A policy of economic growth that is causing doubt.
It was not meant as a compliment when a pink-and-white business newspaper introduced the term “Bidenomics,” a fusion of the words “Biden” and “economics.” The journalists criticized the economic policy of the president whom they hold responsible for excessive inflation, an overheated job market and bloated national debt. However, Joe Biden has now reluctantly adopted the phrase at the urging of his advisers: He wants to end the era of Reaganomics.
Deregulated free trade, which favored the wealthy – freeing their prosperity to supposedly trickle down to the lower classes – will now be followed by an economic policy for the middle class. Toward that end, the government is investing hundreds of billions of dollars in infrastructure, industrial subsidies and promoting workers’ rights while slowing down free trade. This is how Biden intends to create jobs for everyone, strengthen purchasing power and shut down the breeding ground for Donald Trump’s populism.
Until now, Biden has been moderately successful; unemployment is low and the feared recession has yet to occur. But only a third of Americans support Biden’s economic policy: Wages may rise, but prices will too.
Thus far, Bidenomics is a policy of growth that no one really wants to trust.