Biden’s Promise of More Equal U.S. Takes Hit With Spending Plan
- Support for families, education sought to reduce inequalities
- Measures may be pared back or scrapped after Manchin says ‘no’
Joe Biden at the White House in Washington, D.C..
Photographer: Yuri Gripas/AbacaThis article is for subscribers only.
President Joe Biden’s promise to reduce income and wealth disparities in the U.S. has suffered a major setback with the collapse of his social-spending bill.
Early in the pandemic, U.S. policy makers staved off a dramatic increase in inequality with an all-out fiscal response. Biden’s legislation aimed to build on that achievement with about $2 trillion of investments focused on child care, health care and early education -- delivering benefits to lower-income Americans, financed in part by tax increases for wealthier ones.