Biden pitches $700B plan to boost US-based firms
DUNMORE, Pa. — Democrat Joe Biden turned his campaign against President Donald Trump toward the economy Thursday, introducing a New Deal-like economic agenda while drawing a sharp contrast with a billionaire incumbent he said has abandoned working-class Americans amid cascading crises.
The presumptive Democratic presidential nominee presented details of a comprehensive agenda that he touted as the most aggressive government investment in the U.S. economy since World War II.
Biden also accused Trump of ignoring the coronavirus pandemic and the climate crisis while encouraging division amid a national reckoning with systemic racism.
“His failures come with a terrible human cost and a deep economic toll,” Biden said during an address at a metal works firm near his boyhood home in Scranton, Pennsylvania. “Time and again, working families are paying the price for this administration’s incompetence.”
Biden’s shift to the economy meets Trump on turf the Republican president had seen as his strength before the pandemic severely curtailed consumer activity and drove unemployment to near-Great Depression levels.
Biden began Thursday with proposals intended to reinvigorate the U.S. manufacturing and technology sectors.
He called for a $400 billion, four-year increase in government purchasing of U.S.-based goods and services, plus $300 billion in new research and development in U.S. technology concerns. He also proposed tightening current “Buy American” laws that are intended to benefit U.S. firms but that government agencies can circumvent.
Those moves would create 5 million new jobs, Biden promised.
The former vice president also emphasized previous pledges to establish a $15-per-hour minimum wage, strengthen workers’ collective bargaining rights and repeal Republican-backed tax breaks for U.S. corporations that move jobs overseas.
And his campaign pledged that those investments in domestic markets would come before Biden entered negotiations for any new international trade agreements.
Biden will continue in coming weeks with an energy and infrastructure plan to combat the climate crisis and a third package focused on making child care and elder care more affordable and less of an impediment to working-age Americans. The energy and infrastructure proposals, some of which Biden has detailed already, are likely to carry the largest price tag as the former vice president attempts to use the federal purse to spur economic growth.
“It’s not sufficient to build back. We have to build back better,” Biden said, promising he’d “ensure all Americans are in on the deal.”
The Democrat’s agenda carries at least some rhetorical echoes of Trump’s “America First” philosophy, but Biden aides describe his approach as more coherent.
The Biden camp cast Trump’s imposition of tariffs and uneven trade negotiations as a slapdash isolationism compromised further by tax policies that enrich multinational corporations.