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…
As I said, I'm pro-cycling. Good for you, all you hardy souls. But it is a seriously boneheaded point of view to imagine that cycling is going to be more important as a mode of transport than public transport in most of the world under the conditions that exist now.
There's a large plurality - even in the totally cycle-happy countries - of people that don't ride, and that's a majority past a certain age. These people will get a small benefit (aside from cleaner air and fewer cars on the road, which is nice) from cycling infrastructure. Conversely, a drastic improvement in public transit infrastructure benefits almost everyone - cyclists are pedestrians and transit users some of the time, and they will also benefit from getting cars off the road.
Frankly a lot of folks are confusing their hobby with good public policy.