Everything we just learned about how Joe Biden would run the economy

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Former Vice President Joe Biden unveiled a sweeping $700 billion economic plan to bolster American manufacturing, jobs, and research on Thursday. The presumptive Democratic nominee’s spending agenda, which is a direct challenge to President Donald Trump’s “America First” policy, is expected to be a keystone campaign issue.

The plan, called Build Back Better, emphasizes investing in the American worker while arguing that Trump has done just the opposite. “Growing up rich and looking down on people is a bit different than how I grew up here,” said Biden at a metalworks facility in Dunmore, Pa., immediately going for the President’s jugular. 

The reveal comes as Biden dominates in national polls, up by about 9 points, but still lags on economic issues. A recent poll by Siena College and the New York Times found that in six battleground states (Michigan, Wisconsin, Pennsylvania, Florida, Arizona, and North Carolina), 56% of voters approve of Trump’s handling of the economy. The high numbers come even as the country falls into recession and faces an 11% unemployment rate as well as uncertainty in trade negotiations with China, Europe, and South America. 

But there’s little else voters approve of, and Democratic strategists believe that knocking Trump on the economy could be his campaign’s death knell

“This is our moment to imagine and build a new American economy for our families and our communities where every American has an equal chance to get ahead,” said Biden, adding that the President had not brought back manufacturing as he’d promised. Biden said his plan would rebuild the middle class by investing in workers instead of instituting tax cuts for the “ultrawealthy.” 

The speech is the first in a series of addresses planned around the economy. “Trump has waved the white flag and walked away,” Biden said, repeatedly calling his administration “incompetent” while pointing out that federal support for COVID-19-impacted businesses had mostly gone to large companies and not small businesses. 

Biden pointed out that the President tends to equate the stock market with the economy, but said that he would instead focus on working families. “We must reward work as much as we reward wealth,” he said. “But now we just reward excessive wealth.”

Biden’s plan calls for a $400 billion increase in government purchases of U.S.-based goods and services over four years with an additional $300 billion going toward investment in technology and research. The former Vice President claims that his plans would bring back all the jobs lost this year during the COVID-19 pandemic and eventually create another 5 million. The plan, he says, would also reduce American dependence on foreign goods and work to implement trade and tax policies that benefit the country. 

He’ll also tighten loopholes in “Buy American” laws which U.S. firms easily circumvent. 

The economic plan will strengthen collective bargaining rights and raise the corporate tax cuts instituted by Congress under President Trump from 21% to 28% to fund investments. 

Biden told the press on Thursday that “unions built the middle class.” A loud and appropriately poignant rainstorm rolled in as Biden proclaimed that “the only way you deal with power is with power, and labor and unions are the only ones who have the capacity to do it.” 

Still, Biden’s plan echoes Trump’s “America First” policy in many respects, and shifts the economic focus away from international cooperation and partnerships to internal matters, a sea change from the Obama-era focus on globalization.

Biden—who advocated for the North American Free Trade Agreement and Trans-Pacific Partnership—has been working with Sen. Bernie Sanders, who opposed the trade deal and instead advocated for American industry, in an attempt to win the votes of progressive Democrats. During his speech on Thursday he said he would be tough on China, something that the President has critiqued the candidate on. The Chinese, said Biden, are spending billions on new technologies as “we sit with our thumb in our ear.”

On Wednesday, a Biden-Sanders “unity task force” issued an 110-page document with a number of policy recommendations including a federal jobs program which would put Americans to work on large infrastructure projects. 

Many of Biden’s talking points on Thursday were reminiscent of the Sanders platform. “The blinders have been taken off for the American people,” said Biden. “Those who can afford to stay in place have become aware of essential workers,” while advocating for a federal $15 minimum wage. 

This is the first of four major policy rollouts. The next will focus on “modern infrastructure and an equitable, clean energy future,” then, an agenda “to build a 21st-century caregiving and education workforce” and a plan to advance racial equity in the country. 

More politics coverage from Fortune:

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Wall Street is getting nervous about the idea of President Biden

Of course, no one can ever be entirely sure what moves a market. But stocks of some military companies have also underperformed, reflecting a view among some investors that a Biden victory could depress weapons sales.

And Wall Street analysts, who provide market research to hedge funds, asset managers and other big investors, say those clients are increasingly seeking their advice on the impact of a Biden presidency, especially on taxes.

