President Biden’s plan to grow the economy
‘Bidenomics’ is Biden’s plan to grow the economy from the middle out and the bottom up. Some say it is working as intended and growing the economy more than anticipated.
The Bidenomics economic vision centers around three key pillars:
- Making smart public investments in America
- Empowering and educating workers to grow the middle class
- Promoting competition to lower costs and help entrepreneurs and small businesses thrive
Bidenomics is an effort to highlight all of the positive spots in the economy while tethering the President to the good news. The hope is that voters will be persuaded to re-elect Biden in 2024 if they begin to see the economy in a better light.
Dennis Hoffman, Director of the L. William Seidman Research Institute at ASU, discussed whether or not Bidenomics is working for the country.
Bidenomics is the opposite of trickle down economics, Hoffman said.
“It’s not really supply side; it’s more demand side induced. It’s targeting middle class, lower skilled workers, making sure that they have opportunities. And they certainly have. In terms of building supply or building the capacity of the economy, the focus is of course on infrastructure,” Hoffman said.
The administration uses fiscal policy to encourage capital investment, as opposed to cutting taxes and letting the market be, according to Hoffman. Bidenomics supports the motto of going big and going fast, with little to no waiting around.
“If you’re going to pull back from globalization, and we clearly have, we’re going to have to make more domestically. And in order to make more domestically, if we’re going to put capital in place in the country, we’re going to have some help from the federal government,” Hoffman said.
One of the positive results of Bidenomics is the continued, solid job growth in the country, according to Hoffman.