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Tuesday, May 21, 2024

Bidenomics: Unfinished Revolution, What’s Next?

Joe Biden’s opponents love to point out his age as a potential weakness, but despite being 81, he has brought a surge of energy to the government. He implemented policies that have significantly reduced childhood poverty, supported unions, and shaped a new industrial policy. Although there is still debate over whether these policies are beneficial in the long run, it’s hard to deny their immediate impact. For example, investment in manufacturing has more than doubled under Biden, reaching a historic high.

As he looks towards a potential second term, Biden’s focus is on completing what he started—reshaping the American economy. His policies are driven by a belief in government and skepticism of markets. There are five key elements of his plan: boosting workers through unions, increased social spending on early-childhood education, tougher competition policies, investing in green and productive initiatives, and taxing large firms and the wealthy to fund these efforts.

Currently, his agenda is limited by Congress, with key aspects like the “Build Back Better” bill being bogged down. However, Biden has already signed three major spending bills into law, totaling a $2 trillion effort to transform the American economy. If he is re-elected but faces a divided Congress, he would focus on defending his accomplishments, but his policies might face challenges in terms of funding and longevity.

However, if Democrats gain control of both houses of Congress, Biden’s economic agenda could potentially gain a boost. This would likely include additional social policies like free pre-school, child-care subsidies, and more support for unions. The goal is to make American workers more productive and free up more people, especially women, to enter the workforce. However, all of this would come with a hefty price tag and significant implementation challenges.

Mr. Biden’s apparent mistrust of globalisation will probably rule out anything more ambitious. He is likely to maintain a tough line on China and may focus on domestic issues such as child-care spending and semiconductor subsidies.

Overall, Biden’s economic policies aim to create a more equal society, drive industry, and shift power towards workers. However, they also raise concerns about increasing government control, an outdated focus on manufacturing and unions, and potential strain on ties with allies. Despite being an unlikely radical, Biden could potentially take bolder steps in a second term.

In conclusion, we are yet to see the full extent of Bidenomics, but it’s clear that the president is determined to shape the American economy in a significant way. Whether you agree or disagree with his policies, it’s undeniable that they have already left a mark. We can only wait and see what the future holds for Biden’s aims and whether he will have the opportunity to advance them further.

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