The federal government would spend $400 billion on manufacturing during the next four years and $300 billion on research and development during the same period under an economic plan former Vice President Joe Biden unveiled Thursday.
His goal is to create 5 million jobs beyond the restoration of millions lost this year during the COVID-19 pandemic.
The manufacturing plan is part of a broader economic agenda called “Build Back Better,” which Biden will continue to explain in the coming weeks and deals with infrastructure and clean energy, care-giving and the workforce, and racial equity.
Biden’s announcement comes as he and Trump joust over whose economic vision is better for the country during the crisis of a pandemic, high unemployment and trade tensions with China.
Biden argues Trump has surrendered on curbing coronavirus and failed in negotiations with China. But Trump’s campaign contends he’s dealt sternly with China through tariffs and spurred growth with a major tax cut. Trump has argued that Biden would lose stock market gains and raise taxes.
Democratic officials and activists praised the plan as a blueprint for the country.
The head of the Congressional Black Caucus, Rep. Karen Bass, D-Calif., said Biden demonstrated leadership the country and world need in uncertain times.❑
