I Helped Coin the Phrase “Middle-Out Economics.” Biden Is Making It a Reality. – The New Republic

by | Aug 24, 2022 | Financial

Despite America’s widening partisan divisions and the slimmest of Democratic margins in Congress, Biden has made good on his promises. The $1.9 trillion American Rescue Plan Act, passed three months after he took office, put money in people’s pockets to boost the economy through the pandemic and delivered $350 billion to states and localities to keep people working and to invest in their local economies. The $1 trillion infrastructure bill funds roads and bridges, clean water, a modern electric grid, and mass transit.Rejecting the neoliberal cardinal rule of government not interfering with the free market, the White House calls the just-passed CHIPs and Science Act “an industrial strategy to revitalize domestic manufacturing, create good-paying American jobs, strengthen American supply chains, and accelerate the industries of the future.” It includes $280 billion for semiconductor production at home, advanced research into fields like artificial intelligence, and other steps to strengthen our ability to compete for breakthrough technologies.Biden is deservedly taking a victory lap with the passage this month of the Inflation Reduction Act, which, he reiterated, “grows the economy from the bottom up and middle out.” It invests $370 billion in the clean energy sector and gives us a fighting chance of avoiding climate catastrophe. For the first time ever, Congress authorized Medicare to negotiate lower prices with drug companies, a long-overdue use of government power to save both taxpayers and consumers money. A 15 percent minimum corporate tax targets the profitable corporations that pay little or no taxes, taking a sharp U-turn from trickle-down orthodoxy. …

Article Attribution | Read More at Article Source

Share This