The market is starting to worry that Trump will not be re-elected. Trump is consistently viewed as a positive for the stock market.

Lori Calvasina, head of US equity strategy at RBC Capital Markets

Recently, inquiries from investors about Biden’s lead in the polls have focused almost exclusively on the issue of taxes, said Jonathan Golub, chief US equity strategist at Credit Suisse. “That’s, right now, kind of the market’s focus,” he said.

On June 29, Biden, the presumptive Democratic nominee, told potential donors at a virtual fundraiser attended by Wall Street people that he would roll back most of Trump’s $US2 trillion ($2.9 trillion) tax cut, “and a lot of you may not like that.”

Additionally, public opinion has swung in a way that indicates that Democrats, who control the House of Representatives, have a stronger chance of re-taking the Senate come November. Such unified control could mean a sudden shift away from a range of policies — like corporate tax cuts, deregulation and weapons sales to foreign governments — that have helped push up stock prices in recent years.


“The market is starting to worry that Trump will not be re-elected,” said Lori Calvasina, head of US equity strategy at RBC Capital Markets. “Trump is consistently viewed as a positive for the stock market.”

Stockmarket investors have done well under Trump. The S&P 500 is up more than 45 per cent since his election on November 8, 2016, despite periods of sharp volatility, including one in recent months as the pandemic led to an enormous market sell-off, followed by a robust return on the back of giant helpings of government stimulus.

It wasn’t always this way. The shock of Trump’s election jolted investors at first. After his victory, stock market futures plunged more than 5 per cent in overnight trading. But investors didn’t take long to adjust to the prospect of unified Republican control of the federal government, which lasted until the 2018 midterm elections and introduced a number of deregulatory and tax policies deemed favourable to the markets.

Now, stock market analysts and investors are trying to figure out which of those policies could come to an end if Biden goes to the White House. Among Biden’s policy proposals are a partial reversal of the Trump administration tax cuts signed into law in late 2017. Those cuts, for both individuals and businesses, were some of the most sweeping changes to the tax code in decades.

In particular, the Trump tax cuts were a windfall for major American corporations, helping to drive up the profitability of companies in the S&P 500 more than 20 per cent in 2018. While the Trump administration promoted the tax cuts as a way to increase incentives for companies to invest and drive wage gains, many companies used their savings to buy back their shares — increasing the wealth of their shareholders by billions of dollars in the process.

At last month’s fundraiser, Biden detailed his plans, which include raising the corporate tax rate to 28 per cent from 21 per cent, according to a pool report.

A recent analysis of Biden’s tax plan from Goldman Sachs suggested that if enacted, his corporate tax increase would cut the earnings per share of S&P 500 companies about 12 per cent, a prospect that could act as a headwind for stocks.

“It’s becoming a hotter topic the more the polls come out showing that Biden is in the lead,” said Tony Dwyer, chief market strategist with the brokerage firm Canaccord Genuity in New York. “The more that Biden is up, the more that people are going to start to think about what that means for taxes.”

Despite periods of extreme volatility, the S&P 500 is up 45 per cent since Trump was elected. Credit:AP

The stocks of military companies, which are viewed as beneficiaries of the Trump administration’s push to sell weapons to Saudi Arabia, have lagged the market as Biden’s fortunes have risen in polls.

“We see higher risk around weapons sales to the Middle East, and especially Saudi Arabia, in a Biden administration,” military stock analysts at JPMorgan Chase wrote in a recent note to clients.

Investors in the oil and gas industry have also raised questions with analysts about what a change in the White House would mean for energy companies, from access to federal lands for drilling to increased carbon regulation of refiners. In a research report issued late last month, Goldman Sachs analysts noted that many of their conversations with investors focused on the risks to oil and gas companies in the event of a Democratic victory in November.

Still, industries such as health care and technology, which were some of the biggest beneficiaries of the Trump tax cuts, don’t appear to be drastically underperforming the market.


Some analysts have noted that a Biden presidency could be a source of stability for the markets, which have been hammered at times during Trump’s tenure. Since 2018, his on-again, off-again trade, tariff and technology war with China has generated waves of volatility for stocks.

“A Biden presidency would result in less trade tension with China, which would be a welcome relief for equity investors,” economists at BCA Research wrote. They also noted that corporate tax increases could finance government spending that would stimulate the economy, a potential plus when the post-pandemic recovery looks slow and long.

