Biden unveils economic plan that aims to keep jobs in U.S.

Joe Biden. Photo: Wikimedia Commons/The White House

Sept. 9 (UPI) — Democratic presidential nominee Joe Biden spoke to autoworkers and union representatives in the battleground state of Michigan Wednesday after unveiling his proposal to create jobs and punish companies who send them to other countries.

Biden spoke in Warren, Mich., as part of a campaign that aims to win back battleground states that narrowly delivered top votes from Trump in 2016.

The former vice president criticized the loss of jobs in the state where the unemployment rate spiked at 24% in April during coronavirus shutdowns, according to the Bureau of Labor Statistics. Michigan’s current unemployment rate is 8.7%.

“This is a recession created by Donald Trump’s negligence and he is unfit for this job as a consequence,” the former vice president said. “Our economy is down 4.7 million jobs since [Trump] took office.”

Biden criticized the president’s trade policies “reckless and chaotic” and said they had thrown U.S. manufacturing into recession. He reminded autoworkers and union representatives that Trump had promised that not one auto plant would shut down if Trump were elected in 2016.

“When the GM transmission factory closed here in Warren last year, I bet the workers weren’t all the comforted by Trump’s empty promises,” Biden said.

Biden rolled out a new plan that would punish U.S. companies for closing manufacturing plants in the United States in order to offshore jobs.

The rate of offshoring by federal contractors has doubled under President Trump, Biden claimed, and federal corporate tax breaks rewarded companies that offshore jobs.

“Those companies were given lucrative federal contracts and some of them turned around and shipped 7,000 U.S. jobs overseas,” Biden said.

Biden’s new plan calls for a “Made in America” tax that would impose a 30% tax rate for companies that send jobs away and then sell manufactured items or services back to the United States.

The proposal also would provide a 10% tax incentive for businesses that revitalize facilities to improve competition and employment in the manufacturing industry. The credit would also go to companies that expand U.S. facilities to increase employment or improve payroll.

Biden also promised a 21% minimum tax on foreign revenues earned by U.S. companies, a provision intended to keep businesses from shielding their profits in tax havens overseas.

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