{"id":1963802,"date":"2023-07-04T02:43:01","date_gmt":"2023-07-04T06:43:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-big-government-industrial-policy-and-centralized-control\/"},"modified":"2023-07-04T02:47:18","modified_gmt":"2023-07-04T06:47:18","slug":"bidenomics-big-government-industrial-policy-and-centralized-control","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-big-government-industrial-policy-and-centralized-control\/","title":{"rendered":"Bidenomics: Expansive Government, Industrial Strategy, and Centralized Authority"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-big-government-industrial-policy-and-centralized-control%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1963802&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0704\/16245ab7-9d0c-4c87-b5ee-15131c175439\/audio.mp3?length=12278349&#038;duration=1023\"><\/div>\n<\/p>\n<h2>The Rise of Bidenomics: Is It Working?<\/h2>\n<p>With an eye toward the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bill-maher-implores-biden-to-get-rid-of-kamala-harris-shes-a-bad-politician-not-bright\/\" title=\"Bill Maher Implores Biden To Get Rid Of Kamala Harris: \u2018She\u2019s A Bad Politician,\u2019 Not \u2018Bright\u2019\">upcoming presidential elections<\/a>, the White House has launched a new public relations campaign called \u201cBidenomics,\u201d to define President Joe Biden\u2019s economic agenda.<\/p>\n<p>\u201cI don\u2019t know what the hell that is, but it\u2019s working,\u201d Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/06\/17\/remarks-by-president-biden-at-a-political-rally-hosted-by-union-members-philadelphia-pa\/\">stated<\/a> at a June 17 union rally in Philadelphia, begging the question: what is Bidenomics, and is it working?<\/p>\n<p>According to <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/06\/28\/bidenomics-is-working-the-presidents-plan-grows-the-economy-from-the-middle-out-and-bottom-up-not-the-top-down\/\">a White House statement<\/a>, Bidenomics rests on three pillars: massive \u201csmart\u201d government spending on renewable energy and semiconductors, support for unions and domestic manufacturing, and promoting competition. As a result, the White House states, \u201cour economy has added more than 13 million jobs\u2014including nearly 800,000 manufacturing jobs\u2014and we\u2019ve unleashed a manufacturing and clean energy boom.\u201d<\/p>\n<h3>Government Spending and Industrial Policy<\/h3>\n<p>\u201cI would define it as trickle-down big government,\u201d Jonathan Williams, chief economist at the American Legislative Exchange Council, told The Epoch Times. \u201cThe common thread of this administration has been growth and expansion of government power, and certainly big government spending.\u201d<\/p>\n<p>According to National Security Advisor <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/04\/27\/remarks-by-national-security-advisor-jake-sullivan-on-renewing-american-economic-leadership-at-the-brookings-institution\/\">Jake Sullivan<\/a>, when Biden took office, \u201cAmerica\u2019s industrial base had been hollowed out. The vision of public investment that had energized the American project in the postwar years\u2014and indeed for much of our history\u2014had faded.\u201c<\/p>\n<p>Sullivan, who, despite his focus on security issues, has become a spokesman for Bidenomics, has been highly critical of what has been called \u201cReaganomics,\u201d or a platform of tax cuts, trade liberalization and deregulation.<\/p>\n<p>\u201cThere was one assumption at the heart of all of this policy: that markets always allocate capital productively and efficiently,\u201d Sullivan said during an April speech at the Brookings Institution.<\/p>\n<p>\u201cPresident Biden \u2026 believes that building a twenty-first-century clean-energy economy is one of the most significant growth opportunities of the twenty-first century,\u201d he stated. \u201cBut that to harness that opportunity, America needs a deliberate, hands-on investment strategy to pull forward innovation, drive down costs, and create good jobs.\u201d<\/p>\n<h3>The Debate on Government Intervention<\/h3>\n<p>\u201cThe government is not in the business of making good investments,\u201d economist Arthur Laffer, a former advisor to Presidents Ronald Reagan and Donald Trump as well as U.K. Prime Minister Margaret Thatcher, told The Epoch Times. \u201cThat\u2019s not what they should be doing,\u201d he said.<\/p>\n<p>\u201cThese guys are not good investors; they\u2019re political investors,\u201d Laffer said. The more the government seeks to influence the private sector, the more the private sector will orient itself toward producing what the government wants versus what consumers want.<\/p>\n<p>\u201cBidenomics is nothing more than the application of government intervention to guide, direct and restructure the economy as the White House thinks it should be structured,\u201d Steve Hanke, economics professor at Johns Hopkins University, told The Epoch Times.