With the US economy booming, the job market growing and inflation retreating, the consensus is near-unanimous: Bidenomics has been vindicated. Allow me to offer a somewhat more skeptical perspective: Not that President Joe Biden’s economic policies have failed, necessarily, but that it is too soon to call them a success.

I fully concede that the US has some pressing problems — deindustrialization, infrastructure deficiencies, climate change and national-security issues related to semiconductor chips, to name a few — and that Bidenomics is an honest attempt to address them. What I take issue with is this new variant of industrial policy based on heavy government subsidies to private investment. The centerpiece of Bidenomics is the Inflation Reduction Act, passed in 2022, whose cost could top half a trillion dollars.

QOSHE - Has Bidenomics Worked? It's Too Soon to Say - Tyler Cowen
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Has Bidenomics Worked? It's Too Soon to Say

47 1
04.03.2024

With the US economy booming, the job market growing and inflation retreating, the consensus is near-unanimous: Bidenomics has been vindicated. Allow me to offer a somewhat more........

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