if they were, the government would be able to balance its books. That really doesn't matter since we're the world's currency reserve. The government can create as much money as it wants.
Effectively, the government creates money, and the wealthy destroy money (by tying in up in non-growth investments).
The stock market is, except for IPO & newly issued stock, an economic circle jerk. People buy stock from other people, who 'invest it' by buying stock from other people, who 'invest' it by buying stock from other people, who 'invest it' by buying stock from other people, who 'invest' it by buying stock from other people...etc...etc...etc...
The stock market goes up, but the economy is a bust.
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