Joe Biden Unveils the First Phase of his Economic Rebuilding Plan for the United States

On July 10, 2020, the Democratic Presidential Nominee and former Vice President Joe Biden unveiled the first phase of his economic rebuilding plan for the United States. Please see the video of the event below.

Influenced by the Economic Patriotism ideas of Elizabeth Warren and costing $700 billion, Mr. Biden introduced his plan in a speech at a metalworks plant in Dunmore, Pennsylvania.

After explaining the country’s current economic, racial-social justice and health care crises thanks in large part to the divisive policies of the Trump Administration, the former Vice President then ridiculed Mr. Trump for ignoring the middle and lower classes and his broken promises on health care, infrastructure, and manufacturing jobs.

He then highlighted the components of the first phase of his Economic Rebuilding Plan nicknamed “Build Back Better.” These include:

• Doubling the tax on foreign profits.
• Raising the corporate tax to 28 percent including for Amazon.
• Creating millions of union jobs. The plan estimates five million new jobs.
• Investing and building new technologies for the present and the future.
• “$400 billion in purchasing products and materials our country needs to modernize our infrastructure, replenish our critical stockpiles, and enhance national security.”
• Stabilizing the nation’s supply chain.
• “A dramatic research and development investment of $300 billion in (Biden’s) first four years alone to sharpen American’s competitive edge in the new industries where global leadership is up for grabs like battery technology, artificial intelligence, biotechnology, clean energy…. And this money will be used purposefully to ensure all of America’s in on the deal, including communities that historically been left out; black, Brown and native American entrepreneurs, cities, and towns everywhere in the region and the country. All told, this’ll be a mobilization of R&D and procurement investment in ways not seen since the great depression and World War Two.”

 Mr. Biden finished his speech by telling the viewers that additional detailed plans on infrastructure based on clean energy, social justice programs including raising the minimum wage to $15,00 an hour, improving access to childcare, reforming and enhancing Obamacare, and investing in schools where “everyone has access to good education, regardless of the zip code,” paying teachers what they are worth and championing for racial equality and opportunity.

The former Vice President concluded his remarks chastising Mr. Trump for glorifying the Confederacy and dividing the country, saying:

“I see a different America than Trump, one that despite all our flaws and shortcomings and failings, is still, after more than two centuries, dedicated to equality, liberty, and human dignity. The challenges we face today are among the biggest than our history. We have to come together in this country to solve them. There’s no other way….”

“That’s the tragedy of Donald Trump being president today. He’s exactly the wrong person to lead at this moment. He’ll not bring this country together. He’s determined to drive us apart, to keep his base in place. He’ll not be president for all the American people, his base. He believes he was elected president only by his base, and he’ll not appeal to the best instincts in the rest of us. He’s determined to stroke and revive the worst moments from our past.”

 "I have no illusion how tough the road ahead is going to be for our country, but I’m an optimist for one reason above all others. I know the history and the heart of this country, and given a chance, just a chance, ordinary Americans can and have done extraordinary things, and they’ll never ever, ever let their country down given half a chance. They won’t let it down.”

 “…. The only entity, the only thing that can tear America apart is America itself, period. So, we just need to remember who we are. This is the United States of America. There is not a single thing, nothing, not a single thing we’ve ever failed to do when we’ve decided to do it together. That’s what this is about, doing it together. We have a great opportunity to build back and build back better. God bless you all. And may God protect our troops. Thank you.”

With this first phase of his economic rebuilding plan inspired in part by Elizabeth Warren and future policy prescriptions that will be influenced by the recommendations of the Biden-Sanders progressive policy taskforces, the Democrats are coalescing behind an economic and social justice agenda that is attainable and will move the country forward away from the dark ages of Trump.