US President Joe Biden reveals his new economic plan called “Bidenomics,” will Americans approve the new policy?
President Joe Biden (Photo: NBC News)
What is Biden’s New Economic Plan?
President Joe Biden, during his campaign, advocated for an economic plan called “Bidenomics,” centered around bolstering the middle class, expanding healthcare, implementing tax increases for the affluent, and allocating substantial investments towards green energy infrastructure, Investopedia wrote.
President Biden achieved a significant economic plan milestone on Mar. 11, 2021, when he signed the American Rescue Plan Act of 2021 into law. As part of the new economic plan, this legislation constituted a crucial element of his comprehensive Build Back Better Plan, encompassing the American Jobs Plan and the American Families Plan.
While this economic plan faced obstacles in Congress and did not pass, specific components were incorporated into the Inflation Reduction Act, which was approved in August 2022.
Photo: The New York Times
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Will Americans Approve the New Economic Plan?
According to Reuters, most Americans express disapproval of President Biden’s job performance, with over 50% indicating dissatisfaction. Regarding his new economic plan, only 35% of respondents said approval.
As shared by Michael MacDowell, while the Biden administration cannot be solely held accountable for the current economic challenges facing the United States, their new economic plan has undeniably played a significant part in exacerbating the situation.
MacDowell further commented that the president’s track record, as described, is far from commendable, especially considering his intention to assist American workers through the new economic plan. Given the outcomes observed thus far, he expressed skepticism that this economic plan would be regarded as a persuasive aspect of any future presidential campaign.
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