$ 200 billion.. Biden attacks oil companies because of the huge profits
Shrouq
US President Joe Biden delivers his annual State of the Union address to a joint committee of Congress on Tuesday, February 7, 2023.
In his first speech since the Republicans took control of the House of Representatives, Biden called for unity between Democrats and Republicans, hailed the US economy's recovery, and touched on the war in Ukraine and competition with China.
Economic optimism
Biden has sought to emphasize the economic gains he has made, such as lower unemployment and easing inflation.
According to the American Wall Street Journal, Biden avoided being overly optimistic and acknowledged that there is a lot of work to do, in light of many Americans feeling pessimistic about the state of the economy.
Biden's economic policies
“We are in a better position than any other country in the world, but we have to do more,” Biden said.
The US president highlighted his policies, such as efforts to reduce drug prices, invest in infrastructure and encourage local manufacturing.
Despite Biden's efforts, Americans remain frustrated with his management of the economy, and a recent Washington Post poll found that 58% of Americans are dissatisfied with his handling of the economy.
partisan unity
At a time of sharp division, Biden has made a call for bipartisan unity. “They often tell us that Democrats and Republicans can't work together,” he said. But over the past two years, we've proven that wrong."
Biden noted that there is no reason why bipartisanship cannot work in the current Congress, saying that "fighting for the sake of fighting gets us nowhere."
oil companies
On the other hand, the US President accused the major oil companies of exploiting the recent energy resource crisis to achieve profits.
Biden demanded a significant tax increase on corporate stock buybacks to direct them to invest more in production.
"Last year they made $200 billion in profits in the midst of a global energy crisis. "I think that's obscene," he said.
