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Bidenomics: US President Biden is relying on government investments and wants to stimulate the economy.
The article is about the new economic policy of US President Joe Biden, which is summarized under the term “Bidenomics”. Biden portrays his infrastructure packages as a contrast to Ronald Reagan's economic policies in the 1980s, known as "Reaganomics." While Reagan focused on tax cuts and freedom for entrepreneurs, Biden is relying on massive government investments in infrastructure, climate protection and the creation of new factories in his own country. Biden supporters see his policies as a fight for the young generation and climate protection. However, there is also criticism of Biden's economic competence, and representative surveys show that his approval rating...
Bidenomics: US President Biden is relying on government investments and wants to stimulate the economy.
The article is about the new economic policy of US President Joe Biden, which is summarized under the term “Bidenomics”. Biden portrays his infrastructure packages as a contrast to Ronald Reagan's economic policies in the 1980s, known as "Reaganomics." While Reagan focused on tax cuts and freedom for entrepreneurs, Biden is relying on massive government investments in infrastructure, climate protection and the creation of new factories in his own country. Biden supporters see his policies as a fight for the young generation and climate protection. However, there is also criticism of Biden's economic competence, and representative polls show that his approval rating in this area is low.
If “Bidenomics” is successfully implemented, there could be various effects on the market and the financial industry. Government investments in infrastructure could lead to an increase in orders in the construction sector and create jobs. Domestic chip production could help reduce dependence on other countries and increase supply chain security. Promoting climate protection could lead to an increased expansion of renewable energies and the promotion of green technologies.
On the other hand, the high government spending under “Bidenomics” could lead to rising inflation, which could have a negative impact on consumer purchasing power. In addition, higher taxes for companies and wealthy people in the financial sector could lead to a reduction in the willingness to invest and to an outflow of capital.
According to a report from www.tagesschau.de, there are so far different assessments of the prospects of success of “Bidenomics”. Representative polls show that Biden is doing rather poorly in terms of his economic competence. Whether the buzzword “Bidenomics” will actually gain traction remains to be seen.
Source: According to a report by www.tagesschau.de
Read the source article at www.tagesschau.de