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Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2)

President's First Congressional Address at 100 Days in Office
"Responding to Nuclear Threats through Alliance and Diplomatic Deterrence... Emphasizing Dominance in Core Technologies Amid China's Pursuit"
"Firm Response to Unfair Trade... Will Become a Vaccine Arsenal for Other Countries"
$1.8 Trillion Family Plan Launched... $4500 Trillion Investment Plan in First 100 Days
Funding Secured through Wealth Tax Increase... Another Historic Moment with First Female Vice President and House Speaker Together

Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) President Joe Biden (center) delivering a speech at the U.S. Capitol in Washington on the 28th (local time)
[Image source=Reuters Yonhap News]


[Asia Economy New York=Special Correspondent Baek Jong-min, Reporter Kim Su-hwan] U.S. President Joe Biden sent a strong warning to China and expressed his determination to maintain American technological supremacy during his joint session address to Congress on the 28th (local time), one day before his 100th day in office.


In his speech, President Biden said that all countries in the global economy, including China, must follow the same rules. He stated, "I will compete with President Xi Jinping but will not engage in conflict," making it clear that he will defend U.S. interests. He also emphasized close cooperation with allies to respond to the North Korean nuclear issue.


President Biden declared, "America is moving again," and "America will never back down," presenting two massive spending plans totaling over $4 trillion (approximately 4,500 trillion won) for building physical and human infrastructure, urging Congress to pass them.

"China is rapidly catching up"..."Cooperating with allies to resolve North Korean nuclear issue"
Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) Chinese President Xi Jinping Photo by AP Yonhap News


In his speech, President Biden expressed his intention to check China. He said, "All countries, including China, must conduct trade and economic activities based on rules," and stressed, "We will confront unfair trade practices that weaken American workers and industries, such as subsidies to state-owned enterprises and theft of U.S. technology and intellectual property." He also mentioned that he told President Xi that the U.S. will maintain strong military power in the Indo-Pacific region, not to provoke conflict but to prevent it.


President Biden emphasized, "China and other countries are rapidly catching up," and "We must actively engage in developing future technologies such as batteries, semiconductors, biotechnology, and renewable energy." He added, "There is no reason why wind turbine components cannot be made in Pittsburgh instead of Beijing. There is no reason why American workers cannot lead the production of electric vehicles and batteries." This is interpreted as a declaration that the U.S. will not lose technological supremacy to China, which has declared a semiconductor rise and is focusing all efforts on technology development.


President Biden also highlighted, "The Department of Defense is focusing on technology development to enhance our national security through the Defense Advanced Research Projects Agency (DARPA)."


He further stated, "The world is changing too rapidly in all fields, including science and technology. The question is whether democracy can reach consensus within the period it can compete with autocratic regimes."


Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) View of Uyghur detention camps in Xinjiang, China [Image source=Reuters Yonhap News]

He also mentioned the human rights issues in China, which he has emphasized since taking office. Amid international criticism of China's human rights abuses, including forced labor of Uighurs in the Xinjiang region and suppression of pro-democracy protests in Hong Kong, the U.S. expressed its determination not to ignore these issues.


President Biden said, "I told President Xi that the U.S. will not back down from its commitment to human rights and fundamental freedoms."


His tough remarks on China were also anticipated beforehand. CNN reported that before his congressional speech, President Biden told some reporters, "President Xi Jinping is betting that democracy will not catch up with China."


Regarding North Korea and Iran's nuclear programs, President Biden said he would closely cooperate with allies to respond to the threats. He stated, "Regarding the nuclear programs of Iran and North Korea, which pose serious threats to U.S. and global security, we will work closely with our allies to address the threats posed by both countries through diplomacy and stern deterrence."


This is interpreted as a signal that the U.S. aims for diplomatic solutions from a position of strength rather than provoking North Korea and Iran.


"America will become the global COVID-19 vaccine arsenal"
Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) [Image source=Reuters Yonhap News]


President Biden also declared that the U.S. will take the lead in responding to COVID-19. In particular, he pledged to supply COVID-19 vaccines to countries facing difficulties, emphasizing America's role in maintaining international order through vaccine diplomacy.


He said, "Just as America was the arsenal of democracy during World War II, this time it will be the vaccine arsenal for other countries."


He added, "As our vaccine supply increases to meet our needs, we are fulfilling those needs," reminding that the U.S. is in a sufficient position to support other countries with vaccines.


