Bidenomics refers to the Biden-backed economic policies and legislations that Pres. Biden envisioned as support for the post-pandemic recovery goals and in instituting new initiatives. President Biden uses the term Bidenomics to refer to his economic plans of growing the middle class from the bottom up.
Post-pandemic inflation in America had dropped for eleven consecutive months, which resulted in the corollary drop of inflation by more than half of the global inflation being experienced by other major countries. It’s also notable that the US was able to achieve such a feat by responsibly reducing the country’s deficit as well.
Three Pillars of Bidenomics
The new initiatives being implemented by the Biden Administration are founded on three pillars of the incumbent president’s economic vision, specifically through the following strategies:
Educating and at the same time empowering members of the workforce to grow and become the middle class.
Instituting smart public investments by boosting clean energy, enhancing**88* climate security and securing funding for rebuilding manufacturing businesses throughout the country. This included the policy of buying “Made in America” first.
Encouraging competition in ways that will lower costs whilst rolling out initiatives to help entrepreneurs of small businesses to survive and thrive.
In 2021 to 2022, there were more than 10 million applications for the establishment of new small businesses. The periods are on record as the strongest two years of the American economy.
The Failed Trickle-Down Theory
Bidenomics clearly proved that the trickle-down theory had been failing for years, since only the rich became richer while the poor became poorer. Its economic goals are based on the theory of supporting the wealthy investors and the big corporations by slashing down their taxes. Rather than collect tax money from the big businesses, it is better for the government to reduce spending on public investments like infrastructure and education. The theory supports the idea that in the long run, the success of the big businesses will create benefits that will trickle down to the working class.
So far, through Bidenomics, the US economy has been experiencing job growth with as many as 13 million added in the jobs market; including 800K employment opportunities for workers in the manufacturing sector.