Yesterday on March 15, 2012, at a United Auto Workers hall in Toledo, Ohio, Vice President Joe Biden criticized economic policies of the Republican presidential contenders, Mitt Romeny, Newt Gingrich and Rick Santorum. He harshly states, “If you give any one of these guys the keys to the White House, they will bankrupt the middle class once again," Biden told autoworkers in Ohio. What Biden is referring to here is when we had the automotive industry crisis in 2008, where General Motors, Ford and Chrysler filed for bankruptcy. When President Obama heard this news he said how, “The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil.” So he knew quickly that the government needed to fix this issue. The government came to a decision of $25 billion in loans for the automotive industries to help them get back on track. This loan eventually did help the Big Three also known as Detroit, but at its expense, these companies had to set cut-offs and layoff salaried employees cutting between $5 million and $1 billion capital expenditures in both 2009 and 2010. After this major crisis for the automotive industries it hurt their businesses severely which had auto sales sliding further. This is what Biden felt necessary to bring up again four years later to prove his point that the GOP candidates had already crucially messed up before and he doesn’t want to let it happen again.
One point that Joe Biden makes clear in his speech was when he said, “These guys have a fundamentally different economic philosophy. We're about promoting the private sector. They're about protecting the privileged sector." By private sector he means, the part of the economy that is not state controlled, and is run by individuals and companies for profit. He supports the middle class in making their own hardworking money, where as the GOP candidates are only interested in protecting that 1 % at all costs, they support increasing the payroll tax, which President Obama lowered so working Americans can keep more of what they earn and help our economy grow. Parallel to this, Iowa Democratic Party Chairwoman Sue Dvorsky says, “The Republican candidates’ economic policies offer more of the same failed policies that say that everything will be fine if we just give more to the folks at the top. Their policies offer new, large tax breaks for the wealthy while increasing the burden on the middle class – and the flat tax is no exception. The flat tax would radically restructure our country’s tax system and does nothing to make the economy fairer for hard-working Americans. In fact, it does exactly the opposite.”
So in all, Vice President Joe Biden makes clear to us that he believes and knows that the GOP candidates, Mitt Romeny, Newt Gingrich and Rick Santorum are not fit for elections in November. They will ruin this country in bankruptcy and hurt the middle class badly. He stands by Obama for the elections hoping for a second term. And until then will seek to let our citizens know who is looking out for our best interests, and will improve this economy as a country.
QUESTION: Do you agree with Vice President Joe Bidens "promoting the private sector" or the Republican candidates "promoting the privileged sector?" Explain why.
I agree with vice president Joe Biden in "promoting the private sector" because the top 1% cannot run this country alone. Having an extremly low percentage of extremly rich people in this country will not help our country. The working class needs to exist because with a low amount of people extremly rich, that will cause more people to be in the poor sector because the middle class will slowly shrink and shrink due to all the money going to all the extremly rich, Which in this case is what Joe Biden is accusing the Republican canadates of. Whether or not the Republicans are supporting the top 1%, it still does not erase the fact that the middle class need to exist to run this country. The middle class needs to be able to success and that will not happen if the support only goes towards the top 1%.
ReplyDeleteI believe in promoting the private sector, but I also agree with promoting the poorest Americans. I think that trickle-down economics is a terrible strategy when greed is involved, and greed is always involved. The so-called 1% is only interested in increasing their own income. Promoting the private sector promotes the "privileged sector" more than it promotes the middle class. I believe in creating and promoting a middle class, even though it is not economically viable on its own, and it draws funds from the government. If the middle class is to exist, the upper class must lose income. The economy cannot sustain a lower, middle, and upper class, because there is not enough money in the economy. In a capitalist society, the middle class will suffer unless the upper class gives up capital, especially from the "1%".
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