The proposal is the fourth and final plan on a “Build Back Better” economic agenda that Biden has released in weekly speeches throughout July. The first three boards focused on manufacturing, clean energy, and what he called the “care economy.”
The former vice president will detail his proposal in a speech Tuesday in Wilmington, Delaware, one in which Biden will also criticize President Donald Trump’s handling of race and the economy, as he has done in each of his previous speeches. outside of your financial schedule.
Biden has criticized Trump for emboldening racists in the course of his 2020 campaign, and called the racist president at a recent fundraiser. In the wake of the George Floyd shooting and protests against racial injustice and police violence across the country, the former vice president broke up with some policy progressives: He has said, for example, that he opposes firing the police. But he has also backed a series of reforms, including tightening Justice Department oversight of police departments and undoing Trump’s actions on immigration.
Hundreds of billions of dollars in stimulus spending to help the economy recover from the coronavirus pandemic are at the center of Biden’s plans. His racial equity plan would dedicate $ 30 billion to an effort to boost black and brown-owned small businesses, money that would come from a $ 300 billion research and development stimulus fund that he detailed earlier this month. His campaign said that an investment of $ 30 billion would in turn make $ 150 billion available in venture capital and low-interest loans.
Biden’s plan would help low- and middle-income people buy homes by giving first-time buyers an $ 15,000 refundable tax credit that could be used for the down payment. Biden’s plan also aims to stimulate the construction of 1.5 million new homes and public housing units.
Much of the 26-page plan he launched his campaign on Tuesday focused on how the proposals Biden has already offered would close the racial wealth gap and strengthen the families and businesses of blacks, browns, Asians, and Native Americans.
A new proposal would aim to help states modernize their criminal justice data and record-keeping infrastructure, and would automatically seal records for the non-violent crime categories selected by each state.
“This data infrastructure will facilitate the sealing of records accurately, completely and efficiently, so those records are not used to deny people jobs, housing, voting rights, school loans and other opportunities to rebuild their lives,” Biden said. said in the document detailing the plan.
Biden’s plan does not include baby bonuses, a proposal that New Jersey Sen. Cory Booker advanced during the Democratic primary that would have the federal government deposit money in a savings account for every child born in the United States each year Until that child turns 18, at that time it could be used to cover costs like college tuition or a down payment on a house.