{"id":2114390,"date":"2023-12-03T05:12:02","date_gmt":"2023-12-03T10:12:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-bidenomics-brief\/"},"modified":"2023-12-03T05:17:27","modified_gmt":"2023-12-03T10:17:27","slug":"the-bidenomics-brief","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-bidenomics-brief\/","title":{"rendered":"Bidenomics in a nutshell"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">8<\/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%2Fthe-bidenomics-brief%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=2114390&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--><h2>President Biden&#8217;s Vision\u2063 of the Economy<\/h2>\n<p>Despite the\u200d prevailing gloomy consumer sentiment, President Joe Biden \u200ctakes pride in the economy he has built. Speaking at a Labor\u200d Day event with a Philadelphia metal workers&#8217; union, \u200che highlighted\u2064 the\u2063 stark contrast between his administration\u200b and his predecessor&#8217;s. &#8220;It wasn&#8217;t that long ago we were losing jobs in this \u200dcountry,&#8221; \u200bBiden remarked. &#8220;In fact, the guy \u200dwho held this job \u200cbefore\u200c me was just one of two presidents in\u200d history that left\u2064 office\u200b with fewer jobs in America than \u2064when \u2063he got\u200d elected office. By the\u2064 way, do you know who \u200bthe\u200d other\u2062 one was? Herbert Hoover.&#8221;<\/p>\n<blockquote>\n<p>The line works\u2063 on two levels: by comparing President Donald Trump to Hoover, a \u2062presidential failure, \u200cbut also by analogizing Biden to \u2063Hoover&#8217;s successor,\u2063 Franklin Delano Roosevelt. The implication, \u200cdelivered to a union audience, is\u2062 not an\u2064 accident. FDR was a union-backed president who oversaw passage of the Wagner \u200dAct, ushering in \u2063decades of union dominance. Biden \u2064has sought to \u200dpick up that mantle, walking picket \u200clines, barnstorming union halls, and otherwise signaling that he is, in \u200bthe words of former AFL-CIO \u2062chief \u200bRichard\u2063 Trumka, &#8220;the most pro-union president in\u200b history.&#8221;<\/p>\n<\/blockquote>\n<p>This affinity with \u2064Roosevelt is just one \u200baspect \u2064of the \u200dimage Biden\u200d has tried to cultivate. His moderate stance, \u200bin comparison to the far-left wing of his party, aims\u200c to rebuild the \u2063center-left\u2063 coalition that propelled Roosevelt to\u200c the White House. His ambitious spending programs, known as the &#8220;Build\u200b Back Better&#8221;\u200d agenda and the Inflation \u200cReduction Act, are often likened to the New Deal. Biden&#8217;s thesis is clear: &#8220;the era of \u200cbig \u200bgovernment is over&#8221; is over; big government is back with a vengeance.<\/p>\n<h3>The Biden-Roosevelt Connection<\/h3>\n<p>To draw a parallel between Biden and \u2063Roosevelt is to \u2063embrace a particular theory of American \u2063economic history. This\u200c theory is eloquently presented in David Leonhardt&#8217;s \u2064new book, <em>Ours Was \u2062the Shining Future<\/em>. Leonhardt covers \u200da century of history, arguing that &#8220;capitalism remains the \u2063best system for delivering rising living standards to \u2064the greatest number of people\u2014but only\u200b a certain type of capitalism.&#8221; This type, which he terms &#8220;democratic capitalism,&#8221; mirrors the political economy of the New Deal: regulated markets, a\u2062 disdain for excessive\u200b wealth accumulation, and close collaboration between business, government, and labor. According to Leonhardt, this form \u2063of capitalism has been replaced by what he calls &#8220;rough-and-tumble capitalism,&#8221;\u200c characterized \u2064by deregulation and \u200ba relentless\u200d pursuit of growth, resulting in widening inequality and a decline in American life expectancy.<\/p>\n<p>Leonhardt&#8217;s narrative traces the transformation \u2063from the postwar era, where a \u200cmoderate coalition of\u2064 business and labor leaders, guided by government, fostered economic prosperity for all. However, \u200cthis coalition eventually crumbled.