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PARSING BIDEN’S 2024 STATE OF THE UNION ADDRESS
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Karen Dolan
March 8, 2024
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_ President Biden credited progressive economics with a strong
post-COVID recovery. But on Gaza and immigration, he failed to draw
much distinction with his conservative opponents. _
President Biden delivers his 2024 State of the Union address.
(Getty),
Biden delivered his fourth State of the Union address in a chamber
where, just four years ago, police were fending off violent mobs
seeking to overturn his election and lawmakers were running for their
lives.
Against that backdrop, Biden sought to portray himself as a defender
of democracy while also touting his economic accomplishments. At the
same time, he tried to walk a fine line on his support for Israel’s
war in Gaza and more militarized border enforcement, both of which are
opposed by much of his progressive base.
Significantly, Biden proclaimed that “the days of trickle-down
economics are over” and took credit for a dramatic safety net
expansion that kept the U.S. from falling into a post-COVID recession.
Biden also pointed to his unprecedented investments in infrastructure
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energy,
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investments in manufacturing, and critical domestic programs that so
many American families rely on.
These investments have been successful. They’ve helped create
over 14 million jobs
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the lowest unemployment rate in 50 years, with a historic rise
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real wages. Inflation in the U.S. is far lower
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in Germany, the United Kingdom, and France and is coming down
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— even though corporations continue to price gouge
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keeping many consumer prices higher than before the pandemic.
Other prices are set to come down.
Medicare is now able to negotiate
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prices for certain high-cost drugs, the cost of insulin is capped at
$35, and the out-of-pocket cost for prescription drugs for seniors is
capped at $2,000. Biden announced he wants to cap drug prices for
everyone. He’s also eliminated or capped “junk fees” that result
in extra charges on things like late credit card payments and
overdraft charges. This policy will save Americans an estimated over
$10 billion
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year.
A more bittersweet pandemic program success story is the expanded
Child Tax Credit, which Biden pointed out had cut child poverty in
half and put extra money into the pockets of 40 million
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before it expired.
Biden called on lawmakers to bring that expansion pass and to increase
the Earned Income Tax Credit
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low-income workers without dependent children, which would provide 19
million working Americans an average reduction of about $800 in
federal taxes per year. He also wants to expand the Affordable Care
Act’s premium tax credit to save millions of people another $800 per
year on average.
Looking ahead, Biden called for Congress to pass funding for more
rental and mortgage assistance for first-time homeowners, more
affordable housing, paid family leave, better child and elder care,
and to protect Social Security and Medicare.
When it comes to funding these investments, Biden explicitly drew a
contrast with Republicans over President Trump’s $2 trillion tax
cuts, which chiefly benefited corporations and the wealthy. Biden laid
out an agenda
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tax fairness targeted instead at families making less than $400,000
annually, which would require the uber-wealthy and large corporations
to pay their fair share.
In particular, he called to increase the corporate tax rate from its
current 21 percent to 28 percent, to raise the corporate minimum rate
from 15 percent to 21 percent, and to pass a minimum tax of 25 percent
on billionaires (who currently pay an average of just 8 percent.)
He’s also proposing
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the big corporate stock buyback surcharge, ending loopholes for
corporate jets, and denying tax breaks to companies who pay more than
$1 million to employees.
Attending other popular progressive priorities, Biden vowed to protect
abortion rights and LGBTQ rights, expand voting rights, bolster
support for organized labor, and fight climate change.
But on other issues, he was markedly out of step with his base.
Instead of calling for a permanent ceasefire in Israel’s war in
Gaza, which the International Court of Justice has identified
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possible genocide, Biden merely called for a six-week pause. Biden
also announced plans for a temporary pier to deliver humanitarian aid
to Gaza and called on Israel to allow more assistance. But he
announced no plans to suspend weapons sales or restore funding for
Gaza’s largest aid organization
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Biden’s own administration cut earlier this year.
Biden also called on Republicans to pass a bipartisan border bill that
contains many provisions backed by hardline immigration opponents.
Instead, he needs to strongly support immigrants
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a safe, fair, and effective asylum-seeking process at our southern
border.
Doing otherwise would be at odds with Biden’s own plans for the
economy. The Congressional Budget Office predicts that restricting
immigration would cost the U.S. economy $7 trillion
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the next 10 years, while 68 percent
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Americans believe that immigration is good for the country.
On economics, Biden seemed to succeed in drawing a strong contrast
with his conservative opponents. But against a backdrop of democracy
under threat, much could depend on drawing a stronger contrast on Gaza
and the border.
_Karen Dolan directs the Criminalization of Race and Poverty Project
at the Institute for Policy Studies._
_The Institute for Policy Studies (IPS) is a progressive organization
dedicated to building a more equitable, ecologically sustainable, and
peaceful society. In partnership with dynamic social movements, we
turn transformative policy ideas into action._
* State of the Union
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* Joe Biden
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* Immigration
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* Gaza
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