<\/p>\n<h3>Trillions in New Spending<\/h3>\n<p>To date, the Biden administration has overseen <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\">more than $4 trillion<\/a> in new spending, of which $1.6 trillion was passed by Congress on a partisan basis, $1.4 trillion was passed on a bipartisan basis, and another $1.1 trillion came from Biden\u2019s executive actions. Despite this spending, the White House <a href=\"https:\/\/www.whitehouse.gov\/omb\/briefing-room\/2023\/03\/09\/fact-sheet-strongthe-presidents-budget-cuts-the-deficit-by-nearly-3-trillion-over-10-years-strong\/\">claimed<\/a> in March that \u201cthe President\u2019s Budget improves the fiscal outlook by reducing the deficit by nearly $3 trillion over the next decade.\u201d<\/p>\n<p>The Congressional Budget Office (CBO) sees it differently, however.<\/p>\n<p>\u201cUnder the President\u2019s FY 2023 budget, the debt would grow be allowed to grow by $16 trillion over ten years, or $50,000 of debt per American citizen,\u201d the <a href=\"https:\/\/budget.house.gov\/press-release\/the-past-is-prologue-bidens-deficit-spending-record\/\">CBO reported<\/a> in March. \u201cUnder CBO\u2019s current projections, the gross federal debt would increase from $31 trillion today (123 percent of GDP) to $52 trillion (132 percent of GDP) in 2033.\u201d<\/p>\n<h3>Tax Policy Under Biden<\/h3>\n<p>\u201cForty years of handing out excessive tax cuts to the wealthy and big corporations had been a bust,\u201d Biden stated. By contrast, Bidenomics \u201cis about building an economy from the bottom up and the middle out, not the top down.\u201d<\/p>\n<p>While most of the tax hikes that Biden called for have so far failed to get through Congress, critics argue that Americans have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-big-government-industrial-policy-and-centralized-control\/\" title=\"Bidenomics: Expansive Government, Industrial Strategy, and Centralized Authority\">experienced significant tax hikes nonetheless<\/a>, due to another economic phenomenon to carry the president\u2019s name: \u201cBidenflation.\u201d<\/p>\n<p>\u201cThe inflation that has come in under Biden has pushed capital gains tax rates way up, because we have illusory capital gains that are now subject to capital gains taxation,\u201d Laffer said. Because of inflation, he said, the nominal value of assets has increased dramatically, even though in terms of purchasing power \u201cit\u2019s the same thing.\u201d<\/p>\n<p>This results in a \u201ctax on the illusory capital gains,\u201d he said. Inflation has also pushed Americans into <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/milton-friedmans-revenge\/\" title=\"Milton Friedman\u2019s Revenge\">higher income tax brackets<\/a>, despite the fact that wage gains often failed to keep up with rising prices, leaving Americans poorer but facing higher tax liabilities.<\/p>\n<h3>Employment Remains a Bright Spot<\/h3>\n<p>According to the White House statement, \u201cunder Bidenomics, the unemployment rate\u00a0<a href=\"https:\/\/beta.bls.gov\/dataViewer\/view\/timeseries\/LNS14000000\">fell below 4%<\/a>,\u201d and the abundance of jobs is certainly one of the bright spots of the current economy. Here too, however, critics say there are clouds.<\/p>\n<p>The <a href=\"https:\/\/fred.stlouisfed.org\/series\/CIVPART\">labor participation rate<\/a>, which is the percentage of able-bodied people seeking work, hit a high mark just above 67 percent in the year 2000. It fell to a low of 62.5 percent in 2015, before climbing back to 63.3 percent in 2020, under Trump. It then plummeted to 60 percent during the pandemic and is currently at 62.6 percent under Biden, the same level as during the Obama administration.<\/p>\n<p>Many blame an expansion of social programs and unemployment benefits for the number of Americans leaving the labor market. This also makes the unemployment rate seem lower because those not even seeking work are not counted in unemployment statistics.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>how is it impacting the American economy?<\/p>\n","protected":false},"author":887,"featured_media":1963803,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-1963802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1963802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/887"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1963802"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1963802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1963803"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1963802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1963802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1963802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}