This Tuesday President Joe Biden made it clear in his second State of the Union address that he intends to radicalize his policies to the left by imposing new taxes on millionaires and limitations on large corporations.
During the first part of the president's speech, he spoke of the millions of jobs he has created, and focused on this for much of his address to the nation. He avoided taking responsibility for inflation and briefly mentioned other relevant topics such as the border crisis. "Inflation has been a global problem because of the pandemic that disrupted supply chains and Putin's war that disrupted energy and food supplies," he said.
Don't let Democrats fool you. The reality is that this administration has FAILED to bring our economy back to pre-pandemic levels. Costs are up, interest rates are up, and American families are hurting. You deserve better. #SOTU
— Tim Scott (@SenatorTimScott) February 8, 2023
Spending and taxes
Something that got a lot of attention was the radical leftist approach that his policies will take on this year. He assured that he would build an economy from the "bottom up" as a way to make sure that the economy "works for everyone." "My economic plan is to invest in places and people that have been forgotten. Amid the economic turmoil of the past four decades, too many people have been left behind or treated as if they were invisible," he said.
Despite talking about being the president of "all Americans" and outlining how he would help small businesses emerge, he announced limitations for large organizations and outlined the new taxes he will impose on millionaires. Nikki Haley summed it up this way:
Biden's State of the Union in 6 words:
Tax. Spend. Tax. Spend. Tax. Spend.
— Nikki Haley (@NikkiHaley) February 8, 2023
"The idea that, in 2020, 55 of the largest U.S. companies made $40 billion in profits and will pay zero federal income taxes. That's simply not fair. But now, because of the law I signed, multi-million dollar companies have to pay a minimum of 15%," he said, also highlighting that no one earning less than $400,000 a year will pay a penny more in taxes.
He also announced that his administration is focusing on the "junk" fees charged by companies and announced how he will prevent this from continuing to occur. "Junk fees may not matter to the very wealthy, but they matter to most people in households like the one I grew up in (...) They make it harder for you to pay bills or afford that family trip. I know how unfair it feels when a company overcharges you and gets away with it. Not anymore," he said.
"Exorbitant bank overdraft" charges
The president said he is making airlines refund money if a flight is canceled or delayed. He also said that he reduced "exorbitant bank overdraft" charges such as those arising from late credit card payments. "We've written a bill to stop all that," he reported, claiming that it would ban the "resort fees" that hotels tack on, as well as the amount charged by phone and internet companies when a person decides to switch to another provider.
"We will limit service fees on tickets to concerts and sporting events (...) and prohibit airlines from charging up to $50 round-trip for families just to sit together," he said.
Other important announcements
During the speech, the president also spoke about public health, stating his intention to increase coverage for people who do not have Medicaid and to limit the prices of some drugs. Biden insisted that electric vehicles will dominate roads throughout the country in the future. He will do so by promoting initiatives such as building charging stations and offering credits for those who purchase such vehicles.
Regarding education, the president said he would focus on creating affordable options for the middle class and provide access to preschool education. On security, he said he would provide more training for law enforcement, seek to address mental health and substance abuse issues, and seek to ban assault weapons "once and for all."
Biden said he will veto any national ban on abortion passed by Congress and mentioned other issues such as the support for Ukraine and his intention to keep the conflict with China on one side. To read the President's full speech, click here.