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President Biden’s trillion-dollar effort to invigorate American manufacturing and speed a transition to cleaner energy sources is colliding with a surge of cheap exports from China, threatening to wipe out the investment and jobs that are central to Mr. Biden’s economic agenda.
In the hours before delivering his State of the Union speech last month, President Biden called the chief executives of General Motors and Cisco Systems to ask their advice on the state of the American economy and share how he planned to talk about it.
President Biden, amping up a populist pitch in his re-election campaign, has repeatedly said he would raise taxes on the wealthy and corporations to make them pay their “fair share.”
Economists in the Biden administration are calling for more aggressive federal action to drive down costs for home buyers and renters, taking aim at one of the biggest economic challenges facing President Biden as he runs for re-election.
President Biden on Monday will propose a budget packed with tax increases on corporations and high earners, new spending on social programs, and a wide range of efforts to combat high consumer costs like housing and college tuition.
President Biden enters his State of the Union speech on Thursday with an economic record that has defied forecasters’ gloomy expectations, avoiding recession while delivering stronger growth and lower unemployment than predicted.
The corporate tax cuts that President Donald J. Trump signed into law in 2017 have boosted investment in the U.S. economy and delivered a modest pay bump for workers, according to the most rigorous and detailed study yet of the law’s effects.
President Biden and his economic team, concerned that elevated mortgage rates and housing costs are hurting Americans and hindering his re-election bid, are searching for new ways to make housing more available and affordable.