While the Clinton, George W Bush and Obama administrations each differed in their own way, their basic position on key economic policy questions was the same. But things started to move in a more neo-populist, nationalist direction with Trump, and these changes have crystallised under Biden. To reverse income and wealth inequality, Biden favours large direct transfers and lower taxes for workers, the unemployed, the partially employed and those left behind. While Biden is pushing for more progressive taxation than Trump did, his administration’s ability to raise taxes is constrained. It was inevitable that the US economic policy pendulum would swing from neoliberal to neo-populist.

Source: The Guardian August 03, 2021 11:22 UTC