But he told the joint session of the House and Senate at the US Capitol: “Folks, I inherited an economy that was on the brink.”
“Now our economy is literally the envy of the world. Fifteen million new jobs in just three years — a record. Unemployment at 50-year lows,” he said.
Besides taking aim at Republican rival Donald Trump, Biden touted the economy’s “greatest comeback story” under his own leadership.
Taxes, health care
Biden’s economic proposals further an agenda the Democrat has been driving since the 2020 presidential race.
But for Biden to enact them fully, Democrats will have to win strong majorities in both chambers of Congress in November’s elections — a situation which appears unlikely for now.
On Thursday, Biden said: “It’s time to raise corporate minimum tax to at least 21 percent so every big corporation finally begins to pay their fair share.”
These are part of a broader plan to lower the federal deficit by trillions of dollars.
Biden is also seeking to levy a 25 percent minimum tax on billionaires, and took aim at former president Trump’s administration over tax cuts that he said benefit the wealthiest.
He added that while Medicare is negotiating lower prices for prescription drugs, it was time to go further by expanding its power to broker lower costs for 500 drugs over the next decade to save taxpayers’ money.
Winning against China
Turning to competition with China, Biden pointed to his own actions to curb exports of advanced technology.
“Frankly, for all his tough talk on China, it never occurred to my predecessor to do any of that,” Biden said, referring to Trump.
He added that Washington is in a “stronger position” to win against China than anyone else, though stressing he did not seek conflict with the second biggest economy.
On the domestic front, the president said he wanted to provide an annual tax credit to help Americans with housing costs.
He highlighted his efforts to reduce unfair pricing and junk fees too, in an appeal to millions of Americans tuning in — with many still feeling the pinch from lingering inflation.
A phenomenon he seeks to curb is “shrinkflation,” where companies reduce the size of products to obscure price hikes.
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The practice drew ire even from popular Sesame Street children’s character Cookie Monster this week, who complained about it in a widely reported social media post.
