December 3, 2020

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Bidenomics: From ‘America First’ to ‘Made in America’ | NOW

Bidenomics: From 'America First' to 'Made in America' | NOW

The United States has found a new president in Democrat Joe Biden. 77-year-old Biden will receive the keys to the White House in January, ending four turbulent years under current President Donald Trump. With that comes the Trumpian America firstPolitics ended too? Some of Biden’s plans for the American economy.

Pandemic plans

In any case, the first part of the future president’s term of office will be devoted to the corona crisis. At the heart of Biden’s pandemic plans is the proposal to keep paying workers if they need to be quarantined or if they have actually been infected with the corona virus. In this way, Biden wants to prevent people with lower incomes from choosing to work instead of staying at home and thus infecting more people with the corona virus.

Biden also plans to raise funds to provide as much protective equipment as possible to workers, shops and schools. Think plexiglass in stores like in Dutch supermarkets.

Biden is investing hundreds of billions Made in America-to plan

With Trump approaching farewell, the will America first-Rhetoric. The United States also plays a central role in Biden. He wants to invest 700 billion dollars (590 billion euros) in the United States, creating five million jobs. Most of that 700 billion will go to his Buy AmericansPlan that Biden plans to invest $ 400 billion in American goods and services for the government. The remaining 300 billion will go into new research and technical development.

It also promises a tax break for SMEs and companies that want to move their production back to the US. “We are no longer dependent on China or any other country for important products,” he says Election manifesto.

After all, the future president wants to more than double the federal minimum wage from USD 7.25 to USD 15 an hour.

2 trillion to fight climate change

Biden’s largest announced spending will be used to combat climate change. The future president plans to provide $ 2 trillion (twelve zeros) to invest in sustainable energy generation, the sustainability of existing homes and the promotion of electric driving, among other things.

With the package of measures, Biden wants to ensure that net greenhouse gas emissions will be zero by 2050. In other words, a climate neutral America in thirty years.

Rich and large companies pay to invest

“But who’s going to pay for it?” Is the question you often hear when a politician promises to throw money. At Biden, the answer is simple: rich and multinational. The tax rate for the very wealthy with incomes over $ 400,000 will increase 2.7 percentage points to 39.7 percent. This reverses Trump’s tax cuts for 2017.

Multinational companies also have to pay more taxes. Biden increases corporate income tax, capital gains tax, and tax on profits of foreign subsidiaries. The think tank Tax foundation expects the plans to gross $ 3.5 trillion for the US Treasury Department.

Possible problems in the Senate

Remember that the plans are actually plans. Implementation of these plans is a second, especially now as it is by no means certain that Biden’s Democrats are in control of the Senate.

We will probably not know until January whether the Democrats can get a majority there. If the Republican majority doesn’t die, there will be at least two years of political stalemate and a bewildered Biden.