What is Joe Biden Going to do For You?
And What Has He Done?
On The Economy
“During both the 2020 and 2024 presidential races, Joe Biden has campaigned on economic platforms that included strategies to support the middle class, extend health care, raise taxes on the wealthy, and invest trillions of dollars in green energy infrastructure.
In his first term, Biden won his first major economic victory by signing the American Rescue Plan Act of 2021 into law. It was part of his Build Back Better agenda, which also included the American Jobs Plan and the American Families Plan. Although neither proposal ultimately passed, some of their elements were included in the Inflation Reduction Act, passed in August 2022.”
The American Rescue Plan
“President Joe Biden formally announced his $1.9 trillion COVID-19 stimulus plan on January 14, 2021, and it passed on March 11, 2021. It included $1,400 stimulus checks, extended unemployment benefits, and a vaccine rollout.14
Direct aid: This portion of the plan, worth $1 trillion, included $1,400 checks sent to individuals with adjusted gross incomes of less than $75,000 (if single or married filing separately), $150,000 (if married filing jointly), or $112,500 (for heads of households).54
Additional funding was provided for eviction and foreclosure moratoriums that expired on July 31, 2021. The plan included $21.5 billion in emergency rent, almost $10 billion in mortgage assistance, and $5 billion in emergency assistance for people experiencing homelessness. Child care and food program funding and an expansion of the child care tax credit for one year were also part of the program.167
Public health efforts and schools: The American Rescue Plan included funding in the amounts of:
$20 billion for a national vaccination program
$50 billion for a expansion of testing
$30 billion for the Disaster Relief Fund for personal protective equipment
$130 billion to open most schools
The funding helped governments deal with revenue shortfalls to keep front-line public workers on the job, small business grants and loans, and $20 billion for public transit agencies. Congress also approved almost $2 billion to modernize and secure federal information technology.
Health Care
During his campaign, Biden argued against the Trump administration's approach to the Affordable Care Act and campaigned to protect and build on his predecessor's health care policies.
Through the Inflation Reduction Act, Medicare was empowered to negotiate drug prices. Additionally, through the American Rescue Plan, health care plans became more affordable, driving enrollment for middle-income people and reducing the uninsured rate.”
Student Debt
“In August 2022, Biden called for forgiving up to $20,000 in student loan debt for borrowers whose income is less than $125,000 and who were Pell Grant recipients. For those who were not Pell Grant recipients, the cancellation amount was up to $10,000. [Source]
On June 30, 2023, the Supreme Court struck down President Biden’s attempt to forgive more than $430 billion in student loan debts. In the 6-3 opinion, the justices in the majority found the forgiveness program overstepped the bounds of federal law and usurped the power of Congress to control government spending. [Source]
In response to the decision, President Biden initiated the Saving on a Valuable Education (SAVE) Plan. SAVE is an income-driven repayment (IDR) plan that became available to student loan borrowers in August 2023 and includes the following benefits:
Sets monthly payments at 5% of discretionary income for undergraduate borrowers
Changes the discretionary income formula so that an estimated one million student loan borrowers will have a monthly payment of $0.
Halts the capitalization of unpaid interest. Loan balances will not grow as long as payments are kept current.
The plan eliminates the need for a spouse to cosign an IDR application. [Source]
Workers' Rights
In April 2024, the Federal Trade Commission approved a broad ban on non-compete clauses in employment contracts. Though it is slated to take effect in September 2024, it may be blocked due to pending legal challenges.
Made in America
President Biden signed into law the CHIPS and Science Act of 2022, which invested $250 billion in domestic semiconductor manufacturing and research. The Inflation Reduction Act also spurred private sector investment in U.S. clean energy manufacturing. In March 2024, the Department of Energy announced $6 billion in in funding for projects aimed at decarbonization and domestic job creation in the manufacturing sector.
