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Here’s what Joe Biden should say in his State of the Union address
Instead of telling Americans the economy is great – which many won’t believe – he must tell them the truth of where the gains are going
Thu 7 Mar 2024 12.06 CET Share229
Joe Biden is addressing the country on Thursday in his State of the Union address. Here’s some free advice about what he should say about the economy – which is the issue most voters care most about.
Instead of telling Americans the economy is great – which many will not believe – the president must tell them the truth: that most of the economic gains haven’t been felt by average working people because the gains have been going to the top.
Biden should denounce the greed and political corruption that have caused this.
He should explain that the biggest change in America over the last four decades – lurking behind the insecurities and resentments of many working people – has nothing to do with “woke-ism”, immigration, critical race theory, transgender kids, the “deep state”, or any other Republican bogeymen.
It’s been a huge upward shift in the distribution of income and wealth.
The nation’s economy has seen massive gains, but the income and wealth of the bottom 80% of America have barely budged while the income and wealth of the richest Americans have exploded.
This change didn’t happen because of the so-called “invisible hand” of the free market.
It happened because of policy decisions pushed by the monied interests – decisions that deregulated Wall Street, allowed corporations to bash unions and monopolize their industries, opened the American economy to Chinese imports, let pharmaceutical companies charge exorbitant prices, cut taxes on the rich and bailed out the biggest banks while saddling working people with student debt and medical debt.
In Biden’s first term he reversed much of this. He negotiated lower drug prices, funded infrastructure that will create good jobs, forgave some student debt, attacked monopolies and protected workers’ rights to organize. He even walked a picket line.
But in his second term Biden needs to tell Americans he’ll go even further.
Mr President, tell us you will:
Stop CEOs from raking in record-breaking 350 times the pay of average workers.
Support legislation linking the rate of taxes a corporation pays to the ratio of its CEO pay to average worker pay.
Enforce the antitrust laws against grocery chains and food processors that have kept food prices high.
Make it illegal for hedge fund and private equity managers to buy up houses to drive up rents when average Americans can barely afford to keep a roof over their heads.
Stop big banks and credit card companies from adding junk fees and charging usurious interest payments approaching 30%.
Prevent monopolies like Amazon from hurting small businesses and firing their workers for unionizing.
Raise taxes on the rich and lower them on average working Americans.
canisgallicus 