President Joe Biden is making a big bet on the US economy powering him to re-election next year with the unveiling of a 'Bidenomics' pitch to voters this week. |ManilaBulletin
WASHINGTON, United States -- President Joe Biden is making a big bet on the US economy powering him to re-election next year with the unveiling of a "Bidenomics" pitch to voters this week.After inheriting an economy ravaged by the Covid pandemic, then beset by lingering inflation and supply chain woes, Biden has had a hard time persuading Americans that he's doing a good job.
The catchphrase is a deliberate play on -- and rebuke to -- the famed "Reaganomics" of Ronald Reagan's 1980s presidency, when the idea of "trickle-down economics" was credited by some with igniting a US boom."He rejected trickle-down economics, the theory that tax cuts at the top would tickle down -- that all we needed was government to get out of the way," Lael Brainard, director of the National Economic Council, told reporters.
At the top of Biden's pitch is his impressive list of legislative victories during the last two years. By contrast, Biden's tax-money-heavy industrial policy, she said, is using government funding as a catalyst for a "boom in private sector spending in manufacturing construction."
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