Infrastructure and Climate Change
The $1.2 billion Infrastructure Investment and Jobs Act provided $550 billion for rebuilding roads and bridges, improving public transit, replacing lead pipes, addressing drinking water contamination, and expanding access to high-speed internet. [source1 source2] Biden had also promised to rejoin the Paris Agreement, which he did in January 2021. [Source]
The American Middle Class
Revitalizing the middle class and making it more racially inclusive was the cornerstone of Biden's campaign. "The country wasn’t built by Wall Street bankers, CEOs, and hedge fund managers. It was built by the great American middle class," he said at a rally kicking off his campaign. [Source]
During Biden's first term, the unemployment rate hit a record low.18 However, this has been tempered by persistent inflation. In response, the Biden administration has gone after firms for price-gouging, as well as the practice of charging consumers junk fees. [Source1 Source2]
Rural communities make up 20% of the U.S. population and were also targeted by Biden's goals. By fighting for fair trade deals, investing $20 billion in rural broadband infrastructure, creating low-carbon manufacturing jobs, reinvesting in agricultural research, improving access to federal resources and funds for farming or small businesses, and expanding health services and medical training programs, Biden ushered in policies to assist those in areas with persistent poverty. [Source]
How Is the Biden Administration Stimulating the Market for Electric Cars?
To stimulate the market for electric cars, Biden's Infrastructure Investment and Jobs Act invested $7.5 billion to build a national network of 500,000 electric vehicle chargers, to make charging predictable, reliable, and easy. The plan also provided more than $7 billion so that domestic manufacturers have access to the materials and minerals to create batteries. [Source]
Did Biden's Policies Help Medicare?
The Biden administration bolstered Medicare recipients through the Inflation Reduction Act, which lowered premiums for Medicare Advantage and Medicare Part D prescription drug plans. [Source]
What Is an Income-Driven Repayment Plan?
Income-driven repayment plans are designed to make a borrower's student loan debt more manageable by giving them a monthly payment based on income and family size.” [Source]”
The Bottom Line
In the 2020 general election, Biden's campaign positions included higher taxes on the wealthy, student loan forgiveness, strengthening of workers' rights, and investments in clean energy and COVID-19 recovery, among others. During his first term as president, Biden faced many challenges, such as the ongoing pandemic and high inflation, while also signing notable legislation such as the American Rescue Plan and the Inflation Reduction Act. Throughout the 2024 election, President Biden has promised to "finish the job" on his economic commitments.
On Healthcare
‘"You and I have been fighting this for 25 years," Biden said to Sanders. "Finally, we beat Big Pharma, finally."
“Sanders opened his remarks Wednesday by saying Americans are united, regardless of political affiliation, in being "sick and tired of paying, by far, the highest prices in the world for prescription drugs."
"Here is some good news, despite all of the incredible wealth and political power of the pharmaceutical industry … despite all of that, the Biden administration and Democrats in Congress are beginning to make some progress," the independent senator said.
Among the accomplishments highlighted by Biden and Sanders were the Inflation Reduction Act provisions capping insulin costs at $35 for Medicare patients and out-of-pocket spending on brand-name drugs for Medicare beneficiaries to $2,000 yearly.
They also touted the ability of Medicare, for the first time, to negotiate with pharmaceutical companies on the price of certain prescription drugs.
"Not one Republican in the entire Congress -- it surprised me, I have to admit to you -- not one single Republican voted for it," Biden said of the Inflation Reduction Act. "Not one single one to give us authority to take on and beat Big Pharma."
He also took several swipes at congressional Republicans and his "predecessor" for their views on Social Security, the Affordable Care Act, the national deficit, abortion access and more. Without saying Donald Trump's name, he criticized him for his "brags" on striking down Roe v. Wade.
"I promise you with a Democratic Congress, Kamala and I will make Roe v. Wade the law of the land again," he said. "I promise you."
Another point of celebration between Biden and Sanders was their work to lower the costs of inhalers. Sanders, the chairman of the Senate Committee on Health, Education, Labor, and Pension, led the charge in launching an investigation into the prices of the widely used products. Since then, three of the four major companies (GSK, AstraZeneca and Boehringer Ingelheim) have limited out-of-pocket costs for their inhalers to $35.
