Morgan Stanley is crediting President Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product, CNBC reports.As a result of these unexp
  • Shikadi@lemmy.sdf.org
    22·
    1 year ago

    I’m sad Biden is getting an economic system named after him that he doesn’t have much to do with just because he’s president. But hey, I’ll take it. Reaganomics is awful, and at least having a name for the opposite is nice. Bernienomics doesn’t have the same ring to it

    • hark@lemmy.world
      38·
      1 year ago

      Bidenomics isn’t the opposite of Reaganomics. If anything, it’s more of the same.

      • Shikadi@lemmy.sdf.org
        4·
        1 year ago

        It’s literally defined as build out from the middle and up from the bottom, how is that the same as trickle down? Or did you miss the part where it has an actual definition?

          • Shikadi@lemmy.sdf.org
            3·
            1 year ago

            I’m not about to argue that the implementation does enough, but you’re willfully ignorant if you don’t think the infrastructure bill was exactly that. Also, Republican presidents consistently implement trickle down economics, and at the very least the Biden administration for the most part doesn’t.

            • hark@lemmy.world
              12·
              1 year ago

              Republicans being worse doesn’t mean democrats are good. They all worship at the neoliberal altar of trickle down, even if they make minor tweaks here and there and call it [other]nomics. The infrastructure bill had some much-needed infrastructure spending, but doesn’t change anything about our trickle down economic system.

              • Shikadi@lemmy.sdf.org
                4·
                1 year ago

                That’s a very binary response. I agree that they should be doing more, but I also think it’s important to recognize what they are doing. Sweeping change doesn’t happen over night, and so far the actions I’ve seen in Biden’s administration lean pretty heavily away from past neoliberal trickle down. The attempted student loan forgiveness, the new head of the FTC, investment in infrastructure and jobs, Tax plans to reverse the cuts and loopholes for the rich introduced by the previous, capping capital gains tax (as in switching to income tax after a certain number is earned), a minimum income tax on people with wealth above $100 million, and much more. All of that is counter to trickle down economics, and some of it is even a reversal from Obama era decisions and Clinton era decisions. Bernie is definitely doing work in his position, a quote from a Guardian article quoting Bernie:

                With a hearty laugh, Sanders, 81, recalled that, after the 2020 Democratic primary, his team and Biden’s had joined forces to produce an “agenda for working families”. They did not agree on everything but “put together probably the most progressive outline that any president has introduced since FDR” – a reference to Franklin Delano Roosevelt’s New Deal in the 1930s.

                So yeah, I despise Biden’s past voting record and behavior, and I think we could do better. But it’s totally counter productive to act like nothing has changed in this administration without actually paying attention to what’s happening, the government is not just the president.