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LIVE: Biden Seeks to Reverse Decades of Disparity in Next Economic Move | Top News
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March 30, 2021
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8:45:00Now Playing(Mar. 30) More than a half-century after Lyndon Johnson’s war on poverty, President Joe Biden is planning to take on the nation’s enduring challenge of inequality with a mass expansion of government spending and a revamp of the tax code.
The effort, which Biden will start to detail in a speech Wednesday in Pittsburgh, is already proving just as divisive among economists as it is among lawmakers. While right-leaning economists warn about damage to overall growth from higher taxes on companies and the wealthiest Americans, liberals say the “trickle-down” approach of recent decades has failed and it’s time for a new strategy.
The president’s remarks will lay out the infrastructure portion of an overall package expected to total more than $3 trillion. While social-spending programs will be outlined later in April, the administration’s drive to expand help for the poor will be visible even in infrastructure, through proposals such as the provision of safe drinking water.
“It’s important to acknowledge that we’ve seen decades of this rising economic inequality,” Heather Boushey, a member of the White House Council of Economic Advisers, said last week in an interview with Bloomberg Radio. “The ultimate measure of success of the economy is how well it’s working for people all across these United States.”
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