fire up the printing press! https://www.nytimes.com/2020/07/14/us/politics/biden-climate-plan.html Biden Announces $2 Trillion Climate Plan Joe Biden’s plan connects tackling climate change with the economic recovery from the coronavirus crisis, while also addressing racism. The proposal drew praise from his onetime critics. By Katie Glueck and Lisa Friedman July 14, 2020 Joseph R. Biden Jr. announced on Tuesday a new plan to spend $2 trillion over four years to significantly escalate the use of clean energy in the transportation, electricity and building sectors, part of a suite of sweeping proposals designed to create economic opportunities and strengthen infrastructure while also tackling climate change. In a speech in Wilmington, Del., Mr. Biden built on his plans, released last week, for reviving the economy in the wake of the coronavirus crisis, with a new focus on enhancing the nation’s infrastructure and emphasizing the importance of significantly cutting fossil fuel emissions. As he denounced President Trump’s stewardship of the virus and climate change, he drew criticism from Republicans — but he also faced a key test from progressives who have long been skeptical of the scope of his climate ambitions. “These are the most critical investments we can make for the long-term health and vitality of both the American economy and the physical health and safety of the American people,” he said. “When Donald Trump thinks about climate change, the only word he can muster is ‘hoax.’ When I think about climate change, the word I think of is ‘jobs.’” more at the link
Sounds like a plan, although I would like to see how he tackles racism. I would also like to see the big manufacturers who have outsourced their business to countries like China, encouraged to bring them back to American soil for American jobs. We gonna need all the help we can get and personally, I think it is just wrong to bolster another countries economy all for the sake of 50c cheaper goods. The shareholders may respond to this idea moreso than outsourcing.
No single administration is going to solve the issue of outsourcing and there isn't even a strong general agreement amongst economists that it is bad or good for the economy. With China, the cat is largely out of the bag and you are not getting it back in. There are things that can be done as far as punishing breaches tracked to China, etc...... but that also requires strong support from Western Europe.
We are running trillion dollar deficits each month. 20 billion a month to modernize our energy economy seems like peanuts and hopefully money well spent.
Rebuilding the infrastructure is extremely smart and will provide jobs as well. The move from fossil fuels is also smart based on the technological break through's....... however really need to go beyond that, because those are two obvious areas to attack.
I am not a big fan of spending money....... but at least it is for an investment in the country, that the country will benefir from for a long time.
I read the article but would like to see more details about it specifically about it. Regarding how Biden addresses the problem of outsourcing there are a couple of ways: 1. Tarriffs This is the most obvious solution but also the most problematic. 2. Tax breaks, preferential bidding, and other set asides for companies that agree to manufacture in the US. My guess is Biden's plan will be heavy on this. 3. R&D done through investment of government money with licensing to US companies with agreement to manufacture here. This will probably be a big part of Biden's plan but is one of the most difficult. If the US develops unique technology and licenses to it companies it will be difficult to control how much work is done in the US. For example for new battery technology the US government could agree to license that technology to a US company to manufacture batteries here in the US. The components though could be manufactured in other countries with final assembly done here. Further as we've seen with the PRC. A US company sourcing components from the the PRC might be compelled to share technology with their PRC partner.
I haven't read this plan, but one of the issue that we probably will see as early as fall 2020 is a realization that a good portion of the job loss due to covid19 is never coming back through acceleration of automation by the big business and consolidation (smaller busn belly up, mkt share taken up by big busn). We sure can use some type of new economic plan focused on people that have suffered from this recent job loss and past job loss that Trump promised would come back and has completely failed to delivered on (and in fact, Trump economic and covid19 actions have benefited the wealthy and crushed main street). Tie that in with opportunity for serious infrastructure changes focused on climate change...
Markets will definitely fall if Biden takes office. The tax cuts and spending are ridiculously short term and aren't even currently accounted for in future budget estimates. More efforts will be needed to stop covid bleeding the economy that reining in corruption and corporate handouts might be overshadowed and minimized (given that they own both parties) How that fits the narrative for the public will determine how much opposition he gets for these much needed yet costly plans.
I have a hard time considering that Joe Biden knows what in the heck is going on as he likes to say ...he’s a puppet and about as cognitive as Robert Mueller showed to be in the testimony proceedings Mister “I can’t get into it” Robert Mueller . . .epic beat down by Jim Jordan
climate denier whackjob loser Marc Morano says AOC and Bernie are pulling the strings behind the, um . . . Green Curtain. https://onenewsnow.com/science-tech...anders-aoc-ghostwriters-of-bidens-energy-plan excerpt: Marc Morano of Climate Depot claims Biden "is not in charge" of the plan, but that the real people behind it are far-left politicians such as Senator Bernie Sanders (I-Vermont) and Representative Alexandria Ocasio-Cortez (D-New York). "In order to get this nomination without a fight, [Biden] had to cede climate and energy over to the Bernie Sanders/AOC wing – and people like AOC are actually writing all of this. Biden is merely a figurehead when it comes to this," he tells OneNewsNow. "It's not like [Democrats are saying] 'Bernie Sanders didn't win, so we're going to get a more rational climate policy.' No – Biden has essentially ceded his control over this policy to that extremist climate emergency wing of the Democrats." more at the link
I'm one of those who believe we will see a lot less office space. As companies realize they can make work at home work they won't spend so much on office space. This will mean that many related jobs such as maintenance, security and even caterers might take a hit. A the same time though people working at home will benefit the environment.
I'm not so sure that markets will fall under Biden. The market certainly won't like new taxes but greater government spending especially in R and D, infrastructure and new technology will be a plus for the market. The last few months have shown that the markets are dissociated from the economy and likely the bigger factor will be how the Fed reacts to a Biden presidency.
