In ‘Buy American’ Speech, Biden Challenges Trump on the Economy

As Mr. Trump has increasingly focused his campaign on stoking white resentment and fears, Mr. Biden and his campaign have stressed their efforts to increase opportunities for Black, Latino, Asian-American and other workers. “An economy for every American,” Mr. Biden said on Thursday.

“Donald Trump may believe that pitting Americans against Americans may benefit him. I don’t,” he said. Later in his speech, he invoked Mr. Trump’s recent comments defending the Confederate flag and accused the president of being “determined to drive us apart.”

While Mr. Biden has said in speeches since he began his campaign more than a year ago that Wall Street is not the true economic engine of America, he sharpened his tone on Thursday, saying it was “way past time to put an end to shareholder capitalism.”

He lashed Mr. Trump, in particular, for his focus on the stock market as a metric of success as tens of millions of Americans have been driven to file jobless claims during the ongoing pandemic. “Throughout this crisis, Donald Trump has been almost singularly focused on the stock market, the Dow, Nasdaq,” Mr. Biden said. “Not you. Not your families.”

Aides also said that Mr. Biden, the former vice president, would propose additional deficit spending next year to help the economy recover from the recession caused by the pandemic, building on the more than $3 trillion in new borrowing that Congress and Mr. Trump have already approved amid the crisis.

Mr. Biden has thus far proposed to offset the entirety of his spending plans with nearly $4 trillion in tax increases, largely by reversing some of Mr. Trump’s signature tax cuts for high earners and otherwise raising taxes on the wealthy and corporations. Aides said he would do the same to fund his procurement and research plans.

Mr. Biden proposed the smallest amount of new federal spending among the major Democratic contenders during the presidential primary race, and his plan, despite its new spending, remains far less expensive than those proposed by his former rivals, like Mr. Sanders of Vermont and Senator Elizabeth Warren of Massachusetts.

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Written by Da Mixx

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