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Biden has for months been telegraphing a major shift in economic policy, and on Wednesday, made the case for a new way of thinking.
https://www.huffpost.com/entry/joe-biden-bidenomics_n_649c8effe4b038eea76d01b3
In a major speech on Wednesday outlining his economic policy, Joe Biden took a page from his old pal Barack Obama. When Obama ran for reelection in 2012, he embraced the pejorative name given to his signature policy achievement — Obamacare. In Chicago today, Biden embraced the insult the Wall Street Journal Opinion page gave to his economic plans — Bidenomics.
“I did not come up with the name,” Biden noted. But he would now embrace it to tout what the White House sees as significant economic achievements and a new vision of economic policy for the country.
And this is where Biden departed from his old ticket mate Obama. He did, also like Obama, denounce the old supply-side economics that have dominated American policy-making since Ronald Reagan put them in place in 1981. But then Biden explained how his policies actually mark a break with this economic model — and while he didn’t say it, how they break with the policies of both Obama and Bill Clinton.
“Trickle-down failed the middle class, it failed America,” Biden said. “It blew up the deficit. It weakened our infrastructure and stripped the dignity, pride and hope out of communities.”
Bidenomics stands on three legs, Biden explained. The first is a reinvigoration of public investment in domestic industry, research and development and infrastructure. Second, the empowerment of workers by protecting and expanding labor unions. And, third, increasing competition through antitrust enforcement and policy.
https://www.huffpost.com/entry/joe-biden-bidenomics_n_649c8effe4b038eea76d01b3
In a major speech on Wednesday outlining his economic policy, Joe Biden took a page from his old pal Barack Obama. When Obama ran for reelection in 2012, he embraced the pejorative name given to his signature policy achievement — Obamacare. In Chicago today, Biden embraced the insult the Wall Street Journal Opinion page gave to his economic plans — Bidenomics.
“I did not come up with the name,” Biden noted. But he would now embrace it to tout what the White House sees as significant economic achievements and a new vision of economic policy for the country.
And this is where Biden departed from his old ticket mate Obama. He did, also like Obama, denounce the old supply-side economics that have dominated American policy-making since Ronald Reagan put them in place in 1981. But then Biden explained how his policies actually mark a break with this economic model — and while he didn’t say it, how they break with the policies of both Obama and Bill Clinton.
“Trickle-down failed the middle class, it failed America,” Biden said. “It blew up the deficit. It weakened our infrastructure and stripped the dignity, pride and hope out of communities.”
Bidenomics stands on three legs, Biden explained. The first is a reinvigoration of public investment in domestic industry, research and development and infrastructure. Second, the empowerment of workers by protecting and expanding labor unions. And, third, increasing competition through antitrust enforcement and policy.
