Biden: “I consider that is our second to rebuild a bottom-up and center-out financial system.”


President Biden visited Cleveland Thursday to deliver a speech on the economic situation as Congress efforts to reach a bipartisan infrastructure package deal are at a crucial stage.

In particular, the President spoke out in favor of Congress passing the law American job plan and American family planinsist that the US is at an economic turning point. He called on Congress to raise the federal minimum wage to $ 15 an hour – a figure too high for most Republicans and some Democrats. Mr. Biden attended Cuyahoga Community College in Cleveland before delivering his college business speech, his final stop in his statewide pitch for the adoption of his infrastructure and employment plans.

“Now we face a question. What kind of economy are we going to build for tomorrow? What are we going to do? I believe this is our moment to rebuild an economy from the bottom up and from the center out,” said Mr. Said Biden.

The president also spoke of his government’s involvement in controlling the pandemic because “you have to fix the pandemic before you can fix the economy”. Mr Biden’s proposals call for higher taxes for those earning more than $ 400,000 and a 28% tax rate for businesses. The corporate tax rate is currently 21%, thanks to Trump-era Republican tax law.

“Wall Street didn’t build this country,” said the president. “The middle class built this country. And the unions built the middle class.”

The president said the US could “continue to give corporations and CEOs every break in the world, or we could increase the corporate tax break back to 28%,” noting that the corporate tax rate used to be 36%.

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Mr Biden tried to stand up for his plans for the future by insisting that his economic plans have worked so far while realizing that economic numbers are fluctuating. In April, Employers have only created 266,000 jobsfar below the forecast figure. The unemployment rate in April was 6.1%, roughly unchanged from the previous month.

“Biden’s economic plan is working,” said the president.


Bureau of Labor Statistics figures on unemployment and employment

Bureau of Labor Statistics figures

Mr Biden said a key principle in his economic vision for the future was one built in America and insisted that taxpayer-backed projects go to American companies.

Smiling, the president held up a piece of paper containing a list of Republicans who had voted against the COVID-19-related American bailout plan but have since publicly promoted the law.

Cuyahoga Community College was the site of the final rally Mr. Biden was supposed to hold during the 2020 presidential campaign before Coronavirus pandemic Candidates forced out of the election campaign.

Mr Biden tabled a $ 2.3 trillion infrastructure plan in March but has since negotiated with a group of Republican senators to reach consensus on a deal that would receive bipartisan support. The group, led by West Virginia Senator Shelley Moore Capito, on Thursday unveiled its latest counteroffer to Mr Biden’s proposal that it would require $ 928 billion to strengthen the country’s physical infrastructure.

The plan includes $ 506 billion for roads, bridges, and “major projects,” including $ 4 billion for electric vehicle infrastructure, $ 800 million for “community reconnection,” and $ 14 billion for resilience .

Psaki said in a statement that Mr Biden had spoken to Capito about their plan and is expected to learn more details later Thursday.

“During the initial review, we see some constructive additions to the group’s earlier proposals, including on roads, bridges and rails,” Psaki said in a statement. “At the same time, we remain concerned that their plan still does not provide significant new funding for critical job creation needs such as repairing our veterans’ hospitals, building modern rail systems, repairing our transit systems, removing dangerous ones Lead pipes and power America’s leadership in a job-creating, clean energy economy, among other things. “

She said the White House was also concerned that the proposed means to play for the package “remain unclear”.

“We fear major cuts in COVID aid funds could jeopardize upcoming aid to small businesses, restaurants and rural hospitals that are using that money to get back on their feet after the pandemic outbreak,” she said.

Mr Biden says he wants a bilateral support package of infrastructure, but Republicans have questioned the size and scope of his plan, arguing that it extends the traditional definition of infrastructure. In addition to his infrastructure package, Mr. Biden has come up with a $ 1.8 trillion plan that focuses on what the White House calls “human” infrastructure and addresses health care, childcare and education.

The President made an unscheduled ice stop after his speech.

Fin Gomez contributed to this report