Biden presented his new economic plan in the State of the Union address, emphasizing support for the middle class through tax increases for the wealthy, making housing more affordable, and addressing inflation and consumer protection. He proposed measures to increase corporate and billionaire taxes, as well as offering tax credits and assistance for first-time homebuyers. The president also highlighted efforts to protect consumers from "shrinkflation" and promote American infrastructure and manufacturing. Additionally, Biden emphasized his administration's actions to stabilize economic relations with China and counter unfair trade practices.