The 46th and present-day President of the United States, Joe Biden announces a climate change and social services program that “could change the lives of millions of people for good”. Biden reached to the House Democrats in the Capitol privately to project his idea and brought it public in a speech in the White House. He is looking for a climate change program that may cost the state up to 1.85 Trillion dollars.
The 1.85 Trillion dollar project
“Let’s get it done,” says the President of the United States about the 1.85 Trillion climate change project. Joe Biden claims to shift the country’s energy requirements towards the clean energy forums.
The objective is to provide loans to the agricultural and industrial companies so that they could shift their energy generation towards clean energy, reducing the greenhouse gas emission that directly affects the climate. Since he has held command, he has been all in for his efforts for the advancement of climate policy.
In October, he passed bills that are expected to reduce greenhouse emissions of the United States to up to 45% by 2030. The bill provides tax incentives for renewable energy and electric vehicles and enforces a fee on methane emissions. Joe Biden’s effort extends to the projects like the one discussed in this article.
Where is the money coming from?
Joe Biden claims that he would not put one penny in the deficit of the State treasure. How does he plan to attain 1.85 Trillion dollars? He has his eyes on where the money is.
Biden plans on getting his money from the wealthy ones in the States by enforcing what is being termed as the “wealth tax”. A new 5% surtax is to be announced on people having income over 100 million dollars in a year. The taxes are also to be paid on non-tradable assets. The idea to target billionaires and large corporations to help with his huge economic agenda is not only smart but also very well thought. The Republicans, however, do not agree with the idea and warn the President of legal action.
Revenue is expected to come by rolling back some of the tax cuts from the Trump administrators as well as the enforcement of tax dodgers by the IRS. Biden promises to cover the entire load of the plan, without leaving a huge pile of debts.
What are the benefits?
Climate change is a very genuine and concerning issue that has raised some serious problems throughout the world. It is the moral and social responsibility of Industrially sound countries to contribute to the reduction of harmful emissions and help save the world.
These plans, if executed, can reduce global emissions and greenhouse gas emissions by 45 to 50% in the next 10 years and the emissions are expected to be minimal by the year 2050.
Apart from climate control and perseverance, Biden’s 1.85 Trillion dollar project also has something to do with the reputation of the States. Biden wants this deal to be done before he leaves for the Climate Control Conference in Scotland. With a huge economical and social agenda on the back of his hand, he could represent the United States as the world leader in this cause.
The United States can once again take a stance at glory as it would stand upright as the leading country for the cause of climate change.
Republicans and their objections
The framework that the House Democrats have constructed is termed “historic” by Joe Biden. But the Republicans do not approve the plans. Biden still needs the approval of some key colleagues for the 50-50 vote margin in the Senate, since Republicans are completely off the chart.
On the other hand, Republicans look for other incentives to reduce emissions. The coal-state Senator Manchin’s views about the plan are that it is too punitive for people who rely on fossil fuels and that climate change programs are “unnecessary government entitlements” and the Democrats must focus more on healthcare and child care services.
Biden’s Trillion dollar plan is a “giant leap forward” as said by Barack Obama and this serves two purposes, to control the climatic conditions of the States that are already at their worst and also to bring back the former glory of the States as the world-leading company. Can Biden fulfill his promises and lead America to its long-lost and long-awaited glory?