Rather than take swift, decisive action, by implementing a testing regime, a coordinated national response, and invoking the Defense Production Act, President Trump hesitated
(1), and denied that Covid-19 would surpass fifteen cases, saying "it will just go away"
. (2) Top economists now predict an extensive downturn and an unemployment rate
(3) above 10% into 2021.
Biden's Covid-19 plan
(4) calls a coordinated national response, institutes an emergency paid-leave program while ensuring that employers will not bear the additional cost of employee-leave,, establishes a federally-coordinated contact tracing workforce, and will expand
Emergency Unemployment Compensation.(5)
The nonpartisan Congressional Research Service
(6) has found that the tax cuts from Trump's signature legislative achievement—the Tax Cuts and Jobs Act (TCJA)—have had “virtually no effect
on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.” (7) These cuts slowed economic growth, and largely benefited the ultra-wealthy.
Joe Biden’s economic plan
(8) for America focuses on revitalizing the middle-class. He wants a pro-growth, progressive tax code
(9), under which 93% of tax increases would be borne by taxpayers earning approximately $170,000 or more a year (the top 20% of households), while the top 1% of households would pay nearly 75% of the tax hike.
While re-establishing relations
(15) with our allies, Biden hopes to boost American production. To achieve this, Biden will allocate $400 billion
as a procurement investment to purchase products made by American owners, and will spur American innovation with a $300 billion
investment in research, development, and new technologies, thus boosting high-quality job creation in technology and advanced manufacturing (16).
Trump promised to reduce the national debt by eliminating waste in federal spending, but national debt has increased
(17) under his administration, going from under $20 trillion in January 2017 to more than $24 trillion by April 2020. While Trump's tax cuts are largely to blame for the rising debt, his administration has responded by cutting education grants
(18), rural broadband and other rural infrastructure programs
, (19) and more.
Biden hopes to plan
(20) for the future by building a power sector that is completely free from carbon pollution by the year 2035; upgrading 4 million buildings, and weatherizing 2 million homes over the course of four years to improve national energy efficiency and boost climate resilience. His proposal seeks to rebuild crumbling infrastructure, thus creating jobs and helping facilitate the shift towards greater reliance on public transportation
in U.S. cities. (21)