WASHINGTON – Donald Trump pledged to restore America’s great things as president. He vowed to take on China and increase American manufacturing. He said he would reduce the budget deficit while the wealthy pay their fair share of taxes.
But after two years as president, Joe Biden is working on those promises. He joked that he had made a “ten-year plan” after Trump’s administration was the latest parody of “big jobs week.” His legislative victory was not about winning him votes from the Trump faithful or increasing his approval rating. But it reflects the importance of how the government interacts with the economy at a time when many Americans are afraid of the recession and the general collapse of the country.
There is no longer a blanket tax cut. No longer trusting free trade with non-democrats. The Biden White House has given more than $ 1.7 million in the belief that a combination of public assistance, policy and expertise can provide long-term growth to raise the middle class. This has changed the previous administration’s view that cutting regulations and taxes increased business investment which flowed down to workers.
With the new rules in place, Biden is betting that the federal government can successfully fulfill its promises, including when he leaves office.
That is a difficult situation, as Trump himself knows that international crises like a disease can quickly destroy the foundations of an economic plan, causing businesses and voters to change. There is some evidence that the economy will last more than 10 years as expected by the government, but Biden’s policies will be challenged by many Republicans in the House.
According to Biden and his team, Americans have seen a high level of advertising for new computer labs and some 6,000 major jobs are underway.
“There is a business plan that actually uses public investment to increase private investment and more innovation in the history of everyone from Alexander Hamilton to Abraham Lincoln to John F. Kennedy,” the said Brian Deese, director of the White House National Economic Council. “The results speak for themselves.”
Trump’s supporters see little connection with Biden, although the funding of infrastructure, computer hardware and scientific research was passed in two lines.
“The Biden administration’s plan is 180 degrees different,” said James Carter, a policy director at the America First Policy Institute. “Too many regulations, high taxes, no borders and a war on oil. Two different regimes with two different methods. One is the free market, the other is the big government”.
The current president and the former president seem to be almost tied together in the public arena. On the evening of August when Biden signed the $280 billion law for semiconductors and research, FBI agents raided Trump’s home to retrieve documents, compromising what happened at the White House. Similarly, Biden called Trump a threat to democracy ahead of the mid-term elections in November, but the Republicans competed by bashing the president for the economic crisis.
Biden help is quick to say that the president is fulfilling his own campaign promises, rather than honoring the promises made by Trump. But one of Biden’s first acts as president in 2021 was to provide $1,400 in direct payments to Americans as part of his coronavirus relief package. With $600 in payments in a pre-Biden fund, the amount matched the $2,000 Trump needed on the eve of his presidency, though he couldn’t get it. through Congress.
“I want to avoid the idea that what Joe Biden did was take Donald Trump’s ideas and make them law,” Deese said. “What President Biden has done is take the campaign program that he’s been talking about and make it real.”
For all that, Americans are giving Biden low marks on the economy. Inflation has fallen from a 40-year high this summer, but consumer prices are still 7.1% higher than last year. The Federal Reserve is raising its interest rate to lower inflation, something that its own projections show will cause unemployment to rise next year.
Three in four Americans describe the economy as poor, and nearly the same percentage say the U.S. is on the wrong track, according to a new poll by the Associated Press and NORC Center for Public Affairs Research.
Biden is asking for patience.
“I know it’s been a tough few years for hard-working Americans and for small businesses,” Biden said Tuesday about the weather. “But there are bright spots across America where we’re starting to see the impact of our economic plan, and we’re just getting started.”
Trump’s supporters have blamed Biden’s $1.9 trillion in aid for stimulating the economy, even though about $400 billion in direct payments the former president said should be received by Americans. They argue that the American economy will be stronger if Biden takes steps such as allowing all businesses to fully spend their investment in new equipment, instead of providing targeted support. in technology and the light ring area.
But even excluding the recession caused by the disease, Trump’s economic record is far from the best because the promised growth has not been fulfilled. Manufacturers started cutting jobs in 2019 before the coronavirus spread, instead of picking up again as promised by Trump. The annual budget deficit has worsened under Trump, but it has improved under Biden because aid has been reduced.
Biden is telling the American people that his policies will strengthen the American economy in the next decade. His $52 billion computer manufacturing project has led to a series of groundbreakings in Arizona, Idaho, New York, North Carolina, Ohio and Texas that will take years to complete. The idea of government assistance is to reduce risk and make it easier for these companies to invest in areas of global demand rather than available supply.
Chris Miller, a professor at Tufts University and author of the book “Chip War,” said incentives are only part of the cost of building plants. Miller said the benefits of the investment will flow to companies that sell raw materials to chipmakers as well as those that manufacture cars, electronics and home appliances that rely on chips.
“The financing of the chips makes it clear that there will be more manufacturing and production of chips in the US,” he said, “so for the suppliers in the industry chips, they are more clear that the demand for their products will be greater than otherwise. It was there, motivating them to invest as well.”
For all the economic concerns, manufacturing is improving under Biden as factories added 12.9 million jobs, the most since December 2008. Just as Biden increased domestic investment, he also expanded the Trump administration’s efforts to compete with China and maintain its original value.
The Biden administration has restricted the sale of computer chips and semiconductor devices, arguing on national defense that China is using this technology for surveillance and hypersonic missiles. It has also built deep partnerships with Australia, Japan, South Korea and many European countries to counter China’s influence.
Kurt Campbell, Biden’s “Tsar Asia” on the White House National Security Council, said that many of the plans pursued by Trump’s State Department in China have “been delayed” during the presidency of Biden, and said at the April panel that “in many ways, that was the highest tribute” to the previous administration.
But Steve Yates, a senior fellow at the America First Policy Institute and former president of Radio Free Asia, said Biden has not shown he has placed the same emphasis on China as Trump.
Yates said that it is proof that Biden’s national security plan proves that the US has a common interest with China in addressing climate change. He said China will use that priority to their advantage because Biden’s willingness to cooperate on climate change will prevent him from cozying up to Beijing as Trump has done.
“We just had a weak hand,” Yates said.
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