Tesla Motors, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F) – ‘Weaker Russia, Stronger Rest of the World’: Biden Talks Ukraine, US Manufacturing, Inflation and taxes in the first State of the Union address

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

The Ukrainian Capitol Hill Caucus 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.

Speaker of the United States House of Representatives Nancy Pelosi introduced the President before the start of his address to Congress. It was the first time in history that two women sat behind the president.

Russian-Ukrainian crisis: “Freedom will always triumph over tyranny,” Biden said. “Six days ago, Russia Vladimir Poutine sought to shake the very foundations of the free world, thinking it could make it bend to its threatening ways. But he miscalculated.

“He thought he could roll in Ukraine and the world would turn upside down. Instead, he encountered a wall of force he never expected or imagined – he encountered the Ukrainian people.”

Biden noted that the Ukrainian Ambassador Oksana Markarova sat alongside the 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 has ever been.” When the history of this era is written, it would have left “Russia weaker and the rest of the world stronger,” the US president said.

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

Biden reiterated that the United States would not send troops to Ukraine.

Infrastructure and economy: The president said he fought to push through the US bailout. He pointed to the contrast with the previous administration’s tax breaks which mainly benefited the wealthy.

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

Biden also delved into the importance of passing the bipartisan infrastructure law.

The president mentioned Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), but Tesla Inc. (NASDAQ: TSLA) was dropped from the list of electric vehicle manufacturers creating jobs in America. He also hailed intel company (NASDAQ:INTC) during the address.

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

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

He advocated cutting costs rather than trying to cut wages to fight inflation.

The President emphasized the importance of Making In America. “People, that means making more cars and semiconductors in America.”

The US president has signaled his intention to reduce the cost of prescription drugs and has advocated capping the cost of insulin at $35 per month.

He asked Congress to offer incentives for Americans to waterproof their homes and reduce the cost of electric vehicles.

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

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

Efforts against COVID-19: Biden mentioned Pfizer Inc. (NYSE: PFE) oral antiviral 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 feds would double his order from 10 million to 20 million courses. People will be able to order free tests for COVID-19 starting next week through the 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 more: Will the Ukraine crisis jeopardize the market’s historically strong performance in March?

Photo: Courtesy of Joe Biden

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