Summary of Joe Biden's Economic Views:
Senator Biden addresses many of the greatest threats to sustainable economic growth. He is strongly in favor of returning to a balanced budget, and start reducing the $9 trillion federal debt. He would restore U.S. competitiveness through increased funding in education and infrastructure. To pay for this, he would reappropriate Defense Department funds by ending the war in Iraq. He also proposes an end to commodity trading speculation, which is a leading cause of current high gas prices. For these reasons, he fills some holes in Presidential Candidate Barack Obama's economic platform.
However, his protectionist trade policies are in lock-step with those of Obama,and so offer no improvement. These policies could jeopardize exports, which are fueling the beginnings of an economic recovery. (See Is "Recession" Over?)
Opposes Trade Agreements:
Biden initially supported NAFTA, but now supports Obama's position that it needs to be renegotiated. This would jeopardize an agreement that has increased trade between Mexico, Canada and the U.S. from $207 billion to $810 billion. (Source: The Canadian, "Obama-Biden team could bring Canada-U.S. trade back on front burner", August 24, 2008)
Biden opposed CAFTA, and other free trade agreements with Oman, Chile, and Singapore. These agreements lower tariffs between the U.S. and its allies, resulting in increased exports for the U.S. This has become a major source of growth as the economy tries to pull its way out of recession. (Source: On the Issues.com, Biden on Trade)
Improve U.S. Competitiveness:
Biden recognizes that U.S. competitiveness needs to be improved by investing in worker education and training. He introduced the College ACCESS legislation which provides a $3,000 refundable tax credit to cover college tuition. He advocates two years of pre-school, and doubling the number of children in Head Start. He proposes shifting funds from the Iraq War to pay more to teachers and reduce class sizes. (Source: Senator Biden.gov, Economy)
End High Gas Prices:
Biden's proposal to address oil market speculation will address the primary cause of high gas prices. His proposal to take on the OPEC monopoly won't work, because they are not the cause of high oil prices. They do agree on prices, but their best interest is oil prices in the range of $70-80 per barrel, to prevent competitors from developing alternative energy sources. His proposal to invest in alternative energy and new technologies is long overdue. Biden's proposals strengthens Obama's energy platform, which doesn't address immediate concerns. (Source: Senator Biden.gov,Economy)
Tax Relief for the Middle Class:
Biden's tax policies are fiscally responsible because any relief is paid for by closing tax loopholes for the very wealthy. He is in favor of ending the Alternative Minimum Tax as long as other sources of tax income are found. He also supports continuation of the Research and Development Tax Credit and the Earned Income Tax Credit. (Source: Senator Biden.gov,Economy)
