Biden points to his own actions to curb advanced technology exports
Washington:
U.S. President Joe Biden called for higher taxes on businesses in his State of the Union address on Thursday while pushing to lower drug costs and improve housing affordability to ease economic concerns.
The 81-year-old outlined his agenda in his annual speech, seeking to allay voters’ concerns while taking credit for a recovery in the world’s largest economy as he seeks re-election this year.
Although the U.S. clearly avoided recession forecasts last year as inflation cooled, Biden has struggled to convince voters on economic issues.
But he told a joint session of the House and Senate at the U.S. Capitol: “Folks, I inherit an economy that is on the verge of collapse.”
“Right now our economy is truly the envy of the world. We have created a record 15 million new jobs in just three years. Unemployment is at a 50-year low,” he said.
In addition to taking aim at Republican rival Donald Trump, Biden also praised the U.S. economy for achieving “the greatest recovery story” under his own leadership.
taxes, health care
Biden’s economic proposals further advance an agenda that Democrats have been pushing since the 2020 presidential campaign.
But for Biden to fully implement these bills, Democrats would have to win a supermajority in both houses of Congress in the November elections, which currently looks unlikely to happen.
On Thursday, Biden said: “It’s time to raise the minimum corporate tax rate to at least 21% so that every big company finally starts paying its fair share.”
These are part of a broader plan to reduce the trillion-dollar federal deficit.
Biden is also seeking a 25% minimum tax on billionaires, taking aim at former President Trump’s administration, saying its tax cuts benefited the wealthiest.
He added that while Medicare is negotiating to lower prescription drug prices, now is the time to further expand its authority to lower the cost of 500 drugs over the next decade to save taxpayers money.
Defeated the Chinese team
When it comes to competition with China, Biden pointed to his own actions to curb the export of advanced technology.
“Frankly, despite his tough talk on China, my predecessor never intended to do that,” Biden said of Trump.
He added that Washington was in a “better position” than anyone else to confront China, but stressed that he was not seeking conflict with the second-largest economy.
On the domestic front, the president said he wants to provide annual tax credits to help Americans pay for housing.
He also highlighted his efforts to reduce unfair pricing and garbage fees, calling on millions of Americans to tune in — many of whom still feel the pinch of persistent inflation.
One phenomenon he’s trying to curb is “shrinkage inflation,” in which companies reduce the size of their products to mask price increases.
The practice even drew the ire of popular “Sesame Street” children’s character Cookie Monster this week, who complained about it in a widely reported post on social media.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
