“The trickle-down approach failed the middle class,” Biden said Wednesday of Republican policies, including those he said were enacted by his predecessor, former President Donald Trump, the frontrunner for the GOP nomination. “Under trickle down economics, it didn’t matter whether you made things as long as you help a company’s bottom line, even if that meant seeing jobs and industries go overseas for cheaper labor.
Biden said his policies made smart investments, grew the middle class and promoted competition to lower costs and help small businesses. Sweeping measures, including incentives worth hundreds of billions of dollars for clean energy, semiconductor manufacturing and infrastructure, add up to the most ambitious effort to kickstart US industry in decades, many economists reckon.The drawback politically is that they won’t bear fruit right away. Even if the new industrial policy is the kind of game-change that gets plaudits from future historians, it might not do much for 2024 voters.
The post-Covid price surge has eased lately, with consumer-price inflation falling to 4% from a peak above 9% a year ago. Still, American households are facing higher prices on everything from groceries and clothes to hotel rooms. And by one measure, average hourly earnings have only just caught up with rising prices.
Biden and his top aides say that’s encouraging them to think the doomsaying about an imminent recession is overdone.
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