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The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
“Biden proposes 44.6% capital gains tax, from current 19%. Can’t even come up with his own ideas taking a page out of Trudeau playbook who raised Canada to 66%,” he wrote in a recent post on X .
President Biden, who just secured the Democratic nomination for this year's election, revealed his massive $7.3 trillion budget proposal for fiscal year 2025 earlier this week.
* The COVID-19 pandemic and the Great Resignation had a dramatic influence in statistics presented, including a sharp increase in unemployment rate at the time of changes from Trump to Biden. Annualized change in unemployment rate over each presidency from Truman to Biden, ordered from best-performing to worst-performing economic performance.
“The Biden Administration would even like to restore some of the higher levels of the credit and refundable features in effect during COVID, adding further to these costs,” he added.
The Biden administration provided a total of $120 million to support tribes impacted by the effects of climate change. The funding consisted of $25 million from the annual allocations for fiscal year 2023, $72 million from the Inflation Reduction Act, and $23 million from the Infrastructure Investment and Jobs Act. The program covered a variety ...
But Biden warned that "by all accounts, the incoming administration wants to return the country to another round of trickle-down economics and tax cuts for the very wealthy that will not be paid for."
Biden from the earliest days of his administration sought to tackle some of the biggest pandemic-era economic issues. The American Rescue Plan provided $1,400 checks to most Americans.