Article: "Bidenomics: The Good, the Bad, and the Unknown," The Economist, October 3rd, 2020
Depending on whether or not you sit on the edges of political spectrum, you may be inclined to see Joe Biden as a radical socialist bent on upending American capitalism or as a candidate that is, unfortunately, not a radical socialist bent on upending American capitalism. Leave it to the British, particularly The Economist, to give us a glimpse of the true candidate: dull, prosaic, and moderate.
The article indicates that Biden is certainly no radical. His first step will likely be pass a major stimulus bill. Further, if Biden were elected, he will provide economic stability simply by relieving the White House of its Trumpian chaos, incompetence, and disregard for institutions.
What is more interesting is the areas in which The Economist suggests Biden could be more bold. For instance, the article predicts a Biden presidency would see little of the "creative destruction" needed for long-run improvement in the standard of living. Biden is too keen on protecting incumbent firms, and would thus also oppose ending tech monopolies. These tendencies, coupled with complex regulations, would likely protect existing (and even poor-performing) firms, decreasing the dynamism of the American economy in the long run.
With regard to climate change, the one area in which, in my opinion, we cannot afford to be insufficiently bold, Biden lags behind in supporting even non-controversial policy measures, such as carbon pricing. Last month, the article points out, the Business Roundtable said it supported such a policy. Then again, we all know that the Business Roundtable is a radical eco-Marxist collective unworthy of consideration by a serious presidential candidate.
What do you think? Have Biden's economic plans gone too far? Not far enough? What should he do if he wins in November?
I think something Biden has the power to do is please a lot of Americans on both spectrums. I like how this article trumps the myth that he wants to go socialist because he is not. People think he is because of what Trump says about Biden, but if you actually listen to what Biden is saying, he is there to be moderate on the economy side of things.
ReplyDeleteI agree with you Libby, I really think that while trump can only cater towards one side of the economy, Biden can cater towards both because his moderate policy don't take to much from one side and still manages to give a lot to the other side
ReplyDeleteIf Biden is looking to win the presidential election, claiming to start with a stimulus check is a great safe move to make. It will make people happy, and might even increase consumer confidence. I can see the points made by The Economist that Biden is making safe moves. This might change if he were to be elected. The only unsafe opinion that Biden has stated is regarding climate control. Maybe with the influence of his VP, this will change.
ReplyDeleteI have heard that Biden is basically Republican-lite, and I am somewhat inclined to agree. His history on bills has most definitely not been radical left. I suspect we will not see any radical changes from the Obama years, but we will see a reversal of Trump's policies, like Paris Climate Agreement, the Trade War, and the 2017 tax cut. Goldman Sachs predicts that Biden presidency will be good for the economy. They cite Biden's plans for increased spending on infrastructure, education, climate, and healthcare will help the economy.
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