By: Stephanie Ferguson
“Bidenomics". Other U.S. Presidents have used their last name in combination with the word, “economics”, including Richard Nixon and Ronald Reagan, to describe their economic plan for the country. Recently, the term “Bidenomics” has been used a lot and in many different circumstances. So, what is “Bidenomics” exactly? What's Biden's economical plan during his presidency? “This economic theory…rejects the idea of “trickle-down” policies in favor of focusing on the middle class (CNN)” Which means instead of favoring the rich, like other presidents’ policies in the past, his policies favor the middle and lower class citizens. There’s high disagreement and controversy on whether Bidenomics is good for our economy or not. So for this article I’ll give you a run down on certain policies, the pros and cons and you can decide for yourself.
One of the first policies President Biden acted on was his “American Rescue Plan” which was a 1.9 trillion stimulus working toward avoiding another recession due to a pandemic. Over the past 2 years, this policy resulted in the “fastest growing economy in decades (Washington Post).” The unemployment rate has gone down tremendously, while the amount of small businesses increased.
https://www.npr.org/2023/06/28/1184831630/bidenomics-council-economic-advisers-bernstein-economy-unemployment-recession
Photo by: Evan Vucci/AP
President Biden has attempted to expand the social programs drastically, including better child care benefits, better housing for poor families, and better dental care as well. Many of these attempts did not get passed though. But he’s been working through the Inflation Reduction Act passed in 2022. Through this act he lowered prescription drug costs for those on Medicare, established a new cap on insulin payments and provided food stamps more generously to millions of families. (Washington Post)
Bidenomics has grown the economy by investing in education, lowering medication costs, and expanding the job market. While these policies plus others not mentioned, favors the middle and lower class extremely and has improved quality of life for millions of American families; what about the other side of these policies? (Washington Post)
https://www.cnbc.com/2023/07/20/bidens-economic-approval-rating-rises-slightly-but-is-still-just-37percent-despite-bidenomics-push.html
Photo by: Jonathan Ernst | Reuters
Well, the more talked about side, is how inflation has increased tremendously since President Biden came into office. With all these new projects and policies to rebuild our economy comes an increase in taxes. People argue if these changes and new policies are really worth all the increase in taxes.
The tax increases since Biden has been in office has been the main point of issue; taxes have increased and people are not happy about this. Many will be thinking about this issue and how “Bidenomics” have affected them when they vote in the next Presidential election.
Sources:
https://www.cnn.com/2023/06/28/politics/bidenonmics-explained/index.html
https://www.washingtonpost.com/business/2023/08/12/biden-economic-plan-pillars-impact/
https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/28/bidenomics-is-working-the-presidents-plan-grows-the-economy-from-the-middle-out-and-bottom-up-not-the-top-down/
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