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Is ‘Bidenomics’ a watershed moment in global economics?

EXPERT COMMENT

With more than $4 trillion already promised focused on workers, inequality, and sustainability, a transformative approach could spell the end for neoliberalism.

President Biden’s approach to economic policy in its first 100 days can be summarized in just five words: ‘Go big or go home’. Following arguably the most difficult transition process in living memory, the administration hit the ground running with more executive orders, memoranda, and proclamations than most predecessors at the same point.

The Biden administration has so far promised more than $4 trillion in spending with more to come, far outstripping the fiscal response to the 2008 global financial crisis. But even more impressive than the numbers, ‘Bidenomics’ is building a new paradigm for America’s economic success.

Joe Biden has been much more active in undoing past actions than all his three predecessors, with 19 of his 39 orders revoking prior ones. When it comes to staffing up, his rate of Congressional nominations lags behind that of Obama at this stage of his presidency, but exceeds those of Trump, George W. Bush and Clinton. And his administration has also gone big when it comes to the size of measures as well.

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Original article link: https://www.chathamhouse.org/2021/04/bidenomics-watershed-moment-global-economics

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