President Biden heralded America’s post-pandemic growth this week and the buoyancy of the job market. “Folks, that’s no accident,” he told the crowd: “That’s Bidenomics in action.” According to him and some of his advisors, it is characterized by relief measures, and strengthening the social safety net (funded by tax increases on higher-income individuals and corporations), increasing the national minimum wage, expanding worker training, narrowing income inequality, expanding access to affordable healthcare; and forgiveness of student loan debt. This is achieved with a fast-expanding national debt. |
What is Bidenomics and How Will it Affect the Economy and Families?
According to the White House, the president’s plan would increase spending in certain sectors of the economy but would still reduce the deficit.
Since late June, President Joe Biden has described his economic policy as an alternative to “trickle-down economics.” His priorities focus on “building the economy from the middle out and the bottom up,” he said in a July 7 speech in South Carolina.
The term “trickle-down economics,” which is usually used as a pejorative, refers to policies that seek to encourage job growth by easing regulations and taxes on businesses. Although Biden’s economic plan employs grants and subsidies in an attempt to facilitate job growth, it would also raise taxes on the wealthy and corporations to fund these programs.
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