STORY: “And guess what? Bidenomics is working.”
Once there was Reaganomics…
Now America’s current president has an economic doctrine all his own.
But what exactly is Bidenomics?
The man himself has a definition:
“First, making smart investments in America. Second, educating and empowering American workers to grow the middle class. And third, promoting competition to lower cost to help small businesses.”
It’s a contrast to the policies of 1980s president Ronald Reagan.
He saw tax cuts as the key to wealth creation.
Instead, Biden wants to tax the wealthy more to fund investment.
“Bidenonomics is about building an economy from the middle out and the bottom up, not the top down.”
He aims to funnel money to priority areas, like chipmaking, clean energy and electric cars.
That’s meant to revive manufacturing and put U.S. workers first:
“Made in America. Made in America. Not a slogan. It’s actually happening.”
So is it working?
It’s too early to say for sure.
Republican critics point to stubbornly high inflation.
And even White House aides say public deficits could get worse before they get better.
Biden responds that growth rates lead the developed world.
And claims huge success on job creation:
“We’ve created 13.4 million new jobs. More jobs in two years than any president has ever made in four, in two.”
As for what voters make of it?
Not much, so far at least.
Polls show just 35% of Americans approve of Biden’s economic policies.
Their final verdict could come at next year’s presidential election.
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