Charles W. Moore
Occasional thoughts and deeds of an Engineer
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Bidenomics
Posted on September 2nd, 2023 No comments
The economic numbers for the Biden administration are remarkable and demonstrate the strength of the system under which the government operated from 1933 to 1981: the idea that investing in ordinary Americans builds the economy far more efficiently than so-called “supply-side economics.” That economic ideology, advanced by the Reagan Republicans, claimed that cutting regulations and concentrating wealth at the top of the economy would enable business leaders to invest in the economy efficiently, cutting costs and driving economic growth.
But that vision has never produced as promised, while it has dramatically concentrated wealth and power since it went into effect in 1981. “Bidenomics” is a rejection of that theory and a return to the economic vision that built the country in the fifty years before it. Investing in infrastructure and programs that help ordinary Americans puts money and the power of innovation into their hands, driving the economy from the bottom up and the middle out, as Biden puts it.
View in browser September 1, 2023Heather Cox Richardson