On Thursday, the presumptive Democratic nominee presented his moderate economic plan. Joe Biden, former vice president of the U.S., wants to become the president of the country. Importantly, the country is struggling to cope with economic, health, and racial crises at the same time. Biden presented his economic plan in Dunmore, Pennsylvania.
Interestingly, Biden sought not to remind Americans there was pain, but to promise that he could improve the situation. According to Biden, this is the moment to imagine as well as to build a new American economy. He wants to build an economy for every American. Moreover, the message former vice president laid out in opening remarks some echoes from progressive Democrats. Importantly, the progressive Democrats wanted Biden to use this historic moment to change the rules to expand social safety nets and higher taxes on the wealthy.
However, the policies presented by Joe Biden were not starkly different from the ones he previously outlined. For example, Biden echoed his call for Amazon to pay income taxes. Furthermore, he said he would raise the U.S. corporate tax rate to 28% from 21%. Moreover, Biden also again pushed for a $15 an hour federal minimum wage.
Biden spoke about racial inequality, earlier in the day he promised that he would invest $70 billion in minority-led colleges and universities.
Biden, his economic plan, and working-class voters
As mentioned above, Biden presented his economic plan in Pennsylvania. In this state, there are thousands of manufacturing jobs and working-class voters. Interestingly, Biden criticized the principle of “shareholder capitalism”. He told the audience that America was built by labor and unions who made the middle class.
Even though there are many working-class voters in the state, in 2016 Pennsylvania was for Donald Trump. Voters decided to vote for Trump because of his position regarding the U.S. manufacturing industry.
Also, Biden presented a $700 billion manufacturing and innovation plan earlier in the day that takes into account coronavirus’ effect on America. The purpose of this plan is to focus on U.S.-made products. This plan reflects a country even more unnerved by the country’s dependency on China. The global health crisis once more underlined the importance of supply chains.
The plan presented by Biden includes $400 billion to invest in products and materials the U.S. needs. Notably, the plan will offer a tax credit to companies to renovate or revive their facilities.
The former vice president is also pledging a $300 billion investment in research and development covering various technologies such as 5G and electric cars.