But this bill may help reduce longer term inflation if it's actually spent wisely.

Absolutely! And it's a shame that the USG is using this type of cash-based accounting instead of depreciating long term assets like any other business.

At the same time, anything to do with infrastructure is so wasteful that I am always a little afraid whenever these infrastructure bills come up.

Good discussion here: https://www.wbur.org/onpoint/2021/08/02/why-does-infrastruct...