Jobs have become one of the biggest issues during the Covid-19 outbreak. Over 65 million Americans have filed for unemployment benefits since the pandemic started. Millions more are worried about holding onto their jobs, are underemployed or have been forced unwillingly into the gig economy. Some Americans even took an early retirement due to the lack of employment options. We’ve seen the return of roughly 11 million jobs since the March lows, but unemployment remains stubbornly high and major corporations continue to lay off large numbers of workers, where TalentTurbo creates opportunities for employment!
President Biden proposed a “Build Back Better” agenda promising to “create millions of good-paying jobs and to give America’s working families the tools, choices and freedom they need to build back better.” His plan primarily has several planks, including heavily investing in green energy, a massive infrastructure plan and bringing back jobs to the U.S.
Biden’s Plan – to create Jobs
Biden is wagering a big bet on pivoting the country toward solar, clean and green energy. “If executed strategically, our response to climate change can create more than 10 million well-paying jobs in the United States,” Biden asserts. He believes that the “future rests in renewable energy” and this will create “good union wages.” Unfortunately, his plan will substantially hurt workers in the oil, gas, fracking and fossil fuel sectors.
Biden proposes a massive $700 billion plan to bolster the U.S. economy. He’s calling for “Buy American” legislation. This involves putting $400 billion toward buying U.S. products and services. The renewed effort on building and buying products made in America will spur growth and reinvigorate the ailing manufacturing sector. According to the Wall Street Journal, “His proposals are designed to reduce America’s reliance on foreign countries after the pandemic exposed the vulnerabilities of the U.S. and other countries, in relying on foreign producers, such as China for critical medical supplies and equipment.” An additional $300 billion will be deployed on research and development that focuses on new technologies.
Biden’s Plan – How my would it draw from your paycheck?
Biden acknowledges that taxes will need to be raised (he promised not to increase taxes on people earning less than $400,000 a year) to launch a roughly $2 trillion infrastructure plan. This program would rebuild the country’s crumbling roads, tunnels, bridges, airports and transportation systems. This initiative, similar to the work programs during the Great Depression, would create an estimated 5 million new jobs, according to his campaign. Corporations and upper-middle-class and wealthy families will feel an extra tax burden. The increased tax revenue will support healthcare, education and job creation initiatives.
Nikki Haley, the former governor of South Carolina and U.S. ambassador to the United Nations, shared her concerns over Biden’s economic plans, writing in a Facebook post, “Biden’s plan would eliminate about five million jobs over the next decade. Simple logic explains why: By raising taxes and regulatory burdens on job creators, companies of all sizes will find it harder to expand or stay in business.”
Higher tax rates are viewed as a financial drag on businesses and families. With less take-home money, consumers will spend less money purchasing goods and services, which will decrease revenue for businesses. As taxes increase for corporations, they’ll have less funds to pay salaries and start new business initiatives.
Biden’s overall plan seems similar to Trump, in that he wants to focus on the U.S. by manufacturing products at home, which should create new jobs. Like Trump, Biden desires to champion a Buy American philosophy. An infrastructure program is much needed and could be a boon for construction workers, carpenters, plumbers, electricians, engineers, architects and other blue-collar workers.