President Joe Biden gave a major economic policy speech in Chicago on Wednesday, pledging to target crypto traders and hedge fund managers to make all billionaires pay more taxes to fund growth.
Minutes after announcing his war on the wealthy, Biden mingled with wealthy donors in a hotel ballroom, where he was introduced by Illinois governor and billionaire JB Pritzker.
Forbes estimates his net worth at $3.6 billion and describes him as “the richest politician in office in the US”
The minimum donation was $3,300 for the event, while anyone who paid $25,000 could have their photo taken with the president.
It shows how money is closely tied to politics, even among the left.
President Joe Biden delivered a major economic policy speech on Wednesday, pledging to make all billionaires pay more taxes to fund growth
He was introduced by Billionaire Gov of Illinois JB Pritzker who is worth over $3 billion. From there it went to a fundraiser where donors paid $25,000 for a photo
Biden’s speech was intended as part of an effort to woo Americans who are skeptical that he is the best man to run the economy.
After a year of inflation and record gas prices, a poll for DailyMail.com last week found that 52 percent of all voters believe they are worse off since Biden took office.
The heavily delayed speech was billed as his attempt to create a plan for middle-class American prosperity.
Enter “Bidenomics,” the new buzzword for a plan that taxes the wealthiest to invest in areas critical to national security, such as semiconductors; train workers to expand the middle class; and encouraging economic competition to reduce costs, according to aides who briefed reporters on the speech.
That starts with making sure everyone pays the right portion of the tax, he said.
“We are going to make it fair and eliminate loopholes for crypto traders, hedge fund managers
Big Oil made $200 billion last year and received a $30 billion tax break
“We’re going to make billionaires pay a little bit, at least the minimum tax
“You know, when we started, there were 750 billionaires in America before the pandemic. Now there are 1000
“Do you know how much the average taxes they pay in federal taxes are? 8% taxes. No billionaire should pay lower tax rates than a school teacher, a firefighter, a cop.’
The heavily delayed speech at Chicago’s Old Post Office building was heralded as his attempt to deliver a plan for middle-class American prosperity dubbed “Bidenomics”
Pritzker is one of 11 billionaires in his family, and his sister Penny Pritzker (also a billionaire) was Secretary of Commerce under President Barack Obama
Pritzker is an heir to his family’s Hyatt Hotel fortune and he ran a private equity group.
He is one of 11 billionaires in his family, and his sister Penny Pritzker (also a billionaire) served as Secretary of Commerce under President Barack Obama.
In addition to the fundraiser, he also introduced Biden ahead of the 26-minute “Bidenomics” speech at Chicago’s Old Post Office.
The name was purposely designed to reflect “Reaganomics,” which Biden said was a discredited trickle-down theory that failed to invest in key infrastructure.
“This view is a fundamental break from an economic theory that has failed the American middle class for decades,” Biden said.
Earlier, when he left the White House, Biden brushed off warnings that the economy would only get worse.
President Joe Biden envisioned leaving the White House on Wednesday morning on his way to a major economic policy speech in Chicago
Some 52 percent of all voters think they are worse off now than when Biden took office
“I’ve been hearing every month that there’s going to be a recession next month,” he told reporters.
“The consensus is that two-thirds of economists and major banking leaders think we won’t have a recession. I don’t think we will either.
“But I’ll tell you one thing… we’re cutting prices across the board. That’s what I’m going to talk about today.’
And he dismissed the suggestion that he didn’t know what Bidenomics meant or that it was a nickname coined by the White House.
‘Let’s sort it out. The first time it was used was in the Wall Street Journal,” he said.
But now he was fine with it, he added.
It’s because Republicans believe the president is vulnerable on wallet issues after presiding over gas spikes and a year of rampant inflation.
A recent poll for DailyMail.com by JL Partners found that voters feel Biden is weak on those issues.
Overall, some 43 percent of Americans said they were “a lot worse off” since Biden took office, and another nine percent called themselves “a little worse off.”
National Economic Council Director Lael Brainard (right) briefed journalists on Tuesday ahead of the speech with Deputy Press Secretary Olivia Dalton
The demographic breakdown shows that the numbers are worst among those in older age groups, among college graduates, among men, and among white and Hispanic voters — categories in which Democrats have lost support.
That is the source of frustration in the White House, where officials believe Biden, running for re-election, will not get the credit he deserves for an economic recovery from the COVID-19-induced recession.
On Tuesday, Deputy Press Secretary Olivia Dalton was asked why there was such a gap between public opinion and the successes touted by the administration
What I would say is that the president’s economic policies are incredibly popular if you ask people what they think about investing in our roads, bridges and airports; if you ask people what they think about training and empowering employees; if you ask people how they feel about bringing manufacturing jobs back and investing in America,” she said.
“Those things are incredibly popular.”
“And we find that when we go out and we talk to people about it, they support Bidenomics.”
The Republicans have made it clear that they will continue the attacks.
“Americans are worse off under Biden,” Ronna McDaniel, chair of the Republican National Committee, said in a statement.
Prices continue to skyrocket, and hard-working Americans are paying the price for failed “Bidenomics.”
And the Senate Republicans’ Communications Center has released a list of price increases, based on data from the Bureau of Labor Statistics.
It shows that food prices are up 20 percent, gas prices are up 51 percent, and electricity prices are up 22 percent since Biden took office.