The article discusses the contentious debate surrounding Bidenomics, which emerged as a reaction to Trump's 2016 victory and aimed to rectify perceived failures of neoliberal policies. Biden's administration adopted a more populist economic approach focusing on government intervention. However, the 2024 election results revealed a significant loss of support among working-class voters, leading many to argue that Bidenomics failed to deliver. Critics, including economist Jason Furman, have voiced concerns that the new policy framework led to inflation and disillusionment, ultimately undermining its intended goals and facilitating Trump's resurgence in politics.
In his assessment, Furman states that in pursuit of ambitious new economic paradigms, Bidenomics ignored foundational economic principles, resulting in inflation and disillusionment among voters.
The legacy of Trumpâs election is a perception among Democrats that decades of âneoliberalâ policies contributed to his victory, prompting a radical shift to âBidenomicsâ.
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