If Joe Biden wants to renew America’s economy and ensure it continues to lead the rich world, he must be bold. In our cover package this week we assess Bidenomics: the good, the bad and the unknown
presidential contenders squared up this week in the first debate before America votes on November 3rd. President Donald Trump set out to make it a brawl, even throwing a punch at the validity of the electoral process itself . Joe Biden spent the evening jabbing at Mr Trump for bringing the country to its knees.
Yet, partly owing to the pandemic, Mr Trump’s shortcomings have also become clear. Long-term problems have festered, including crumbling infrastructure and a patchy social safety-net. The underlying dynamism of business remains weak. Investment is muted and fewer firms have been created even as big ones gain clout. Mr Trump’s chaotic style, involving the public shaming of firms and attacks on the rule of law, is a tax on growth. Deregulation has turned into a careless bonfire of rules.
This is hardly the agenda of a socialist. Mr Biden has ignored the Panglossian fantasies of the left, including Medicare For All, a ban on nuclear energy and guaranteed jobs. His plans are moderate in size as well as scope, adding up to an annual increase in public spending of 3% of, assuming they could all pass the Senate. That compares with 16-23% for those of Elizabeth Warren and Bernie Sanders.
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