“Growth in our economy slowed. This is both a moral and economic imperative for the nation”, Biden told a live-streamed event on his so-called Build Back Better plan. “How we pay for it is by rolling back on productive tax cuts, (like) some of the $2 trillion-tax-cut the president put through and by closing loopholes in unproductive tax cuts for high-income real estate Investors while ensuring high-income earners pay their tax bills. We invest that and that would add up to $775 billion dollars over 10 years”.
Biden’s plan seeks to create 3 million jobs in the healthcare and education sectors while bolstering the workforce overall by 5 million by allowing people who were taking care of children or relatives to rejoin the labour force after the devastation caused by the coronavirus pandemic.
As part of the proposal, all 3-year-old and 4-year-old children would have access to free preschool, which would save parents thousands of dollars a year in childcare costs, he said.
The sum effect of his plan is to make childcare more affordable and accessible for families and make it easier for aging relatives and loved ones with disabilities to receive home or community-based care, Biden added.
Meanwhile, US President Donald Trump said that a Biden presidency is what will take America back to a “1929 situation” — referring to the Great Depression then.
Biden and Trump face off in 3 November elections against the backdrop of the worst likely recession in US history caused by the COVID-19, racial tensions, and public protests against law enforcement.