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Montevideo, August 14th 2022 - 07:17 UTC



CFK amazed at Biden plan's similarities with Argentina's economic policies

Tuesday, May 4th 2021 - 09:45 UTC
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Life is full of surprises for CFK who heard Biden echo her economic thoughts Life is full of surprises for CFK who heard Biden echo her economic thoughts

Argentine Vice President Cristina Fernández de Kirchner (CFK) Monday was full of praise for US President's Joseph Biden's message before Congress, citing resounding Keynesian resemblances to her economic policies both in the current term since 2019 and also when she was President between 2007 and 2015.

“Does it sound familiar?” Fernández de Kirchner posted on Twitter. “Life is full of surprises,” she added given Biden's announcements regarding taxation for the wealthiest and the creation of jobs.

“Why did Biden say all this?,” CFK wondered. “The worst pandemic in a century, the worst economic crisis since the Great Depression, the worst attack on our democracy since the Civil War,” she went on, adding that unlike in her case against incumbent Mauricio Macri in 2019, “the IMF did not finance (former President Donald) Trump's campaign,” about Macri's free rein borrowing from that body in 2018.

CFK also highlighted Biden's words for the people of Wall Street, when he said “Wall Street didn't build this country. The middle class built the country and the unions built the middle class. That's why I ask you to the Congress that approves the Law to protect the right to unionize...“

She also highlighted the proposed ”American Jobs Plan,” the “largest employment plan since World War II,“ according to Biden, who in an ironic twist of fate was Vice President of his country in times when CFK was President of hers.

”Create jobs to improve our transportation infrastructure; jobs modernizing our roads, bridges, highways; construction jobs for ports and airports, rail corridors, transit lines,“ Biden listed.

”It's clean water. And today, up to 10 million homes in the United States and more than 400,000 schools and daycare centres have pipes with lead, including our drinking water, a clear and present danger to the health of our children,“ he added.

”The American Jobs Plan is going to create millions of well-paying jobs, jobs in which Americans can raise a family, as my father would say, 'with a little room to breathe,'“ Biden further said.

Cristina Kirchner also pointed to the financing of that plan announced by Biden, who said: ”So how do we pay for my jobs and my family plan? (…), It is time for US companies and the richest 1 per cent of Americans to start paying their fair share. Only your fair share.“

Then CFK wrote “Does it sound familiar?” when transcribing Biden's speech regarding taxes and millionaires who avoid them: ”We are going to reform corporate taxes so that they pay their fair share and help pay for public investments from which their companies will also benefit,“ Biden said. He added that ”we are going to close the loopholes that allow Americans to earn more than a million dollars a year and pay a lower tax rate on their capital gains than Americans who receive a paycheck.“

”We are only going to affect three-tenths of 1 per cent of all Americans with this action. Three-tenths of 1 per cent,“ said the Democratic president. ”Does that sound familiar to you?” Said the vice president.

Fernández de Kirchner was referring to the solidarity tax already in force in Argentina and other parts of this region such as Bolivia

See also: Wealth-tax returns twice as much as expected in Bolivia

and which is similar in shape to the one encouraged by United Nations Secretary-General Antonio Guterres

See also: Guterres endorses millionaire's tax to help fight covid-19

Argentina's tax bureau AFIP has reported over the weekend that revenues from that tax had already brought some $ 223 billion (US $ 2.48 million) to the nation's coffers, which “will be essential to face the health and economic emergencies imposed on us by the pandemic,” according to AFIP head Mercedes Marcó del Pont, who added some 80% of those under the scope of the tax (around 10,000 natural persons) had already cancelled their debts while the other 20% was filing court actions to have it declared unconstitutional. The tax bureau is now auditing the net worth of those with assets of $ 200 million or higher who have failed to submit an affidavit or chose not to pay, Marcó del Pont explained.

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