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Biden knocks Wall Street, defends economic plans amid recession fears -Breaking


© Reuters. U.S. vice president Kamala Harris addresses U.S. President Joe Biden in the ceremony for the H.R. 3525: “Commission To Study the Possible Creation of A National Museum of Asian Pacific American History and Culture Act” in the White House.

Nandita Bhose

PHILADELPHIA -The United States President Joe Biden blasted Wall Street as well as Republicans. On Tuesday, he also gave a detailed defense of his economic plan to thousands in Philadelphia, as he sought to boost dismal approval ratings amid rising inflation and concerns about recession.

Biden often raised his voice in a shout, vowing to keep pursuing billionaires and corporations, which his administration claims underpay billions of tax dollars each year. He also promised to implement economic policies that reduce U.S. inequality.

Biden declared that the work was not done. America still faces a decision: a government run by the few, or one for everyone, democracy for all, and an economy that gives all citizens a fair chance at a place in it.

Analysts fear that the Federal Reserve’s hawkish policies will cause U.S. economic growth to suffer as they try to control inflation. This benchmark was turned into a “bear-market” Monday which may lead to recession.

Jamie Dimon (chief executive at JP Morgan) has been warning corporate executives that there is an economic storm in the United States. High inflation will bite and the Fed balances spending to curb it while avoiding a recession.

Biden seemed to be addressing those issues Tuesday.

Biden claimed that Wall Street wasn’t responsible for building this nation, but the middle class did. Biden also stated that investment bankers would not strike if they were to make a significant impact on the U.S. economic growth.

Republicans fault the Democrats’ $1.9 trillion American Rescue Plan economic stimulus programs for inflating prices that have reached their highest levels in 40 years. Democrats and Biden both point to the U.S.’s record low unemployment rate, small-business startup growth and wage growth, especially for workers with lower incomes who have been disproportionately affected from pandemic shutdowns, which are all signs that America is strong.

“I don’t want to hear any more of these lies about reckless spending. “We are changing the lives of people,” he stated.

Democrats and Biden both point to the low unemployment rate, small-business startups and deficit reduction, wage growth and wage growth as evidence that the U.S. economic is healthy.

Last month, the Congressional Budget Office forecasted that the U.S. deficit would drop dramatically to $1.036 Trillion in fiscal 2022. This is a drastic reduction from $2.775 Trillion last year.

“I don’t want to hear any more of these lies about reckless spending. Biden stated that we are making people’s lives better.

The AFL-CIO Constitutional Convention is a gathering of approximately 2,000 members and leaders from unions, as well as state and local officials. It’s held each four years and sees labor leaders plan their strategy. There are 57 affiliate unions in the labor federation and over 12.5 million employees.

He spoke of food shortages and job loss under President Donald Trump, as well as the COVID-19 outbreak. Today’s unemployment is at an all-time low.

What a stark contrast. He said that ordinary people waited for over an hour to get a food box, while presidents’ policies made more billionaires in America than any time in American history.

Biden has been praised by labor leaders for being a pro-union President. And the White House will continue to back unions in order to aid Democrats’ win at the November midterms.

Biden urged union members in Pennsylvania to vote for John Fetterman (the U.S. Senate candidate from Pennsylvania) and Stacey Abrams (the Georgia governor).

Biden’s victory in key swing state elections in 2020 was made possible by the support of unions. Edison Research shows that Biden was able to win 57% of the union households in America, compared with Trump’s 40%.

Trump has removed union officials he deemed hostile, reversed Trump-era regulations that weaken worker protections, and created a White House labor taskforce to reverse decades of decline in union membership.

Biden also spoke with the White House’s new generation of labor organizers, and warned businesses about their employees seeking to unionize. Biden supported legislation on Capitol Hill, which allows congressional staffers to become unionized.

According to the White House, only 10.3% were represented in the U.S. by a union in 2021. That’s a drop from 30% of workers in the 1950s. Private-sector workers have even smaller numbers, with 6.1% of them being members in 2021 as opposed to 16.8% in 1983.