The New York Times

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Biden: Police funding should ‘absolutely’ be redirected towards other programs

FILE – In this June 30, 2020, file photo Democratic presidential candidate, former Vice President Joe Biden speaks at Alexis Dupont High School in Wilmington, Del. (AP Photo/Patrick Semansky)

OAN Newsroom
UPDATED 11:19 AM PT — Thursday, July 9, 2020

Joe Biden said police are over-militarized and have “now become the enemy.” During an interview with progressive activist Ady Barkan Wednesday, the former vice president appeared to change his stance on police funding.

Biden said he would support allocating department funds to other programs. This comes just three weeks after he proposed more funding to police in an op-ed in which he called for an additional $300 million for police to introduce “more diverse officers, a national use of force standard and more body cams.”

The presumptive 2020 Democrat presidential nominee then said a surplus of certain equipment for police has led to them become the enemy in communities.

Meanwhile, Biden’s campaign denied the candidate changed his position on the matter by reiterating he does not support defunding the police. However, they stressed Biden does “think conditions should be placed upon them” and that certain departments should take significant reforms.

RELATED: AG Barr: Work to be done to address distrust between African American community & law enforcement

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Maine Poll Shows Biden Leading Trump, GOP Senator Collins Race Close

A poll released on Monday by left-leaning Public Policy Polling (PPP) shows presumptive Democratic Party nominee Joe Biden leading President Trump by 11 points, 53 percent to 42 percent, in Maine.

Notably, that same poll shows the Democratic nominee for the U.S. Senate, Sara Gideon with just a four-point lead over incumbent Sen. Susan Collins (R-ME), 46 percent to 42 percent. Taking Collins’s Maine Senate seat out of the Republican column and putting it into the Democratic column is considered one of the lynchpins of the Democratic Party’s 2020 election efforts to retake the majority in the U.S. Senate.

Democrats supported Gideon by a 79 percent to 13 percent margin. Republicans supported Collins by a 76 percent to eight percent margin. Independents were evenly split, with 44 percent backing each candidate.

Women supported Gideon by a 49 percent to 39 percent margin. Men supported Collins by a 46 percent to 43 percent margin.

PPP has a reputation of framing the questions in polls and organizing the respondent samples to advance a narrative supporting a progressive political agenda. Given that reputation, the fact that Gideon is running 11 points behind Biden and Collins is running four points ahead of Trump in the PPP poll released on Monday suggests that Gideon will have a much tougher time unseating Collins than Democratic Party officials had hoped.

The only other poll of the Maine 2020 Senate race match up in the Real Clear Politics Average of Polls was conducted by Colby College in February. That poll gave Gideon a one-point lead over Collins, which was within that poll’s 3.2 percent margin of error.

First elected to the Senate in 1996, Collins was reelected in 2014 by a margin of 37 percentage points.

In 2016, Hillary Clinton defeated Donald Trump in Maine by a margin of three points, 48 percent to 45 percent, but took only three of the state’s four electoral college votes. Maine and Nebraska are the only two states that do not award all of their electoral college votes to the overall popular vote winner in the state.

Maine awards two electoral college votes to the statewide popular vote winner of the presidential contest, one electoral college vote to the winner of the popular vote in the state’s First Congressional District and one electoral college vote to the winner of the popular vote in the state’s Second Congressional District. Due to its small population, Maine only has two congressional districts.

Hillary Clinton won the popular vote in Maine’s First Congressional District in 2016 by 14 percentage points and received that district’s one electoral college vote, giving her three of the state’s four electoral college votes. Donald Trump won the popular vote in Maine’s Second Congressional District that year by ten percentage points and received that district’s one electoral college vote, giving him one of the state’s four electoral college votes.

PPP is the only firm in the Real Clear Politics Average of Polls that has polled the presidential matchup in Maine over the past year. The poll results released on Monday are virtually the same as two earlier PPP polls. One conducted in March 2020 gave Biden a ten-point lead over Trump, another conducted in October 2019 gave Biden a 12-point lead over Trump.

The questions in the poll released on Monday are consistent with PPP’s reputation for using polling as a way to establish a political narrative for the progressive agenda.

Among those questions and responses were the following:

When asked, “Do you think Donald Trump should have been impeached and removed from office, or not?” 51 percent of respondents said yes, while 44 percent said no.

