During a speech in Chicago, President Biden trashed Trump and Republicans for pushing trickle down economics that only help the wealthy.
Video of Biden:
My predecessor enacted the latest iteration of the failed theory, tax cuts for the wealthy. It wasn’t paid for at an estimated cost was $2 trillion. $2 trillion. Now Republicans are at it again, pushing tax cuts for large corporations and the wealthy, adding trillions onto the deficit. Trillions. Folks, let me say this as quickly as I can, the trickle-down failed the middle class, it failed America. It blew up the deficit. It weakened our infrastructure, and stripped the dignity, pride and hope out of communities, one after another.
People working as hard as ever couldn’t get ahead, because it’s harder to buy a home, pay for college education, start a business, retire with dignity. The first time in the generation the path to the middle class seemed out of reach. I don’t think it’s a fact. No matter whether you’re Democrat, Republican or independent. I know we couldn’t go back to the same failed policies when I ran. I came into office determined to change the economic direction, to move from trickle-down economics to what economists on “Wall Street Journal” and “Financial Times” began to call Bidenomics.
If Trump is the Republican nominee, the old election year question are you better off now than you were four years ago could have a deep level of relevance. Biden is arguing that both the American people and the country are better off because of his policies.
No president in the modern era has taken on the four decades of trickle down economic theory as aggressively as Biden has.
Biden is right. His economic success is no accident.
If Republicans want to talk about the past, they better get ready to talk about the whole past, because Democrats look to be done with the lies about trickle down economics.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association