Bednomics: A Denial of the Stream-Down Theory

Joe Biden hopes that the term “Bidenomics” will have the same future as “Obamacare”: a term of ridicule used by Republicans that ends up being viewed favorably by Americans. It was fully embraced by the White House this week before that economic discourse Delivered Wednesday by the President in Chicago. A keynote address announcing how Biden intends to present one of his key election arguments for 2024 to a population that still views his management of the economy in a negative light, despite Many positive indicators.

What is “pedonomics”? First of all, it is a disavowal of the trickle-down theory so dear to Republicans, who insist on seeing or prescribing tax cuts for the rich and corporations as an approach that is likely to benefit all taxpayers. , despite all signs to the contrary.

During his speech, Biden said that this theory, which was first promoted by Ronald Reagan, “has failed the middle class.” “It failed America. It blew up the deficit. It increased inequality. And it weakened.” […] Our infrastructure. It has stripped societies of their dignity, pride and hope, one after another. […] People who work harder than ever before have not been able to advance because it is difficult to buy a house, pay for higher education, start a business, and retire with dignity. For the first time in a generation, the path to the middle class seemed out of reach. »

Biden has advocated for a fairer tax system where oil companies that took $200 billion in profits last year won’t get $30 billion in tax cuts, as they did, and where billionaires don’t pay an average of 8% in taxes, which is less than a teacher, A fireman or a policeman,” as in.

Bidnomies are also investments in education, infrastructure and specific sectors, including renewable energies and microprocessors. A Biden economy means the industries of the future will grow here at home. […] And thanks to Bidennomics, we’ve already received more than $490 billion in private investment commitments — $490 billion — from American companies and companies from around the world that come to the United States. From America, said the Democratic president.

“Here’s the simple truth about the bottom-down theory,” Biden said again near the end of his speech. It did not represent the best of American capitalism, let alone America. It represented a time when we got away from how this country was built, how this city was built. Bidennomics is forward-looking. Bedanomics is just another way of saying, “Let’s bring back the American Dream because it worked before.” »

Columnist Washington Post Eugene Dion believes Bednomics represents a “fundamental change in the country’s economic approach”. “Not only does it offer a significant break with the ‘volatile’ policies of Ronald Reagan, as Mr. Biden noted in a speech in Chicago on Wednesday, but it also deviates from many of the traditional beliefs that have shaped the Democratic presidencies of Bill Clinton and Barack Obama,” he wrote (Free link).

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