JOE GOES RED: Biden Vows ‘End to the Era of Shareholder Capitalism’

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Former Vice President Joe Biden delivered an economic speech in Dunmore, Pennsylvania, on Thursday in which he unveiled his economic vision, declaring an “end to the era of shareholder capitalism.”

“It’s way past time to put the end to the era of shareholder capitalism. The idea the only responsibility a corporation has is its shareholders — that is simply not true, it’s an absolute farce. They have a responsibility to their workers, their community, to their country.”

In place of “shareholder capitalism,” Biden proposed a more inclusive system built on the power of labor unions and on “black, brown, and Native American” communities that he said had been left out of economic prosperity.

Much of his speech was devoted to criticizing President Donald Trump’s response to the coronavirus. Biden claimed (falsely) that Trump told Americans to “drink bleach” to fight the disease.

Biden, addressing a small, socially-distant group of workers and journalists at the McGregor Industries metal works facility, said that he would raise the corporate tax rate to 28% (from 21%, where Trump lowered it in the Tax Cut and Jobs Act of 2017). – READ MORE

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