This Week in Bidenomics: 4 Problems for Trump

As President Joe Biden continues to shape his economic agenda, it's clear that his policies aim to rectify several issues stemming from the Trump administration. Here are four key problems that Bidenomics seeks to address:

1. Trade Wars and Tariffs:
Bidenomics aims to reduce tariffs and promote fairer trade practices. Biden has taken steps to review and reduce tariffs imposed by the Trump administration, such as the Section 232 tariffs on steel and aluminum imports. Additionally, Biden has rejoined international trade agreements like the Paris Agreement and is working to rejoin the Trans-Pacific Partnership (TPP) negotiations. These moves aim to address the disruptions caused by Trump's trade wars and tariffs and promote more balanced trade relations.



2. Income Inequality:
Bidenomics focuses on reducing income inequality by increasing taxes on wealthy individuals and corporations. The Inflation Reduction Act of 2022, for instance, includes a 15% minimum tax on corporations with profits over $1 billion. Additionally, Bidenomics supports union participation, which can help workers negotiate better wages and benefits. The PRO Act, a key piece of legislation in Bidenomics, would make it easier for workers to organize and collectively bargain. These policies aim to address the income inequality that persisted and even worsened during the Trump administration.

3. Economic Recovery from the COVID-19 Pandemic:
Bidenomics focuses on supporting the economic recovery from the COVID-19 pandemic through public investment and targeted relief. The American Rescue Plan Act of 2021, a key component of Bidenomics, provided $1.9 trillion in economic rescue funds to help the U.S. recover from the pandemic. This legislation included direct stimulus payments to individuals, support for small businesses, and funds for testing and vaccination efforts. These measures aim to address the economic challenges faced by Americans as a result of the pandemic, which were exacerbated by the Trump administration's handling of the crisis.



4. Deficit and National Public Debt:
Bidenomics aims to address the deficit and national public debt through a combination of increased taxes on the wealthy and corporations, as well as strategic public investments. While Biden's proposals would add to the debt, they are designed to stimulate economic growth and reduce inequality, rather than relying on trickle-down economics. The Inflation Reduction Act of 2022, for example, includes measures to raise taxes on corporations and high-income individuals, as well as investments in clean energy and healthcare. These policies aim to address the deficit and national public debt while promoting economic growth and reducing inequality.

In conclusion, Bidenomics seeks to address several key problems stemming from the Trump administration, including trade wars and tariffs, income inequality, economic recovery from the COVID-19 pandemic, and the deficit and national public debt. By focusing on public investment, worker empowerment, and promoting business competition, Bidenomics aims to build an economy that works for everyone.