Biden Vows To End “Shareholder Capitalism”

Former Vice President Joe Biden delivered an economic speech in Dunmore, Pennsylvania, on Thursday in which he unveiled his economic vision, declaring an “end to the era of shareholder capitalism.”

“It’s way past time to put the end to the era of shareholder capitalism. The idea the only responsibility a corporation has is its shareholders — that is simply not true, it’s an absolute farce. They have a responsibility to their workers, their community, to their country.”

In place of “shareholder capitalism,” Biden proposed a more inclusive system built on the power of labor unions and on “black, brown, and Native American” communities that he said had been left out of economic prosperity.

Much of his speech was devoted to criticizing President Donald Trump’s response to the coronavirus. Biden claimed (falsely) that Trump told Americans to “drink bleach” to fight the disease.

Biden, addressing a small, socially-distant group of workers and journalists at the McGregor Industries metal works facility, said that he would raise the corporate tax rate to 28% (from 21%, where Trump lowered it in the Tax Cut and Jobs Act of 2017).

He also said that he would spend $400 billion on infrastructure projects, including “clean energy” projects, touting his experiences in the Obama administration’s Recovery Act (without mentioning high-profile “green” failures like Solyndra).

And Biden said that he would implement a policy of “Buy America,” in which the federal government would purchase pharmaceuticals and medical supplies exclusively from domestic suppliers.

He also stressed the expansion of Obamacare, and spending on teachers.

And Biden said that he would grapple with “the cost of systemic racism” and provide “a comprehensive agenda for racial equality in our country.”

At one point, Biden appeared to react to rain falling on the roof of the building

The slogan for his plan, Biden said, was “Build Back Better.”

In the past, Biden has also promised to phase out the American fossil fuel industry, including hydraulic fracturing (“fracking”), a major driver of employment in the shale oil industry in Pennsylvania.

Author: Joel B. Pollak

Source: Breitbart: WATCH: Joe Biden Vows ‘End to the Era of Shareholder Capitalism’

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