The Blubber

Per The White House

US President Joe Biden has announced that he wants to set new standards that would require Federal infrastructure projects to use construction materials that are made in America. The standards would help promote locally sourced construction materials and discourage outsourcing.

The statement was given during Biden's second State of the Union address, per ABC 7 News. The US President highlighted a few construction materials that they want to see be made in the US.

Biden: "American-made lumber, glass, drywall, fiber optic cables. And on my watch, American roads, American bridges, and American highways will be made with American products."

This came as Biden said that he wanted to invest more in places and people who he refers to as having "been forgotten." The US President says that this comes as many people in the economy feel like they have been treated like they are invisible or left behind.

The announcement of all-American-made products came shortly before Biden noted that jobs would be returning to Americans as part of what he called a blueprint to rebuilding America.

Biden: "This is a blue-collar blueprint to rebuild America and make a real difference in your lives."

The US President's plan to require Federal infrastructure projects to be all-American came with another statement where Biden called for a minimum 20% tax on billionaires. This came with the plan to quadruple the surcharge on corporate stock buybacks.

Biden is also calling for legislation that would tax people on unrealized gains on investments. This meant that owners of stocks, bonds, or other assets would be taxed even if they did not sell their assets.

Recently, Biden also noted that the risk of recession is very low, which is a change from his previous statement in November, where he said that the US is nowhere near a recession.

See flow at unusualwhales.com/flow.

Other News:

• Biden calls for a 20% minimum tax on billionaires and wants to quadruple corporate stock buybacks surcharge
• Biden has said that the risk of a recession in the US is very low

Resources:

The White House

ABC 7 News