Joe Biden on US economy, billionaire minimum tax, Ukraine, China, and more

Washington: President Joe Biden said in an address to Congress Tuesday that the US economy is better positioned to grow "than any country on Earth," despite disruptions from Covid-19 and Russian President Vladimir Putin's invasion of Ukraine.

"The pandemic disrupted our supply chains and Putin's unfair and brutal war in Ukraine disrupted energy supplies as well as food supplies," Biden said during his State of the Union address.

"But we're better positioned than any country on Earth right now."


OIL STILL NEEDED
President Joe Biden drew derisive laughter from Republicans when he said the United States will need oil “for at least another decade."

Biden made the comment in his State of the Union address as he promoted a landmark law to slow climate change. That law authorizes hundreds of billions to boost renewable energy such as wind and solar power and help consumers buy electric vehicles and energy-efficient appliances.

Republicans have criticized Biden for seeking greater oil production from OPEC and other countries even as he had sought to boost renewable energy. Biden appeared to be trying to reassure critics that he recognizes the need for continued oil production, although the 10-year time frame seems far short of what experts expect — that oil will be needed for decades to come.

On billionaire minimum tax
US President Joe Biden called Tuesday for Congress to pass a minimum tax on billionaires. "Reward work, not just wealth," he said in his annual State of the Union address. "Because no billionaire should pay a lower tax rate than a school teacher or a firefighter."

Other top statements:

• Biden accuses social media companies of exploiting children 'for profit'
• Biden tells Ukraine that US 'will stand with you as long as it takes'
• Biden vows to veto any national abortion ban, urges Congress to codify rights
• US will act whenever 'China threatens our sovereignty'