Biden Targets Big Business and Billionaires

President Biden turned into campaigner-in-chief at last night’s State of the Union address.Credit…Shawn Thew

Biden goes on the offensive

President Biden sought to reinvigorate his re-election campaign, delivering an animated and mostly gaffe-free State of the Union address that put the economy and business front and center.

In the prime-time slot, he pitched Bidenomics as delivering for Americans, and outlined a policy wish-list that may appeal to progressive voters and some in his party but which could also put him at loggerheads with big corporations.

Heading into a November rematch with Donald Trump, Biden sought to frame the presidential race in stark terms for the democracy while holding business to account.

Among the areas that could rankle business leaders: a call to raise the minimum tax on multinationals to 21 percent — a move that would seem to target pharmaceutical companies in particular. He also singled out “Big Oil, private jets, and massive executive pay” in his speech as areas ripe for boosting tax revenue.

Biden’s proposals go against the heart of some Trump-era policies, and that’s not going down well with some business groups. Neil Bradley, the U.S. Chamber of Commerce’s chief policy officer, said the Biden plan “would actually result in lower economic growth, fewer new business starts, less job creation, and fewer choices for American families.”

Biden stressed the sharp contrast with Trump. The president has struggled to convince Americans that Bidenomics is helping them, despite big industrial policy decisions like the Inflation Reduction Act and action to contain last year’s regional banking crisis.