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Context: The US President Joe Biden’s economic policies, known as Bidenomics, are facing opposition in some US states.
Bidenomics has the right intention when it seeks to reduce widening economic inequalities in the country. In order to show positive results, policies must be given enough time to succeed.
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It is a term that has been increasingly used to refer to any and every policy choice made by the Biden administration. Even though it does not have a particular idea behind its introduction, it is akin to the policy measures taken by former US President Ronald Reagan.
Introduction of policies that improve the USA's physical and digital infrastructure. Policies that reduce its trade dependence on rivals such as China. Introducing measures to raise the living standards and opportunities available for the middle 40% and the bottom 50% of the US population. Make efforts to boost job creation within its borders.
The government is planning to raise $737 billion via more and higher taxation. The government will make spending worth $500 billion towards investments in clean energy and in reducing healthcare costs. Introducing steps to prevent the concentration of economic powers in the hands of the few and to empower labour unions to safeguard labour rights.
Making smart public investments in America. Empowering and educating workers to grow the middle class. Promoting competition to lower costs and help entrepreneurs and small businesses thrive.
Bidenomics could start a global subsidy race, which could potentially increase inefficiency and inequity. It has not been able to improve income and wealth inequality that many may have expected.
Abenomics refers to the economic and social policies carried out by the Japanese government in 2012 during the tenure of late Prime Minister Shinzo Abe.
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