STEPHANOPOULOS: “Let me press you on that, though. You are going to raise the corporate tax, raise taxes on the wealthy. Is it wise to do even that when the economy is as weak as it is right now?”
STEPHANOPOULOS: “Another 900,000 people —“
Biden: “That’s a great question. Moody’s did an analysis of my — detailed analysis of my tax plan and my economic plan. They said I will, in four years — Moody’s, Wall Street, said I will create 18.6 million new jobs, good-paying jobs, number one. Number two, I’ll increase — the GDP will grow by a trillion dollars more than it would under Trump and 7 million more jobs than under Trump. And the reason is, when you allow people to get back in the game and have a job, everything moves. Everything moves. Right now, you got the opposite. You had, last year, during this pandemic, you had the wealthiest billionaires in the world, in the nation, they made another $700 billion. $700 billion. He talks about a V-shaped recovery, it’s a K-shaped recovery. If you are on the top, you’re going to do very well. And the other thing — and if you’re on the bottom, you’re in the middle or the bottom, your income is coming down.
“You’re not getting a raise. I shouldn’t — I don’t know what you do, you may get a raise, hope you’re a billionaire. But all kidding aside, but it’s about growing the economy. And George, the way out — the reason why I’m so optimistic about economic recovery, more than I’ve ever been, is we had these four crises happening all at once and one helps the other. For example, we’re going to invest a great deal of that money into infrastructure and to a green infrastructure.
“We’re going to put 500,000 charging stations on new highways we’re building, all highways we’re building. We’re going to own the electric market. You know, as well as I do, from your days, you know, in the old days, where the president has — spends about $600 billion a year on government contracts. Everything from making sure they have aircraft carriers to automobile fleets for the — in the United States.
“If you make — and we can — and it’s not a violation of any international trade agreement, made in America. If you actually insist that, whatever that product is, made in America, including the material that goes into the product, we — it’s estimated we’re going to create somewhere between another 4 and 6 million jobs just by doing that. But what’s happening now?
“Under his trade policy, a lot of this is going overseas. You get a benefit from going overseas, if you have much of it being made overseas. So if you send it overseas, you get a 10% tax increase on a product. If you make it in America, you bring it back, you get a 10% growth. If you bring back a company and you’re going to open up an old facility, you get a 10% tax credit for all you invested. That actually works, George.”
STEPHANOPOULOS: “So, there’s not going to be any delay on the tax increases?”
Biden: “Well, I got to get the votes. I got to get the votes. That’s why, you know, the one thing that I — I have this strange notion, we are a democracy. Some of my Republican friends and some of my Democratic friends even occasionally say, ‘Well, if you can’t get the votes, by executive order you’re going to do something.’ Things you can’t do by executive order unless you’re a dictator. We’re a democracy. We need consensus.”
STEPHANOPOULOS: “Got to take a quick break. We’ll be right back.”
Biden: “I hope I answered your question.”
Cross-posted with Mental Recession
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