'Wall Street didn't create this world,' Joe Biden says as he unveils a multibillion-dollar investment strategy.

 'Wall Street didn't create this world,' Joe Biden says as he unveils a multibillion-dollar investment strategy.

"The rest of the world is closing in on us, and it's closing in fast," Biden said in a speech to the nation from Pittsburgh, Pennsylvania, on Wednesday. "We can't allow this to continue. The American Jobs Plan is the largest increase in our federal non-defense research and development spending on record," Biden said.

President Joe Biden has said that his USD 2 trillion investment initiative, called a "once-in-a-generation" strategy, would help the US strengthen its global competitiveness, modernise ageing infrastructure, and solve climate change.

"The rest of the world is closing in on us, and it's doing so easily. This cannot be allowed to happen. The American Employment Initiative reflects the greatest boost in non-defense research and development spending in US history "In his speech to the country on Wednesday from Pittsburgh, Pennsylvania, Biden said.

"It will help America maintain its competitive advantage in markets where global supremacy is at stake." Battery technologies, biotechnology, computer processors, renewable energies, and, in particular, the rivalry with China," he said.

Biden claimed that his initiative, when combined with the American Rescue Plan, would create millions of jobs, with several Wall Street firms estimating that over four years, 18 million good-paying jobs would be created.

"It also aims to level the playing field, inspire staff, and guarantee that new opportunities are decent enough to support a family." Often, ensure that people have a free and equal option on how they choose to organise and negotiate together.

That's why, as part of my strategy, I'm asking Congress to pass the PRO Act, or Protecting the Right to Organize Act, and give it to my desk," he said.

Biden has reported that those making more than USD 400,000 a year would face higher taxes.

"It's time to reinvent our economy from the ground up, from the middle down, rather than from the top down." "It hasn't turned out very well," Biden admitted.

"It hasn"t worked for the economy as a whole since Wall Street didn"t create this world. This country was founded by you, the great middle class. Unions have helped to build the middle class. And now is the right moment, "he said

According to the White House, the American Jobs Plan would generate millions of decent jobs, restore the country's economy, and put the US to compete with China.

After the 1960s, public domestic spending as a percentage of GDP has dropped by more than 40%. The American Jobs Plan promises to invest in America in a way that hasn't been seen since "we constructed interstate highways and won the Space Race," according to the document.

The initiative would spend USD 620 billion in transportation infrastructure, modernising 20,000 miles of highways, bridges, and major thoroughfares. According to the White House, it will kickstart the electric car movement by constructing a network of 500,000 electric vehicle chargers, replacing 50,000 diesel transport buses, electrifying at least 20% of the yellow bus fleet, and assisting customers in purchasing future vehicles.

Former President Donald Trump slammed Biden, calling his "radical plan" to enact the largest tax hike in American history a "massive giveaway" to China and other countries that will send thousands of factories, millions of jobs, and trillions of dollars out of the country tens of billions of dollars to these dynamic nations.

"The Biden proposal would crush American employees and decimate US factories while providing preferential tax breaks to outsourcers, international companies, and massive multinational corporations," Trump said. "Biden vowed to "rebuild better," but the nation he is re-building is China, as well as other major parts of the world."

Trump said that the United States was "once again" losing the trade battle with China, and that Biden's "ridiculous" multi-trillion-dollar tax hike is a ploy for "real economic surrender."

As the United States recovers from the impact of the pandemic, sacrificing good-paying American employment is the last thing people desire, Trump said.

Biden's American Jobs Plan, according to House Speaker Nancy Pelosi, is a "visionary, once-in-a-century experiment" in the American people and future.

Biden's consistent emphasis on improving manufacturing and the future workforce, according to National Association of Manufacturers president Jay Timmons, reveals that he is sincerely committed to creating a better and more stable post-pandemic society.

"America is strong when industry is strong," he said.