Joe Biden Says Economic Recovery 'A Long Way Away'

Democratic Party presidential candidate Joe Biden warns an economic recovery from the coronavirus pandemic is "a long way away."
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Democratic Party presidential candidate Joe Biden said Friday that an economic recovery from the coronavirus pandemic looks “a long way away.”

Speaking on CNBC on Friday, the former vice president said President Donald Trump's  “slowness is costing lives and costing jobs and costing our ability to rebound."

The United States has roughly 1.6 million coronavirus cases, and at least 95,000 Americans have died from the highly communicable respiratory disease.

Biden criticized the 2017 Republican tax cuts and suggested that the U.S. could have used the lost revenue as it combats an economic crisis.

"Let's reverse the Trump Tax Cut," Biden said. "Imagine if we had that $2 trillion now, as we go into, God willing, a recovery, which is a long way away as I see it right now."

Biden added that he would repeal "the $2 trillion tax cut for the folks who are making over a million bucks a year. Because, as demonstrated, it’s demonstrated very little or no growth."

Biden also said he believed the Seattle online retail and tech giant Amazon  (AMZN) - Get Report "should start paying their taxes."

"I don’t think any company, I don’t give a damn how big they are, the Lord Almighty should absolutely be in a position where they pay no tax and make billions and billions and billions of dollars, No. 1,” Biden said.

Under his plan, Biden said "nobody making under 400,000 bucks would have their taxes raised. Period. Bingo."

"Let's get people back to work," Biden said. "Let's get them to work."

The economic shutdown has cost millions of jobs, threatened businesses, and rattled the stock market.

Biden also said that when a vaccine is developed, he would make it free for everyone.

"I would make sure that every single person in America is able to get a vaccine, period, without any cost," he said. "And I would do the same thing with testing right now." 

The Labor Department said Thursday that 2.438 million Americans filed jobless claims for the week ended May 16. That's even as parts of the U.S. economy slowly began to reopen after more than two months of being shuttered amid the coronavirus pandemic.

More than 38 million people have filed jobless claims since states started widespread lockdowns to slow the virus.