Democratic presidential nominee Joe Biden has announced a $700 billion economic plan that challenges President Donald Trump’s isolationist “America First” focus and aims to protect American workers while reviving the industries hit hard by the COVID-19 pandemic.
And although Trump accused Biden of plagiarizing his 2016 “America First” proposal, there are significant differences between the two plans.
Unlike Trump’s focus on trade wars, Biden’s plan calls for a $400 billion increase in government purchases of American goods and services over four years, plus an additional $300 billion in new research and development spending on technology. Both would bode well for Virginia, which is home to tens of thousands of of federal contractors, especially in the technology sector.
Biden says this plan would not only restore the jobs lost in the past year, but also create 5 million new ones.
Meanwhile, Trump’s trade war with China has cost the nation billions. According to the Chamber of Commerce, that battle put $1.5 billion dollars worth of Virginia exports at risk and left many farmers, especially soy farmers, livelihoods in jeopardy.
“(Trump’s) failures come with a terrible human cost and deep economic toll. Time and again, working families are paying the price for this administration’s incompetence,” Biden said.