The White House announced before Biden's speech that it would supply 20 million doses of the AstraZeneca vaccine to India. This was the first specific country support after announcing plans to provide 60 million doses overseas.


President Biden also reflected on his time in office so far. He said, "When I took office, I inherited a nation in crisis: the worst pandemic in a century, the worst economic crisis since the Great Depression, and the worst attack on our democracy since the Civil War," emphasizing that dramatic changes have been made within 100 days of his inauguration.


He appeared to target the chaos caused by former President Donald Trump’s January Capitol riot, saying, "We must prove that democracy still works," and "In 100 days, we have acted to restore the people's trust in democracy."


$4 trillion investment plan within 100 days of inauguration... 'Wealth tax' controversy
Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2)


In his speech, President Biden also introduced the $1.8 trillion 'American Families Plan.' The plan includes free preschool education for 3-4-year-olds, two years of free community college, childcare support, expanded paid family leave, reduced health insurance premiums, and expanded child tax credits. Adding this to the $2.3 trillion infrastructure development plan proposed in March, the total budget for major policy implementation exceeds $4 trillion.


The issue lies in funding. Following his earlier proposal to raise the corporate tax rate to 28% for the 'American Jobs Plan,' Biden now requests 'wealth tax' increases, including expanding income and capital gains taxes. The top federal income tax rate, currently 37%, is planned to rise to 39.6%, and the top capital gains tax rate will also increase from the current 20% to 39.6%.


One foreign media outlet evaluated that President Biden is seeking to secure funding for infrastructure investment plans through tax increases on Wall Street and wealthy clients, aiming to gain broad support from the working class.


Changed speech venue... Women in the front seats, no designated survivor
Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) First Lady Jill Biden meets via video call with guests invited to President Biden's congressional speech
[Image source=AP Yonhap News]


President Biden's congressional speech differed significantly from previous presidents' addresses. While past presidents spoke weeks after inauguration, this speech was held on the 100th day due to the COVID-19 pandemic. Attendance was limited not only for lawmakers but also for the audience. Usually, about 1,600 people attend, but this year it was limited to 200.


As a result, most government ministers and White House staff could not attend. Traditionally, all government ministers attend the president's congressional speech, and a designated survivor?a minister who watches the speech remotely from another location in case of emergencies?is appointed, but this practice was absent this time.


Also, presidents usually invite symbolic figures representing their policy priorities as special guests seated in the speech venue, but due to COVID-19, these guests could not be invited. Instead, the White House invited five individuals separately to watch the speech via video.


The five guests included Javier Quiros Castro, a Mexican immigrant and beneficiary of the Deferred Action for Childhood Arrivals (DACA) program currently working as a nurse; Stella Keating, the first transgender youth to testify publicly in the Senate on LGBTQ rights; and Tatiana Washington, a gun violence prevention advocate from Wisconsin whose aunt died in a domestic violence incident.


The Washington Post reported, "The guests invited by First Lady Jill Biden represent key issues of the Biden administration, from immigration to gun control."


Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) Vice President Kamala Harris (left) and House Speaker Nancy Pelosi (second from left) [Image source=EPA Yonhap News]

Most notably, the most attention-grabbing part of this congressional speech was the presence of the Vice President and the Speaker of the House seated behind President Biden. Vice President Kamala Harris, who is the ex officio President of the Senate, and House Speaker Nancy Pelosi sat behind the president, marking the first time in history that two women sat behind the president during a congressional address.


White House Chief of Staff Ron Klain commented, "It has been 14 years since the first female House Speaker Nancy Pelosi accompanied a president's congressional speech in 2007, and now both seats are filled by women." CNN described the speech as "truly historic," highlighting the symbolic image of women holding the first and second positions in the presidential line of succession.


Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) [Image source=Reuters Yonhap News]

Another notable aspect of this congressional speech was that it was held under tightened security following the unprecedented Capitol riot in January. Steel fences were installed around the Capitol building, and all roads around the Capitol were closed two hours before the speech began.


Additionally, the National Guard was deployed to the Capitol building after the riot. According to The Wall Street Journal (WSJ), about 100 National Guard troops were deployed during former President Donald Trump's congressional speech last year, but this time, approximately 2,600 National Guard troops?26 times more?were deployed.


Biden's First 100 Days: "America Moves Again" with $4,500 Trillion Investment Plan (Comprehensive Report 2) On the 28th (local time), ahead of U.S. President Joe Biden's congressional address, he is seen moving toward the Capitol under tight security.
[Image source=EPA Yonhap News]


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