The Indicator from Planet Money - What Is Bidenomics?

Danielle Kurtzleben from NPR's Washington Desk breaks down Joe Biden's economic policies.

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NPR

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Everyone is Cardiff. This is the indicator from Planet Money and in case you've been living on a space Colony somewhere under a rock whatever next week is election day in America, Donald Trump the president versus the former Vice President, Joe Biden. What are their Economic Policy agendas? Nobody knows nobody knows better than Danielle kurtzleben of the NPR politics team reporter Danyelle. How are you? I am so excited to be talking to you Cardiff back on the show. Sounds like it. Yeah, you and I are going to be doing something special today. And tomorrow we are going to be going through the economic policy proposals of both former Vice President, Joe Biden were doing that today and then the next episode we talkin about Donald Trump's proposed economic policies for a second term. Are you ready? Yes. Are you

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Turn off the over a thousand percent. Okay after a quick break Danielle Kirkland, the NPR politics team takes us through Joe Biden's economic policy agenda.

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Three parts of Joe Biden's economic policy agenda with Danielle kurtzleben reporter on the NPR politics team Danielle. Here's where I want to start. You said something interesting to me recently, which is that for both of these candidates pandemic policy is economic policy. So let's make that the first thing we discuss what is Joe Biden's pandemic policy as it relates to his Economic Policy. Sure. So Joe Biden is very much focused on containing the coronavirus. Yes, he wants as badly as any of us to for there to be a vaccine and for pharmaceutical companies to stay at work on that. But he also was saying look until then make sure that we have the virus has rained in as possible. And here's a line actually from his website that really struck me. It says Biden believes we must spend whatever it takes without delay to meet Public Health needs and deal with the mounting Economic Consequences. I mean, he's really saying one can't happen before the other you can't have the economy bounce back with

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Coronavirus at least to some degree really hemmed-in. So to do that. He's encouraging a lot of things like mask-wearing that sort of thing more testing but one of the things he has said is that the CDC Centers for Disease Control need to come out with clear guidance for States and localities on okay. Here's what you should be opening and when based on how coronavirus looks in your area, so a coronavirus is really bad. Maybe you shouldn't have schools open right now and definitely not restaurants or concerts or whatever but if things are looking better, maybe you can open schools, but what he's saying is this is not necessarily an all-or-nothing thing, but we need clear guidance from scientist on exactly what to close down. And when so it's fair to describe this as a somewhat detailed approach is opposed to thinking of it in binary terms like everything locked down or everything stays open. It's an attempt to find out. Okay, what are the details that matter and then let Supply

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Lowe's on a situation by situation basis makes it sound does nuanced but also to some degree simple or at least clear like yes, there might be gradations between States but we at least want to give States some sort of guidance on exactly what they could or should be doing in one. Let's go on to the second part it is you talking about here. And this has to do with Joe Biden's proposed spending programs higher than say what Donald Trump has proposed. So what do we eat? We get into that. What what is Joe Biden proposing spending money on has put all of these policies under he is calling build back better. I've heard better alliterative Strokes of Genius, but fine, we'll stick with that build back better. And what's in that economics. The first is manufacturing making sure that there are more manufacturing jobs and he's clear on this he wants them to be unionized manufacturing jobs and also to make sure

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that there are Supply chains here in the US to make sure people can get the goods they want which is something that we have seen laid bare a bit by

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Read more about the approach to caregiving that Joe Biden is pursuing here. And this is really of course important right now because us as we're all staying home and just kids are not in school that caregiving is really important for people to be able to do their jobs and participate in the economy because they didn't have access to child care and two Elderly Care So What vitamin is proposing is a pretty ambitious? I mean what he wants to do is universal Pre-K available to all kids. He wants there to be higher pay for childcare providers. He wants them to be able to unionize to collectively bargain and she wants to grow the number the supply of childcare establishments around the country to make sure people can get that child care aside for that in terms of spending and making it more affordable. He wants to make sure there are refundable tax credits to low and middle class families to help them pay for childcare. So that's a lot of stuff and childcare. I know, you know, it's a cop

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Heated thing to make sure everybody can get it to make sure there is enough that it's high-quality that it's a fordable. So it is a tough needle to thread but this is his attempt at doing that. Okay, and let's get to the third part of the agenda which is sort of the flip side of the spending which is where are the tax revenues to pay for some of this spending going to actually come from higher income people in corporations. That's it. It's not going to come from middle income or low-income folks. That is what you're saying. Right? So what he wants to do is raise taxes for households with incomes above $400,000 a year limit their deductions. And also he wants to increase the top corporate income tax rate from 21% where it is now to 28% now President Trump, you'll remember lower these taxes with the tax cuts and jobs act that big tax bill that Republicans passed in 2017. So Joe Biden the same look I want to roll.

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That back I want to change things back now. So in terms of his income tax changes, yeah, that would overwhelmingly of course affect the highest income people. There is some question about the corporate tax plan. What do I mean how much that would be knocked on if it all to people at the lower end of the income Spectrum, it's possible that it would be to some degree. But again, you compare it to those income tax changes and it's nowhere near what a change those would be looking at the last four years and saying I'm undoing some of this and I'm putting in place the agenda. I prefer instead of the one that President Trump is preferred, right? Yes. Listen, we're laying out all of these economic plans here is what Joe Biden wants to do would do in his perfect world is theoretical I get everything. I want world. Of course, he won't get everything. He wants he can't okay, but what's your priority in Vines cases are going to be green jobs. Is it going to be this tax plan? Is it going to be child care? What does he do first?

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Decide to spend all of his power on right you got to prioritize cuz you're not going to get everything you want.

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I want

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talk to you again tomorrow to go through Donald Trump's economic policy agenda. All right. I look forward to it. Yeah.

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This episode of the indicator was produced by Darren Woods. In fact check by Sean Saldana our editors Patty Hearst and the indicator. Is it production of NPR?

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