Biden spoke on Thursday at a speech in Dunmore, Pennsylvania, about his plans for the economy.He reiterated his support for doubling the minimum wage to $ 15 an hour and a special focus on systematically disadvantaged sections of society, such as African Americans.
Biden presented an investment plan of $700 billion. The plan is to increase government spending on products made in the United States by $400 billion.
An additional $300 billion is also to be spent on research and the development of technologies such as electric vehicles or 5G mobile phone networks in order to strengthen the high-tech sector in the country.
The plan can also be seen as a response to President Donald Trump's "America First" policy although there does not seem to be any marked difference, aside from a larger financial commitment from the government, with less tangible goals outlined.
Biden also attacked Trump directly during his speech. In order to alleviate the corona crisis, the economic turmoil and nationwide unrest due to the systematic disadvantage of blacks, unity in the country is needed.
“We all know that the stake couldn't be higher. So this is no time for divisive politics. Donald Trump may believe in pitting Americans against Americans. Not me." Although, he clearly was trying to garner the image of Trump’s dedication to keeping America working and the economy booming.
During the pandemic, low-wage earners in hospitals or supermarkets in particular showed how important they are, said Biden. "It is not enough to praise these people. It's time to pay them.” Biden’s plan would incentivize lack of innovation and productivity, and many saw it less like an economic plan and more like an entitlement program.
In addition, the 77-year-old says he wants to create five million new jobs and spoke in favor of taxing large corporations such as the mail order company Amazon at the federal level.
Biden is to be formally elected Democratic Party presidential candidate at a party conference in August and then challenge Trump in the election on November 3.
President Barack Obama's former deputy is ahead of Trump in nationwide surveys and surveys in several key countries.
However, four months before the election, such surveys are only of limited relevance. Many voters also attribute the former real estate mogul Trump more economic competence than Biden.
Biden, knowing this has tried to distinguish himself during a time when America is in the midst of a forced recession due to coronavirus. His echoing of Trump on the economy is a marked difference from the rhetoric of the Democratic primary season prior to the COVID19 outbreak.
The slogan Joe Biden’s team came up with for his plan, ‘Build Back Better’, referring to manufacturing jobs in America and reviving the “Made in America” slogan – which is exactly what then candidate, Donald Trump had promised and now, President Trump has done. Prior to coronavirus, economists agreed that the Trump economy was one of the best performing periods in American economic history.
Trump made his mark on the employment market. Under his presidency, after an eight year long recession/recovery during the Obama-Biden era, Trump’s plan resulted in the lowest levels of unemployment across multiple categories, including Black and Hispanic which saw record lows of unemployment under Trump.
Biden seems to not want to distinguish himself economically from Trump, however if there is ever a debate, the differences between the men would be starkly clear. Not to mention, the entire “Build Back Better” was stolen from the UK and European post-coronavirus efforts, perhaps Joe is truly showing his lack of originality.