Eighty-four percent of Democrats said yes, while 11 percent said no. Ten percent of Republicans said yes, while 88 percent said no. Among independents, 50 percent said yes while 42 percent said no.

The poll also asked a question framed negatively around Collins but included no such question about Gideon.

When asked, “Do you think Susan Collins is more an independent voice for Maine or a partisan voice for Donald Trump and Mitch McConnell?” 46 percent of respondents said she was a partisan voice for Trump and McConnell, while 42 percent said she was an independent voice for Maine.

The survey of 1,022 registered voters in Maine was conducted between July 2 and July 3 and has a 3.1 percent margin of error. Thirty-eight percent of poll respondents self-identified as Republican, 30 percent as Democrats, and 28 percent as independents.

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OAN/Gravis poll: President Trump leading Biden by 4% in Ariz.

OAN Newsroom
UPDATED 4:40 PM PT — Wednesday, July 1, 2020

The latest joint poll by OAN and Gravis Marketing revealed President Trump is more popular in the Grand Canyon State than some mainstream outlets would like to believe. According to the latest poll, which was conducted on June 27th, the president is leading Joe Biden by 4% in the state.

Those results stood in contrast with reporting by mainstream outlets like Real Clear Politics, which had the president trailing Biden by 6%. Even polls from some major conservative outlets like Fox News showed President Trump losing headway in the battleground state.

However, Sen. John Cornyn (R-Texas) has expressed “in all likelihood,” many outlets are “underreporting support for the president like we saw in 2016.” Conservatives have pointed to several hypothetical 2016 polls, which showed the president losing to Hillary Clinton in states he ended up going on to win in the last election.

Arizona is regarded as a traditionally Republican state. No Democrat presidential candidate has managed to pull off a win in the state since Bill Clinton in 1996.

Meanwhile, the latest OAN/Gravis poll revealed 52% of Americans either “strongly” or “somewhat” approve of President Trump’s job performance. 52% of respondents also said they trust the president more with the economy, opposed to 42% who answered Joe Biden.

The survey also polled Arizonans on how they feel about police. 78% said they support local police and believe police departments should be funded.

See more results from the poll here.

RELATED: OAN Poll Casts Doubt On CNN Poll Showing Biden Leading President Trump

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Biden ahead of Trump in the polls despite concerns over his cognitive abilities

Sky News contributor Nicholas Reece says when a lot of Individuals might imagine Joe Biden has some problems with his mental faculties, there are a important variety who choose him to President Donald Trump.

According to a Rasmussen poll, 38 for every cent of voters consider Biden has dementia.

Nevertheless, a the latest YouGov poll has presumptive Democratic presidential nominee Joe Biden main President Trump 47 to 39, whilst the President’s approval score sits at 41 for each cent.

Mr Reece reported 22 for every cent of American girls and 78 for every cent of African-Americans favor Joe Biden to Trump.

“This time I assume they are turning out to vote since they are fired up,” he explained to Sky Information host Paul Murray.

Image: AP

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Economist Magazine Predicts Joe Biden Has 87% Chance of Winning in November

The Economist magazine predicted Joe Biden has an 87 percent chance of winning the general election in November.

Echoing similar predictions in 2016, the Economist analyzed “polling, economic and demographic data” to declare Joe Biden “is very likely to beat Donald Trump in the electoral college.”

The magazine claimed, as of Wednesday evening, that Biden has an 87 percent chance of winning, while Trump has only a 13 percent chance.

(The Economist — June 24, 2020)

The Economist stated it believed Biden has a 98 percent chance of winning the “most states” in November and estimated Biden could win as many as 412 electoral votes. It takes 270 votes to win the presidency.

As of June 23rd, the magazine projected Biden will win 337 electoral votes.

On October 18, 2016, the New York Times predicted Hillary Clinton had a 91 percent chance of defeating Donald Trump.

The paper claimed on election night — November 8th, 2016 — that Clinton’s chances had decreased to 85 percent.

Trump, of course, went on to defeat Clinton.

Kyle Olson is a reporter for Breitbart News. He is also host of “The Kyle Olson Show,” syndicated on Michigan radio stations on Saturdays. Listen to segments on YouTube. Follow him on Twitter, like him on Facebook, and follow him on Parler.

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Donald Trump ‘itching’ to get out while Biden settles for basement strategy

Donald Trump ‘itching’ to get out while Biden settles for basement strategy

Presidential candidate Joe Biden’s basement strategy may be working for him now in the polls but the results will turn as the country closes in on the November election according to Sky News US political commentator Joe Hockey.

