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Biden Says Containing Pandemic Is Key to Economic Recovery

President-elect Joe Biden Monday said containing the coronavirus pandemic is key to the nation’s economic recovery, calling for cooperation between business and government in his first remarks on the economy since being elected.
President-Elect Biden Remarks On ACA As Supreme Court Takes On Case WILMINGTON, DELAWARE - NOVEMBER 10: U.S. President-elect Joe Biden addresses the media about the Trump Administration’s lawsuit to overturn the Affordable Care Act on November 10, 2020 at the Queen Theater in Wilmington, Delaware. Mr. Biden also answered questions about the process of the transition and how a Biden Administration would work with Republicans. (Photo by Joe Raedle/Getty Images)

(Bloomberg) --

“We’re ready to come together. The unity was outstanding. It was really encouraging, quite frankly, to get people, business and labor, agreeing on the way forward,” he said after meeting with business and labor leaders in Wilmington, Delaware.

Prior to the address, Biden met with the chief executives of General Motors Co. and Microsoft Corp., as well as key labor leaders, as he begins to outline how to contain the coronavirus pandemic and revive the economy during his administration.

Mary Barra of GM and Satya Nadella of Microsoft were among the business leaders who joined him for a video meeting on how business and labor can work together. Labor officials participating in the conversation include Richard Trumka of the AFL-CIO and Rory Gamble of the United Auto Workers, as well as a number of other labor leaders.

Trumka said in a statement he raised safety issues for workers during the meeting, telling the group that the Occupational Safety and Health Administration has been “totally absent during this pandemic” under the Trump administration, according to prepared remarks.

He called on OSHA to develop an “emergency temporary standard” to protect workers from contracting the virus when they return to their workplaces.

Brian Cornell of Target Corp. and Sonia Syngal of Gap Inc. participated in the meeting with Biden and Harris. Others included Mary Kay Henry, president of Service Employees International Union; Marc Perrone, president of the United Food and Commercial Workers and Lee Saunders, president of the American Federation of State, County and Municipal Employees.

Cecilia Munoz, a former top policy adviser to President Barack Obama who is now on Biden’s transition team, also joined.

The Biden administration’s economic plan is based on the “Build Back Better” proposals offered during the campaign. The campaign proposal included $2 trillion in spending on clean energy and infrastructure. The goal is to create millions of jobs building the wind turbines, sustainable homes and electric vehicles needed to rapidly throttle U.S. greenhouse gas emissions driving climate change.

Read More: Biden to Call for $2 Trillion in Spending on Clean Energy

Biden also laid out a $700 billion “Buy American” manufacturing plan that would include $400 billion in additional federal purchases of products made by American workers over the course of his first term as well as $300 billion for federally funded research and development. In all, the Biden campaign estimates that its proposals on manufacturing and buying American will create 5 million jobs.

Read More: Biden Offers ‘Build Back Better’ Plan to Revive Economy

He has also said it is a moral and economic necessity for the government to better support those who care for children and the elderly, proposing spending $775 billion over 10 years that would add jobs and boost pay for caregivers, eliminate the waiting list for home and community care under Medicaid and provide preschool for all 3- and 4-year-olds.

Read More: Biden Makes Economic Argument for Federal Spending on Caregiving

Moody’s estimated the total cost of Biden’s campaign proposals -- including additions to the health care system -- at $7.27 trillion over a decade and projected that the package would create 18.6 million jobs, seven million more than President Donald Trump’s economic plans.

Much of Biden’s plan would be funded through increased taxes on corporations and the rich, but his team also expects that a few trillion dollars would be characterized as stimulus spending and wouldn’t be offset by new tax revenue.

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Kanu Nov 17, 2020, 01:44 PM

One of the 'problems' with Biden's otherwise bold plans, is his unwillingness or diffidence in honestly admitting to having been party to some flawed or faulty decisions earlier in his career. Without that acknowledgement he could continue to make 'unwise' decisions again. The issue is not one of making decisions but honestly acknowledging 'shortcomings' with the benefit of hindsight and experience. We do not need another Trumpian (only I can...) approach to decision making.