US Presidential candidate Joe Biden wants to win the support of low-income and black people with a spending plan worth 7,000 billion USD.
During the campaign, US Democratic presidential candidate Joe Biden is taking a different approach from Trump to economic development and livelihoods for the people. Accordingly, he said that it is necessary to increase taxes on large corporations to narrow the gap between rich and poor and have more money to support the lower class, especially people of color.
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Specifically, he wants the federal government to spend hundreds of billions of dollars more on housing, education, health care and business capital. This is part of an economic plan designed to help close the racial wealth gap.
The total size of Biden’s US economic recovery proposals over the next decade is expected to be around $ 7,000 billion. This is three times the spending proposed by Hillary Clinton in the 2016 election campaign. More than half of this amount (about $ 4,000 billion) will come from tax increases for corporations, investors and high-income-person.
“We need a comprehensive agenda for racial justice in this country. This is not about police reform,” Biden said in a speech about his economic policy last week. .
Many political groups of people of color say they liked Mr. Biden’s approach. However, they argue that it depends too much on the approach used in the past – attracting more capital but still not closing the gap in employment, income and wealth of people of color with people of color. white.
They prefer policies proposed by Mr. Biden’s internal Democratic rivals, such as government-sponsored savings accounts for babies, known as “children’s bonds. “, aimed at redistributing wealth more directly. Mr. Biden also recently supported the idea.
“This is really a set of policies that aim to enhance every voice, not necessarily the voice of people of color,” said Duke economist William A. Darity Jr. How ambitious these initiatives are, they have only a limited effect on narrowing the 2020 Joe Biden Kamala Harris Shirt, hoodie, tank top, the sweater wealth gap between whites and colored people, “he said.