Biden, a former vice president, also vowed to respond to a “full-blown recession” among U.S. manufacturers by quadrupling funding for public-partnerships that support those businesses and by investing US$6 billion over three years in places that have experienced mass layoffs.
Democrats are proposing vast new federal government spending and programs as they vie for the nomination to challenge Republican President Donald Trump for the White House in November 2020. Trump has touted his mix of tax and regulation cuts as an elixir, and under his administration a record-long U.S. economic expansion continued, pushing unemployment to half-century lows.
Biden’s new, 12-page policy plan proposes financing for its recommendations, including funneling more money to regions with high poverty rates and pushing the United States to net-zero greenhouse emissions by 2050, by raising corporate taxes and ending subsidies for fossil fuels. Many of the proposals require congressional support to become reality.