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Democratic presidential candidate Joe Biden has released the first part of his economic plan that is expected to be central to his fall presidential campaign.
The plan, called “Build Back Better,” calls for $300 billion in new research and development for advanced technology industries such as batteries, electric vehicles, AI, and 5G.
It also includes a $400 billion, four-year increase in government purchasing of US-based goods and services. Those investments would focus on supporting small businesses, particularly minority- and women-owned businesses.
Of course, $700 billion is a lot of money. Here’s where its coming from: Biden plans to raise $4 trillion by reversing Trump’s tax cuts on corporations and the wealthy.
Before the Democratic convention in August, Biden will detail the remaining three pillars of his economic agenda: modernizing infrastructure, addressing racial inequality, and workforce development.