On Wednesday, Joe Biden, the President of the United States, called for a sweeping use of the administrative power to reshape the largest economy of the world and counter the rise of its rival such as China in a $2 trillion-plus plan that met with swift Republican resistance.
Moreover, the American Jobs Plan of the president would put corporate the United States on the hook for the tab as the administration creates millions of new jobs in building infrastructure, like roads, boosts human services such as care for the elderly, and tackles climate change.
Joe Biden says while announcing the program in Pittsburgh that it is a once-in-a-generation investment in the United States, unlike anything the country has seen or done since his administration built the space race and the interstate highway system decades ago. Biden said that he had no issues asking firms to foot the bill and will put an end to Amazon.com Inc. and other giant companies paying little to nothing in the country’s federal taxes.
The second multitrillion-dollar legislative proposal of Biden in two months in office sets the stage for a political clash in the United States Congress, where members mainly agree that investments needed but divided on the overall size and enclosure of programs usually seen as social services.
Another economic plan the president will release in April 2021 could add an additional $2 trillion to the total price tag. Coupled with his latest endorsed $1.9 trillion COVID-19 relief package, the president’s infrastructure initiative would give the federal administration a better role in the country’s economy than it had in generations, accounting for twenty percent or more of yearly production.
Republicans slam Biden’s Recent Proposal
Joe Biden’s administration believes a government-directed effort to strengthen the country’s economy is the greatest way to provide support to an economy smacked by the COVID-19 pandemic and content with the improved competition with rivals and a general security threat posed by China. Conservatives and major business groups greeted the Biden proposal icily.
Mitch McConnell, the Republican Senator, and Minority leader, say the proposal was another Trojan horse for far-left demands of the nation one day after the President called to brief him on the proposal. McConnell said increasing taxes would be cutting jobs and slowing wage growth of the workers at a time when they need fast recovery. Donald Trump, the former President of the United States, also slammed the Biden new plan and called it the largest tax hike in American history.