Supporting ways to lower the debt along with large spending plans, President Biden promises to tax the wealthy to help solve America’s wealth gap.
“My fellow Americans, trickle down economics failed., Biden said during his speech to Congress on his 99th day in the White House. “It’s time to expand the economy from the bottom and middle.”
Biden then took a shot at Trump’s tax policies.
“The tax cut of 2017, it was said to pay for itself., Biden said. ,,”That’s what they said. And generate large economic growth. Instead, it piled on $2 trillion to America’s deficit.
“It was a windfall for corporations and those at the top. Instead of using the tax savings to increase wages and expand R&D, these companies gave billions to CEOs. In fact, the pay gap between Executives and their workers is now the largest in our history.”
Biden acknowledged the pandemic was hard on the economy, but said it did no harm to people at the top income brackets.
“The pandemic made things worse: 20 million people lost their job during the pandemic, middle class folks., Biden said. “But around 650 billionaires in America had a net worth increase of over $1 trillion during the same time.”
Biden then claimed world leaders view America’s world-leading recovery a possible temporary success story.
“There’s a large consensus of liberal and conservative economists; they agree what I am proposing will create jobs and create growth., Biden said about his $2.3 trillion infrastructure program. ,,”These are the highest value investments America can make.
Author: Blake Ambrose