Economy

Biden promises to invest “primarily in America”

Biden Promises to End ‘This Season of Darkness in America’

Biden promises to invest'primarily in America'

President-elect faces post-pandemic economic downturn

WASHINGTON – US President-elect Joe Biden, who is developing a strategy for economic recovery after the pandemic, pledges to invest “primarily in America”.

“I want to ensure that we fight with all our might, investing primarily in America,” Biden told the New York Times. “I am not going to enter into any new trade agreements until we make a major investment here at home.”.

Biden held a virtual meeting on Wednesday with small business owners and workers affected by the pandemic’s economic downturn..

President-elect hosted an event from Wilmington, Delaware, where the main activities of his transition team are focused in the run-up to inauguration.

“More than 10 million people are worried about how to pay their next mortgage installment,” Biden said. “And even more people are unable to pay rent.”.

When people “are out of work for too long, it’s much more difficult for them to return to work,” he added. “Many of them lose years of opportunity”.

Biden also said the new economic aid package would provide growth without long-term financial damage. Earlier, $ 3 trillion was allocated in connection with the coronavirus.

According to Biden, he sees no reason not to raise the maximum tax rate for individuals from 37 percent to 39.6 percent..

Janet Yellen, nominated by Biden for the post of Treasury Secretary, called the pandemic “an American tragedy”, stressing the need to act urgently.

“Inaction will trigger a self-reinforcing recession that will lead to further ruin,” warned Yellen, the former chairman of the Federal Reserve. “And we run the risk of ignoring deeper structural issues such as inequality and lack of wage growth, especially for workers without college degrees.”.

Meanwhile, President Trump continued to claim that presidential election results were rigged..

In a message posted on Twitter and Facebook, the president pledged that he is “determined to defend the electoral system,” which he says is “undergoing a coordinated attack.”.

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