"My impression is that these companies as well as many others in the pharmaceutical industry are beginning to catch onto the fact that the American people are tired of being ripped off and paying astronomical prices for the prescription drugs they need to stay alive or ease their pain," Sanders said.
Biden noted while Americans were paying as much as $600 for inhalers, the same product and medication were available in the United Kingdom for $49.
"It's outrageous, but we're doing something about it finally," he said.
Still, both Biden and Sanders said more work needs to be done. They advocated for expanding Medicare's price negotiations to 50 drugs (the first 10 drugs subject to negotiations were unveiled last year) and for capping out-of-pocket costs for prescription drugs to $2,000 for all Americans.
"With Bernie's help we are showing how health care should be a right, not a privilege, in America," Biden said.”
By —Alexandra Hutzler, “Bernie Sanders, Biden share plan to cut 'outrageous' healthcare costs.” ABC News' Molly Nagle and Michelle Stoddart contributed to this report
JOE HAS DELIVERED ON HIS PROMISES
The American Rescue Plan
Just six weeks into his presidency, Joe Biden signed the American Rescue Plan to jumpstart our economy and change the course of the pandemic. The American Rescue Plan funded our national vaccination campaign and helped safely reopen America’s schools.
The Bipartisan Infrastructure Law
President Biden worked across the aisle to deliver what decades of presidents promised and failed to do: rebuild our nation’s roads and bridges, upgrade our public transit, clean up pollution, and provide high-speed internet to every American.
Confirmation of Justice Ketanji Brown Jackson
President Biden appointed Justice Ketanji Brown Jackson, the first Black woman to ever serve on the Supreme Court. She is also the first public defender to serve on our nation’s highest court.
The Bipartisan Safer Communities Act
The Bipartisan Safer Communities Act is the most significant gun violence prevention legislation in 30 years. It will help keep guns out of the hands of dangerous people, narrow the “boyfriend loophole,” and expand mental health and safety services in schools.
The Chips and Science Act
The CHIPS Act will bring back manufacturing from overseas and create good-paying union jobs here at home. Since President Biden signed it into law, companies have already announced almost $300 billion in new American manufacturing investments.
Expanding Health Care for Veterans through the PACT Act
President Biden signed into law the most significant expansion of benefits and services for toxic-exposed veterans in more than 30 years.
Signed Marriage Equality into Law
President Biden signed the Respect for Marriage Act to enshrine marriage equality for same-sex and interracial couples into federal law.
The Inflation Reduction Act
President Biden signed landmark legislation to bring down costs for families, lower prescription drug prices, and make historic investments in American clean energy jobs and manufacturing. Every single Republican in Congress voted against it.
Changing our Failed Approach on Marijuana
President Biden pardoned all prior federal offenses of simple marijuana possession, removing a burden to employment, housing, and educational opportunities for thousands of Americans
Protecting Reproductive Rights
In the wake of the Supreme Court’s decision to overturn Roe v. Wade and strip a constitutional right from the American people, President Biden issued executive orders to preserve access to reproductive care and protect the right to travel across state lines to receive care.
Historic Climate Action
President Biden rejoined the Paris Climate Accords on his first day in office. He is delivering on the most aggressive climate agenda in American history through historic investments in clean energy.
Rallying the World in Support of Ukraine
Since the start of Vladimir Putin’s unprovoked invasion of Ukraine, President Biden has rallied the world to stand with Ukraine, defend democracy, and stand up to autocracy.
PROTECTING THE AFFORDABLE CARE ACT
President Biden has worked to protect and strengthen the Affordable Care Act. Now, millions of Americans are saving $800 per year on their health insurance and 4-in-5 Americans can find coverage for $10 a month or less through the ACA.
Criminal Justice Reform
President Biden signed a landmark executive order to promote safe and accountable policing, ban chokeholds, restrict no-knock entries by police, create a national police accountability database, and prohibit the transfer of military equipment to local police departments.
Student Debt Relief
President Biden has approved the cancellation of billions in student loan debt for millions of Americans, as well as the largest increase in Pell Grants in over a decade.
