With ‘Buy American’ Economic Speech, Biden Takes On Trump and ‘MAGA’

On Thursday, the Trump campaign announced a new television ad attacking Mr. Biden’s record as “dangerous and foolish,” highlighting Mr. Biden’s vote for NAFTA in 1993, past support for trade relations with China and for the Trans-Pacific Partnership as vice president.

The Pennsylvania speech is the first of several steps Mr. Biden is taking in the coming weeks to detail an expanded economic agenda, beyond what he proposed in the primaries. Mr. Biden will specifically propose a $300 billion increase in government spending on research and development of technologies like electric vehicles and 5G cellular networks, as well as directing an additional $400 billion in federal procurement spending to products that are manufactured in the United States.

Mr. Biden’s campaign is rallying top surrogates in key battleground states to amplify and showcase his economic message on Friday: Senator Amy Klobuchar of Minnesota will hold a round table aimed at Arizona voters, Senators Tammy Duckworth and Tammy Baldwin will do one for Wisconsin, Governor Gretchen Whitmer of Michigan will headline one for her state and Senator Sherrod Brown of Ohio will hold one for his state.

Aides also said that Mr. Biden, the former vice president, would propose additional deficit spending next year to help the economy recover from the recession caused by the pandemic, building on the more than $3 trillion in new borrowing that Congress and Mr. Trump have already approved amid the crisis.

Mr. Biden has thus far proposed to offset the entirety of his spending plans with nearly $4 trillion in tax increases, largely by reversing some of Mr. Trump’s signature tax cuts for high earners and otherwise raising taxes on the wealthy and corporations. Aides said he would do the same with his procurement and research plans.

Mr. Biden proposed the smallest amount of new federal spending among the major Democratic contenders during the presidential primary race, and his plan, despite its new spending, remains far less expensive than those proposed by his former rivals, like Mr. Sanders of Vermont and Senator Elizabeth Warren of Massachusetts.

Senior Biden officials repeatedly emphasized that their new plans were “bold” in a conference call late on Wednesday. Mr. Biden has sought to straddle the line on economic policy and elsewhere between his moderate political instincts and a progressive wing of the party that lined up in the primaries behind candidates, like Mr. Sanders and Ms. Warren, who promised sweeping and systemic change.

Source Link

Get more stuff like this

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.