\u200c The rise of the New Left in the 1960s and &#8217;70s prioritized social \u2063issues over economic concerns, while labor \u2063unions failed to redirect the conversation. Seizing \u200dthe \u200dopportunity, \u2062the right capitalized on culture war \u200cissues to\u200b push through radical reforms. \u2063Additional factors such as\u2063 rising immigration and educational\u200b polarization further contributed to the \u2063decline of the \u2062working class.<\/p>\n<p>Leonhardt weaves this \u2064story through biographical portraits\u200b of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-curious-case-of-stefan-halper-longtime-zelig-of-american-scandals-who-crossfired-trump\/\" title=\"The Curious Case Of Stefan Halper, Longtime \u2018Zelig\u2019 Of American Scandals Who \u2018Crossfired\u2019 Trump\">key figures involved<\/a> \u2063in economic\u2062 policy. \u200dPresidents, professors, \u2064activists, and lawyers all play a role. \u2064While the \u200dbook serves as a review for\u200b those familiar \u2064with the latter half of the\u200c 20th century&#8217;s\u200d social policy history, it\u200c primarily\u200b serves the\u2062 larger purpose\u200b of advocating for the restoration \u2064of &#8220;democratic capitalism,&#8221; \u2063which aligns with Biden&#8217;s vision.\u200d After all, isn&#8217;t the president&#8217;s goal to return to the\u200d corporatism that defined post-WWII \u200dAmerica? Doesn&#8217;t he argue that capitalism \u200bis \u200bbeneficial but <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amendment-to-cut-pothole-pete-buttigiegs-salary-to-1-passes-the-house\/\" title=\"Amendment to Cut 'Pothole Pete' Buttigieg's Salary to  Passes the House\">requires effective management<\/a>? Even \u200dBiden&#8217;s positioning on social issues, as\u2063 he attempts to differentiate himself \u2063from\u200b the \u200bleft wing of his \u2064party, rejects the politics that Leonhardt blames \u2063for the decline of\u2063 &#8220;democratic capitalism.&#8221;<\/p>\n<h3>A Critical Perspective<\/h3>\n<p>However, when\u2064 it comes to persuading readers that the Rooseveltian past is the Bidenomic\u200c future,\u200d <em>Ours Was the \u200bShining\u2062 Future<\/em> \u200d falls short. The decline \u200bof democratic capitalism was not \u2062accidental; \u200bit\u200c was inherent. The New Deal gave\u200c way to the \u2062Great \u200dSociety,\u200d which led \u2064to a bloated social \u200cservices bureaucracy\u2063 that trapped individuals in cycles of poverty.\u2063 Labor \u2062unions\u2064 transformed\u2064 into entrenched\u200b interest groups, hindering\u200d economic growth. Leonhardt conveniently\u200d overlooks the\u200d power of public sector\u2064 unions when discussing the \u200cinfluence of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-gov-hopefuls-side-with-union-in-fight-over-virginia-school-closures\/\" title=\"Dem Gov Hopefuls Side With Union in Fight Over Virginia School Closures\">special interest groups<\/a>. Most significantly, massive government spending proved unsustainable. While Leonhardt \u200dacknowledges the inflation of the 1970s, he attributes\u200b it to external factors\u2062 like OPEC\u200c oil shocks, \u2063sidestepping the insight of economist Milton Friedman that\u2064 the \u2063expanding \u200dmoney\u200c supply was the true cause. Similarly, Biden&#8217;s initial \u2063wave of spending programs has already resulted in \u200dinflation, echoing the challenges faced\u200b by democratic capitalism. \u2062As Margaret Thatcher once \u200csaid, &#8220;the problem with \u200cdemocratic capitalism is that you eventually run out of other\u200d people&#8217;s money.&#8221;<\/p>\n<p>This\u2064 critique is not aimed at\u2064 <em>Ours Was the Shining Future<\/em> \u2062itself, which effectively presents the Bidenomics\u200b theory. Rather, it questions \u200dthe viability of this vision. It didn&#8217;t work \u2062in the past, and it won&#8217;t \u2064work now.<\/p>\n<p><em>Ours Was the Shining \u200dFuture: The Story of \u200cthe American Dream<\/em><br \/>  by David Leonhardt<br \/> Random House, 528 pp.,\u200d $32<\/p>\n<p><em>Charles Fain Lehman is a \u2062fellow at the Manhattan Institute and a\u2063 contributing editor to<\/em> City Journal.<\/p>\n<p> <\/p>\n<h2> How might increased government intervention and investment in\u2063 issues like climate change, infrastructure, and healthcare shape the economic landscape?