During the nation-wide COVID-19 lockdown, Mr Biden was confined to his basement in his Delaware home where he gave virtual speeches and partook in online interviews.

He is currently leading President Donald Trump in national polls, but the Democrats are deliberately being very protective over their candidate trying not to expose him to any threats of COVID-19 according to Mr Hockey.

On the other hand, President Trump is “itching to get out” in front of packed audiences especially at the upcoming Republican conventions which will be hosted in two different cities, Mr Hockey told Sky News.

Image: AP

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New OANN/Gravis poll shows President Trump leading Biden in N.C.

FILE – In this combination of file photos, former Vice President Joe Biden speaks in Wilmington, Del., on March 12, 2020, left, and President Donald Trump speaks at the White House in Washington on April 5, 2020. (AP Photo, File)

OAN Newsroom
UPDATED 5:50 PM PT — Friday, June 19, 2020

A new poll conducted by One America News and Gravis Marketing showed President Trump leading the way in the key battleground state of North Carolina. The survey, which was conducted on June 17th, 2020, polled 631 registered voters from the state.

The results showed President Trump with a 46% to 43% lead over former Vice President Joe Biden, the presumptive Democrat nominee, in the state.

When it came down to who voters trusted to run the economy better, the president held a big lead over Biden, 49% to 43%. In total, President Trump received a 52% approval rating from respondents.

North Carolina voters also responded to questions on local elections, national unrest, funding for law enforcement, travel restrictions and more. Results were weighted by demographics.

See more results from the poll here.

RELATED: President Trump Holds 6-Point Lead Over Biden In Fla.

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Former VP hopeful Amy Klobuchar urges Joe Biden to pick woman of colour as running mate

Amy Klobuchar claims she is dropping out of the functioning to be vice president and urging Democrat Joe Biden to find a non-white lady as an alternative.

The white Minnesota senator, who had seen her prospective clients slide as racial tensions swept the nation, reported she known as the presumptive presidential nominee on Wednesday evening and designed the suggestion.

Mr Biden has previously committed to deciding on a lady as his functioning mate.

Former vice president and Democratic presidential prospect Joe Biden.


“I feel this is a minute to set a girl of color on that ticket,” Ms Klobuchar mentioned on MSNBC.

“If you want to mend this country correct now – my bash, yes, but our country – this is guaranteed a hell of a way to do it.”

Ms Klobuchar’s odds at having the VP nod diminished immediately after the killing of George Floyd by a white law enforcement officer in Minneapolis.

Ms Klobuchar was a prosecutor several years in the past in the county that features Minneapolis, and all through that interval, extra than two dozen men and women – mainly minorities – died throughout encounters with law enforcement.

Mr Floyd’s demise very last month established off days of protests across the country and criticism that as the county’s leading prosecutor, Ms Klobuchar didn’t charge any of the officers included in citizen deaths.

Officer Derek Chauvin, who was charged with Mr Floyd’s murder, experienced been involved in just one of all those cases, the lethal 2006 taking pictures of a man accused of stabbing persons and aiming a shotgun at police.

Ms Klobuchar, 60, was amid a huge subject of Democrats who had sought the 2020 presidential nomination, jogging as a pragmatic Midwesterner who has handed above 100 expenditures.

She dropped out and threw her guidance at the rear of Mr Biden before the vital 3 March “Tremendous Tuesday” contests soon after struggling to earn assist from black voters, who are important to Democratic victories.

Her most effective complete of the primary was in overwhelmingly white New Hampshire, in which she came in 3rd.

The 3rd-time period senator experienced to terminate 1 of the final rallies of her marketing campaign immediately after Black Life Subject and other activists took the stage in Minnesota to protest her managing of a murder scenario when she was prosecutor that despatched a black teen to prison for daily life.

Democrats with understanding of the method informed The Involved Push previous week that Mr Biden’s look for committee experienced narrowed the decisions for his jogging mate to as couple as six significant contenders immediately after original interviews.

Amid the group continue to in competition: Ms Warren, California Senator Kamala Harris and Susan Rice, who served as President Barack Obama’s national stability adviser. Ms Warren is white each Harris and Rice are black.

Mr Biden has claimed he will announce his VP determination by 1 August.

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