PITTSBURGH, Pa. — President Joe Biden delivered remarks Wednesday on his economic vision for the future and his administration’s plan to “Build Back Better.” The Democratic leader unveiled what would be a hard-hatted transformation of the U.S. economy.
“Today, I’m proposing a plan for the nation that rewards work, not just rewards wealth, that builds a fairer economy that gives everyone the chance to succeed and it’s going to create the strongest, most resilient, innovative economy in the world.”
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During his speech, Biden said he wants $2 trillion to reengineer the nation’s infrastructure
Biden said his American Jobs Plan would be the largest American jobs investment since World War II.
"It will create millions of jobs, good paying jobs. It will grow the economy, make us more competitive around the world, promote our national security interests and put us in the position to win the global competition with China," said Biden.
Biden’s plan includes $621 billion for roads, bridges and transportation infrastructure.
Specifically, Biden says the plan would modernize 20,000 miles of highways, roads and main streets. It would repair 10,000 bridges desperately in need of upgrades. And it would replace 100% of the nation’s lead pipes and service lines.
The administration says the plan would also move the country away from fossil fuels to clean energy, modernize schools and childcare facilities, revitalize manufacturing, and create quality jobs.
“What I’m proposing is a one-time capital investment of roughly $2 trillion in America’s future, spread largely over eight years. It will generate historic job growth, historic economic growth, help businesses compete internationally, create more revenue as well.”
Biden said he would like the nation’s corporations to pay for the expansive plan.
“It’s time to build our economy from the bottom up and from the middle out, not from the top down. That hasn’t worked very well,” said Biden.
The plan would be financed by raising the corporate tax rate from 21% to 28%, among other measures. He says that tax hike alone would generate $1 trillion in additional revenue over 15 years.
“No one making under $400,000 will see their federal taxes go up, period. This is not about penalizing anyone. I have nothing against millionaires and billionaire. I want everyone to do well,” said Biden.
However, the corporate tax hike could lead to fierce resistance from the business community and thwart attempts to work with Republican lawmakers. Still, Biden said he’s open to working with Republicans who have different ideas about how to improve the nation’s infrastructure.
“I’m going to bring Republicans into the Oval Office, listen to them about what they have to say and be open to other ideas. We’ll have a good faith negotiation with any Republican who wants to help get this done. But we have to get it done,” said Biden.