<\/h2>\n<p><span>  At the government should play a more \u200bactive role in the \u200ceconomy, ensuring that it serves the needs of all Americans and reduces inequality?<\/p>\n<p>President Biden&#8217;s vision of the economy is rooted in a belief that\u200b the government \u2062has\u2064 a crucial role to play \u200cin shaping the economic landscape and \u2064ensuring that it works for the\u200b benefit of all Americans. This\u200d vision is inspired by the legacy of President Roosevelt and the New \u2064Deal, a period in American history characterized by regulated markets, collaboration between business, government, and labor, and a focus\u2063 on reducing inequality and \u2062improving the lives of working-class Americans.<\/p>\n<p>In his efforts\u2063 to rebuild the\u200d center-left coalition that propelled Roosevelt to the White House, Biden has embraced a moderate stance that \u2063sets him apart from the far-left wing of his party. He has sought to\u2064 position himself as a unifying figure, appealing to a\u2063 broad base of\u200d support and emphasizing his commitment to bipartisanship. However, \u2063this does not mean that he \u200cshies away from bold and ambitious policies. On the contrary, Biden has put forth a series of spending programs, such as\u200b the &#8220;Build Back Better&#8221; agenda and the\u200d Inflation Reduction Act, that are reminiscent of the New Deal in their scope and ambition.<\/p>\n<p>Biden&#8217;s goal is to address \u2063the prevailing economic challenges facing the country, such as rising income inequality and declining economic mobility. He \u2063believes that the era of &#8220;big government \u2063is over&#8221; has\u2063 come \u2064to an end, and that \u2062it is time for the government to play a more active\u2063 role in shaping\u200b the economy. He aims to tackle issues \u200csuch as climate \u2064change, infrastructure, and healthcare through government intervention\u200d and investment.<\/p>\n<p>Biden&#8217;s vision of the economy is\u200d not without its critics. Some argue that his policies, such as increased government spending and \u200dregulation, could\u2062 stifle innovation\u200d and economic growth. \u200cThey \u2063worry that an expanded role for the\u200b government could lead to inefficiencies and a loss of individual freedoms. However, Biden and his supporters\u2064 argue that his approach is necessary to\u2063 address the\u2063 systemic challenges facing the country \u2063and ensure that economic prosperity is shared by all.<\/p>\n<p>Ultimately, President Biden&#8217;s vision of\u2063 the economy is\u2064 one that seeks\u200c to restore a sense of fairness\u2063 and equity, while also fostering economic growth and innovation. It is \u2064guided by a belief in the power of government to shape the economic landscape\u2063 and ensure that \u2062it serves the needs of all Americans. \u2063Whether\u200d or not his vision will be realized remains to be seen, \u2063but \u200dit is clear that \u200dPresident Biden \u2062is committed to\u200b pushing for change \u2064and building \u2063an economy that works for everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many who said we couldn&#8217;t bring back jobs. But we proved them wrong.&#8221; Biden remains optimistic about the economy&#8217;s progress, despite the prevailing negative outlook. He credits his administration&#8217;s efforts for reversing job losses and creating new opportunities, highlighting the stark contrast between his tenure and his predecessor&#8217;s<\/p>\n","protected":false},"author":269,"featured_media":2114391,"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":[544],"tags":[],"class_list":["post-2114390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"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\/2114390","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\/269"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2114390"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2114390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2114391"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2114390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2114390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2114390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}