fbpx
Vertiv Introduces New Single-Phase Uninterruptible Power Supply for Distributed Information Technology (IT) Networks and Edge Computing Applications in Europe, Middle East, and Africa (EMEA)Read more Students from JA Zimbabwe Win 2023 De La Vega Global Entrepreneurship AwardRead more Top International Prospects to Travel to Salt Lake City for Seventh Annual Basketball Without Borders Global CampRead more Rise of the Robots as Saudi Arabia Underscores Global Data and Artificial Intelligence (AI) Aspirations with DeepFest Debut at LEAP23Read more Somalia: ‘I sold the last three goats, they were likely to die’Read more Merck Foundation and African First Ladies marking World Cancer Day 2023 through 110 scholarships of Oncology Fellowships in 25 countriesRead more Supporting women leaders and aspirants to unleash their potentialRead more Fake medicines kill almost 500,000 sub-Saharan Africans a year: United Nations Office on Drugs and Crime (UNODC) reportRead more Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more

Biden hammers Republican ‘chaos’ in economic speech

show caption
US President Joe Biden speaks about the economy at Steamfitters Local 602 in Springfield, Virginia./AFP
Print Friendly and PDF

Jan 27, 2023 - 06:58 AM

SPRINGFIELD, UNITED STATES — President Joe Biden said Thursday he will veto any Republican legislation that threatens to sow “chaos” in the US economy.

“I will not let it happen. Not on my watch. I will veto everything,” he said in a speech laying out his economic vision at a Virginia pipe fitters union hall.

Biden said congressional Republicans’ push to block expansion of the nation’s borrowing limit, threatening a US debt default, would spark “chaos” and “pain” for the world’s number one economy.

He described another major Republican economic idea — replacing the income tax with a 30 percent sales tax — as “almost unbelievable” and a gimmick to allow “millionaires and billionaires” to avoid paying taxes.

The speech, which touted Biden’s promise of a US manufacturing rebirth, laid out the attack lines of the Democrat’s expected 2024 re-election bid.

The president, who at 80 is already the oldest US leader in the nation’s history, has not yet announced whether he will seek a second term.

However, a decision is expected soon and the timing of US economic resurgence from the Covid-19 pandemic shutdowns appears to be working in Biden’s favor.

Only a few months ago, Biden looked deeply vulnerable as the highest inflation in four decades ate into Americans’ savings and salaries, while economists sounded increasingly pessimistic on the prospects of avoiding a recession.

The latest data on Friday showing GDP growth of 2.1 percent in 2022, with a stronger than expected 2.9 percent surge in October to December, gave ammunition to Biden administration officials who argue that they have instead managed to steer the world’s largest economy out of danger.

Likewise, inflation has been slowly but steadily dropping from highs through six straight months.

Polls show Biden remains unpopular — with only a 42 percent average approval rating. There is lukewarm enthusiasm, even among Democrats, for him to seek a second term, which he would complete at the age of 86.

But with hard-right Republicans holding sway in the House of Representatives and Donald Trump already campaigning to try a comeback in 2024, Biden’s calculus is that he will be able to repeat his feat in 2020 when Americans opted for his centrist message.

To underline his economic credentials, Biden announced what the White House is calling an “Invest in America Cabinet” comprising the secretaries of commerce, labor, transportation, treasury, energy, health and the environment.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.