'Russia Weaker, Rest Of World Stronger:' Biden Talks Ukraine, US Manufacturing, Inflation, Taxes In First State Of The Union Address

The President Of The United States, Joe Biden, delivered his first State of the Union address on Tuesday night. Here are the key topics Biden highlighted in his address to the American people and Congress.

The Ukraine caucus on Capitol Hill encouraged members to wear blue and yellow ribbons for the President’s speech on Tuesday night. Some members could be seen in blue and yellow suits, ties and dresses.

The Speaker of the U.S. House of Representatives Nancy Pelosi introduced the President before the commencement of his address to the Congress. It was the first time in history that two women were seated behind the President. 

Russia-Ukraine Crisis: “Freedom will always triumph over tyranny,” said Biden. “Six days ago, Russia's Vladimir Putin sought to shake the very foundations of the free world, thinking he could make it bend to his menacing ways. But he badly miscalculated.”

“He thought he could roll into Ukraine and the world would roll over. Instead, he met with a wall of strength he never anticipated or imagined — he met the Ukrainian people."

Biden noted that the Ukrainian ambassador Oksana Markarova was seated alongside First Lady Jill Biden. He asked members of Congress to give a standing ovation to Ukraine and the country’s diplomatic representative. 

“Putin is now isolated from the world, more than he’s ever been.” When the history of this era is written, it would have left “Russia weaker and the rest of the world stronger,” the U.S. President said.

Biden said the Department of Justice will go after Russian oligarchs. He also announced a ban on all Russian flights operating in the United States.

Biden reiterated that the U.S. will not send troops to Ukraine.

Infrastructure and Economy: The president said he fought to pass the American Rescue Plan. He highlighted the contrast with the previous administration’s tax breaks that mainly benefitted the well-off. 

Biden said the American economy created jobs and grew strongly last year. He castigated the trickle-down theory and pointed out how it widened the gulf between the rich and poor.

Biden also delved into the importance of passing the Bipartisan Infrastructure Law.

The president mentioned Ford Motor Company F, General Motors Company GM, but Tesla Inc TSLA was left out of the list of electric vehicles manufacturers creating jobs in America. He also gave a shoutout to Intel Corporation INTC during the address.

Biden said that his administration will “build a national network 500,000 electric vehicle charging stations”

Inflation, Taxes And Wages: Biden attributed inflation to supply chain disruptions and shortages brought upon by COVID-19.  

He advocated lowering costs rather than trying to suppress wages to fight inflation.

The president stressed on the importance of Making In America. “Folks, that means make more cars and semiconductors in America."

The U.S. president noted his plans to cut the cost of prescription drugs and advocated capping the cost of insulin at $35 per month.

He asked Congress to provide incentives to Americans to weatherproof their homes and cut the cost of electric vehicles.

Biden said people earning less than $400,000 would not have to pay additional taxes. He said corporations and wealthy Americans should pay their fair share and proposed a 15% minimum tax for corporations.

The president asked Congress to raise the minimum wage to $15/ hour. 

Efforts Against COVID-19: Biden mentioned Pfizer Inc’s PFE antiviral oral treatment for COVID-19, Paxlovid. 

“The Pfizer pill reduces your chances of ending up in the hospital by 90%,” Biden added. "Pfizer is working overtime to get us a million pills this month and more than double that next month.” 

Biden said the federal government will double its order from 10 million to 20 million courses.  People will be able to order free tests for COVID-19 beginning next week through Covidtest.gov website.

A “Test to Treat” initiative was mentioned by Biden, which would allow Americans to get tested for COVID-19 at a pharmacy and receive free antiviral pills.

Read Next: Will Ukrainian Crisis Jeopardize Historically Strong Market Performance In March?

Photo: Courtesy of Joe Biden