I'm curious as to what planet you'd have to be living on to think that if we have billions of dollars to spare on huge transport infrastructure projects that aren't cars, that it should go to bikes and not public transport + walkability. I'm guessing it's a special magic planet with startlingly good weather year-round, without disabled people, where everyone gets to age into spry Euro-oldsters. Not wanting to kick of…
However I think when citylab is writing about the balance between cars and bicycles, they are refering to cities, where you (A) wouldn’t ban cars completely because of delivery and people with mobility problems and (B) the usage of cars by everybody has very tangible problems attached to it (space, noise, pollution, air quality).
And when we are talking about balance we are usually talking about one that is extremely on the side of the car anyways. Even in european cities there is are often two 1 meter bicycle lanes for six 3 meter car lanes and as a cyclist who often rides on crowded bicycle lanes while the streets next to me are empty, I can just dream of the things that could be done with the space of one car lane.
I have also lived for some time in Denmark and the Netherlands, where cycling is extremely widespread and I know what difference the infrastructure makes. When you cycle in a big german city you have to be constantly on the watch to not get overlooked by motorists, in the Netherlands nearly everbody cycles and the infrastructure is so much better, that cycling feels (and probably is) much less dangerous. This is also why it is more popular there.
That beeing said, I don’t believe that cycling alone will be the solution of the cities of the future. Cheap and good public transport systems and a clever network of delivery routes will also be needed.
And those who really need a car will certainly be granted permissions to use them (as they are now when it comes to all european historical city centers/pedestrian areas). The spry Euro-oldsters you mentioned seem to swear on E-bikes, because they can use electricity when they have to go up steep hills or just feel like it. Gives them the security they will make it even if their powers are running out. They would probably say sth. like: “There’s no such thing as bad weather, only bad clothes”