CNN
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President Joe Biden spoke Thursday afternoon at Union Hall in Northern Virginia, leaning on his economic achievements and contrasting Republican proposals he says would be devastating to Americans’ wallets. He sought to establish himself as an advocate for the middle class.
“We are on the right track. Now we must protect those interests … the House of Representatives that our policies have created and threatens to destroy this progress We need to protect them from MAGA Republicans.
As Washington gears up for a confrontation over the debt ceiling and its potential impact on the global economy later this year, the speech told Biden that news of classified documents had been found in an unsecured area of his home. The office gave an opportunity to divert focus. The unfolding story has drawn Republican scrutiny and press attention. But in a speech to union members in the Virginia suburb of Springfield, just outside Washington, DC, Biden returned to focus on what the White House really wanted to talk about, previewing his potential re-election message strategy. provided the
In his remarks, Biden contrasted the administration’s efforts with Republican plans to cut benefits programs and impose a 30% sales tax. We talked about wage growth and unemployment progress, as well as new laws.
“Here’s the deal. They want to cut your Social Security and Medicare…more than that, they’re actually threatening us to default on America’s debt,” the president said.
“I have a rhetorical question: (why) in the name of God would Americans give up the progress we have made because of the chaos they are suggesting? Literally choosing to inflict this pain on the American people.Why?” Biden asked. “I won’t let it happen. It’s not my watch. I refuse anything they send.”
The president said he would “work with Republicans on real solutions to keep manufacturing jobs growing, build the strongest economy in the world, and ensure Americans get a fair wage.” But he added, “I will not allow anyone to use the full trust and credit of the United States as a bargaining chip.”
Biden will also be charged with “ensuring that his economic plan continues to generate private sector investment and fuel our economic progress for years to come,” according to administration officials. Announcing the Invest in America Cabinet.
The group includes Commerce Secretary Gina Raimondo, Labor Secretary Marty Walsh, Transportation Secretary Pete Buttigieg, Treasury Secretary Janet Yellen, Health and Human Services Secretary Xavier Becerra, EPA Director Michael Reagan, and Infrastructure. • Includes Coordinator Mitch Landrieu and Senior Advisor John Podesta.
Biden also praised newly released data that showed the U.S. economy grew better than expected in the fourth quarter of last year, even as consumers and businesses battled inflation and historically high interest rates. It will continue to grow steadily until the end of 2022.
Gross domestic product, the broadest measure of economic activity, increased at an annualized rate of 2.9% from October to December last year, according to Department of Commerce data released Thursday. According to reports, GDP in 2022 he expanded by 2.1%.
Republican legislative proposals to cut Social Security and Medicare have yet to formally materialize, but House Republicans are reportedly considering cutting the programs in the debt ceiling battle, according to The Washington Post.
The plan hasn’t been formalized, but the White House has already accused Republican lawmakers this week of proposing cuts to offset the deficit as part of negotiations on raising the national debt ceiling.
White House spokesman Andrew Bates said in a statement earlier this week, “Under the guise of ‘fiscal responsibility,'[Republicans]want to cut the benefits that middle-class Americans pay over the course of their lifetimes. We want to expand,” he said. With a new tax break for the wealthiest Americans. This is nothing more than an extreme conspiracy to sell out middle-class families to wealthy special interests at all costs. ”
In the first week of the new Congress, a dozen House Republicans introduced a bill that would completely repeal the IRS and replace the entire federal tax code with a national sales tax.
That bill is unlikely to pass given the Democrats maintain a majority in the Senate, but Biden and Democrats have an opportunity to criticize Republicans for radical proposals they say will harm the American economy. I think there is
National sales taxes can make life worse for low- and middle-income people and reduce tax revenues. One estimate found that a tax rate of about 30% would likely generate the same amount of revenue. That’s 44% when measured the way state sales taxes are typically presented.
Of course, the White House and Biden have harshly criticized the proposal.
The president suggested on Thursday that the proposal is an effort to give the wealthy another tax cut.
“Who do you think will be fooled?” Biden asked. “They want to raise taxes for America’s working and middle-class people by passing a national sales tax on all items: food, gasoline, clothing, commodities, and medicines. .”
The president also acknowledged reports that House Speaker Kevin McCarthy may not be in favor of the tax.
In a statement following the president’s meeting with Democratic congressional leaders this week, the White House discussed “continued enhancement of implementation of landmark legislation such as the Inflation Reduction Act, the CHIPS and Science Act, and the Bipartisan Infrastructure Act.” emphasized that The statement also emphasized the “importance of building on historic economic development”, including lower unemployment, increased health insurance coverage and generating profits to stabilize inflation.
In a statement, the White House said the group “agreed to continue to operate across the aisle…while pushing unprecedented tax increases for the middle class, tax cuts for the wealthy that exacerbate inflation, and an abortion ban.” , or cut Social Security and Medicare.”
Employers continued to raise wages during the third quarter to attract workers and retain existing staff, but the increases failed to keep up with inflation, according to the Bureau of Labor Statistics’ latest quarterly employment cost index. I did.
Wages and salaries of private workers rose by 1.3% in the third quarter and 5.1% in the year to September, according to data released last October.
The next release of the Cost of Employment Index is due to be released on Tuesday.
This story has been updated with additional reports.
