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Once again President Biden took on the failed economic polices of the party of no hope, aka Republicans, and the former mis-administration disaster that he inherited in his State of the Union address last night. Nowhere is the contrast between good public policy and the Republican politics of hate more evident than the ongoing recovery from the pandemic. (see The Hustings)
During an inspiring campaign speech that lasted more than an hour, Biden addressed – among other things – our economy. “I came to office determined to get us through one of the toughest periods in our nation’s history. And we have. It doesn’t make the news but in thousands of cities and towns the American people are writing the greatest comeback story never told. … America’s comeback is building a future of American possibilities, building an economy from the middle out and the bottom up, not the top down, investing in all Americans to make sure everyone has a fair shot. … I inherited an economy that was on the brink,” Biden said.
More work to do, but a promising address in touch with voter sentiment. Click to enlarge.
“Now our economy is the envy of the world! 15 million new jobs in just three years – that’s a record! Unemployment at 50-year lows. … 800,000 new manufacturing jobs in America and counting. More people have health insurance today than ever before. … Wages keep going up and inflation keeps coming down! Inflation has dropped from 9% to 3% – the lowest in the world! And trending lower. And now instead of importing foreign products and exporting American jobs, we’re exporting American products and creating American jobs … my policies have attracted $650 billion of private sector investments in clean energy and advanced manufacturing creating tens of thousands of jobs here in America! Thanks to our Bipartisan Infrastructure Law, 46,000 new projects have been announced across your communities – modernizing our roads and bridges, ports and airports, and public transit systems.”
Biden also took on the badly needed tax reform issue.
“I’m a capitalist. If you want to make a million bucks – great! Just pay your fair share in taxes. A fair tax code is how we invest in the things – that make a country great, health care, education, defense…The last administration enacted a $2 trillion tax cut that overwhelmingly benefits the very wealthy and the biggest corporations and exploded the federal deficit,” Biden said.
“They added more to the national debt than in any presidential term in American history….Do you really think the wealthy and big corporations need another $2 trillion in tax breaks?…I’m going to keep fighting like hell to make it fair! Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes. … the Child Tax Credit I passed during the pandemic cut taxes for millions of working families and cut child poverty in half. Restore the Child Tax Credit because no child should go hungry in this country… In 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes…Thanks to the law I wrote and signed big companies now have to pay a minimum of 15%. … It’s time to raise the corporate minimum tax to at least 21%,” the President said.
The Bidenomics Comeback Story
“The great comeback story is Belvidere, Illinois. Home to an auto plant for nearly 60 years. Before I came to office, the plant was on its way to shutting down. Thousands of workers feared for their livelihoods. Hope was fading. Then, I was elected to office, and we raised Belvidere repeatedly with auto companies, knowing unions would make all the difference. The UAW worked like hell to keep the plant open and get these jobs back. And together, we succeeded..” Biden said.
“Instead of auto factories shutting down, auto factories are reopening and a new state-of-the-art battery factory is being built to power those cars there at the same. To the folks — to the folks of Belvidere, I’d say: Instead of your town being left behind, your community is moving forward again. Because instead of watching auto jobs of the future go overseas, 4000 union jobs with higher wages are building a future in Belvidere right here in America.
“Here tonight is UAW President Shawn Fain, a great friend and a great labor leader…And — and Dawn — and Dawn Simms, a third-generation worker — UAW worker at Belvidere. Shawn, I was proud to be the first President to stand in the picket line. And today, Dawn has a good job in her hometown, providing stability for her family and pride and dignity as well.
“Showing once again Wall Street didn’t build America. They’re not bad guys. They didn’t build it, though. The middle class built the country, and unions built the middle class. I say to the American people: When America gets knocked down, we get back up. We keep going. That’s America. That’s you, the American people. It’s because of you America is coming back. It’s because of you our future is brighter. It’s because of you that tonight we can proudly say the state of our Union is strong and getting stronger.” Biden said.
The Hopeful – Morning in America – Conclusion
“I know I may not look like it, but I’ve been around a while. And when you get to my age certain things become clearer than ever before. … Again and again I’ve seen the contest between competing forces in the battle for the soul of our nation. Between those who want to pull America back to the past and those who want to move America into the future. My lifetime has taught me to embrace freedom and democracy. A future based on the core values that have defined America. Honesty. Decency. Dignity. Equality. To respect everyone. To give everyone a fair shot. To give hate no safe harbor.
“Now some other people my age see a different story. An American story of resentment, revenge, and retribution. That’s not me. I was born amid World War II when America stood for freedom in the world. I grew up in Scranton, Pennsylvania and Claymont, Delaware among working people who built this country. I watched in horror as two of my heroes, Dr. King and Bobby Kennedy, were assassinated and their legacies inspired me to pursue a career in service. A public defender, county councilman, elected United States Senator at 29, then Vice President, to our first Black President, now President, with our first woman Vice President.
“In my career I’ve been told I’m too young and I’m too old. Whether young or old, I’ve always known what endures. … The very idea of America, that we are all created equal and deserve to be treated equally throughout our lives. We’ve never fully lived up to that idea, but we’ve never walked away from it either. And I won’t walk away from it now. My fellow Americans the issue facing our nation isn’t how old we are it’s how old our ideas are? Hate, anger, revenge, retribution are among the oldest of ideas. But you can’t lead America with ancient ideas that only take us back. To lead America, the land of possibilities, you need a vision for the future of what America can and should be. …
- I see a future where we defend democracy not diminish it.
- I see a future where we restore the right to choose and protect other freedoms, not take them away.
- I see a future where the middle class finally has a fair shot and the wealthy finally have to pay their fair share in taxes. I see a future where we save the planet from the climate crisis and our country from gun violence.
- Above all, I see a future for all Americans! I see a country for all Americans! And I will always be a president for all Americans! Because I believe in America! I believe in you the American people. You’re the reason I’ve never been more optimistic about our future!
- So let’s build that future together! Let’s remember who we are! We are the United States of America. There is nothing beyond our capacity when we act together!
Four more years of Bidenomics sounds good to AutoInformed.
AutoInformed on
- Bidenomics – Sales Soaring as US Auto Market Ends 2023
- Bidenomics – People Spend Record $578B on New Vehicles
- More Biden-Harris Infrastructure Projects Funded
- Significant 2023 Automotive Stories and Trends
February light vehicle sales in the United States were the best for that month since 2020. Nineteen consecutive months of year-over-year improvements bode well for another good sales year. Automakers reporting monthly, such as Toyota and Ford, improved by 10% while the rest, like Stellantis and GM, gained about 7.6%. Continued growth has pulled the AFS forecast up to 15.9 million units for 2024 with room to rise beyond that, depending on the moves from the Federal Reserve later this year and other economic factors. – Sam Fiorani, is Vice President, Global Vehicle Forecasting – AutoForecast Solutions. He is an auto industry expert as well as an automotive historian. Follow Sam on Linked In https://www.linkedin.com/company/autoforecast-solutions-llc/