Monday, July 29, 2024

On the Economy and Foreign Policy, Biden Has Important Wins

OpEd: It is too early to write up the legacy of President Biden. He has six more months in office, and in these volatile times, much could happen. But it seems worth looking back at what we now know will be a one-term presidency and asking: What will define it in history?

Posted by LampLighter at 08:31 PM | 7 COMMENTS | permalink

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More from the OpEd...

... To me, the signature aspect of Biden's presidency has been his big break from decades of economic policy. For almost half a century, the federal government has refrained from any transformative long-term investments in the American economy. (Even the large pandemic relief payments were for consumption, not investment.)

In fact, the defining fiscal policies of our times have been tax cuts. Presidents Ronald Reagan, George W. Bush and Donald Trump all enacted large tax cuts that broadly benefited the rich. The result has been an America that can be characterized by private opulence and public decay -- $100 million homes in a country where the roads are scarred by potholes and children die at higher rates than in any other country in the industrialized world. (These tax cuts, along with spending on wars in Afghanistan and Iraq, are responsible for much of America's enormous federal debt.)

Biden changed this narrative.

He used the resources of the federal government to make large investments -- in infrastructure, child care, manufacturing and energy. These investments won't pay off anytime soon; many of them have just begun. But the United States is now undergoing the largest upgrade of its transportation infrastructure since the 1950s, with more than 56,000 projects already launched. It is seeing a boom in manufacturing investment and employment that reverses a decades-long trend. Green energy is booming, too. And for the year that it was in effect, Biden's expanded child tax credit helped reduce child poverty in America by 46 percent -- lifting a staggering 3.4 million children out of poverty in one year. (The credit expired after a year, and congressional Republicans refused to renew it.) ...



#1 | Posted by LampLighter at 2024-07-28 08:14 PM

@#1 ... And for the year that it was in effect, Biden's expanded child tax credit helped reduce child poverty in America by 46 percent -- lifting a staggering 3.4 million children out of poverty in one year. (The credit expired after a year, and congressional Republicans refused to renew it.) ...

Sen Vance has mentioned (in trying to double-down on his ~childless cats~ comments) that parents with children should get some sort of tax relief.

Was he ignorant of the Republicans reportedly killing Pres Biden's child tax credit?




#2 | Posted by LampLighter at 2024-07-28 08:17 PM


Was he ignorant of the Republicans reportedly killing Pres Biden's child tax credit?

See this is how stupid people talk that really don't want to get anything done.

Always embrace your opponent when they come around to your policies.

Just force Vance to support his words. Biden should reintroduce the idea NOW, while the irons hot. Even raise it

Make it $4,000 per child for children six years old and above, and to $5,000 per child for children under six.

Lumpers really don't know how to do this, everything is a zero sum game, that's why nothing gets done.

Speaking of nothing getting done ... .


Biden changed this narrative.
He used the resources of the federal government to make large investments

Is this true? In 2021, the Biden Administration got $42.45 billion from Congress to deploy high-speed Internet to millions of Americans. Years later, it has not connected even 1 person with those funds. In fact, it now says that no construction projects will even start until 2025 at earliest.

Also this ..

Congress provided $7.5B for electric vehicle chargers. Built so far: Zero.
www.politico.com

We can talk about all this infrastructure, allocate the money, but if the Executive Branch is so inept at delivering, what's the point?

#3 | Posted by oneironaut at 2024-07-28 08:28 PM

FACT SHEET: Biden-Harris Administration Kicks Off Infrastructure Week by Highlighting Historic Results Spurred by President Biden's Investing in America Agenda
www.whitehouse.gov

... Administration releases updated map showcasing 56,000 infrastructure projects and unveils new Investing in America state-by-state fact sheets

When President Biden signed the Bipartisan Infrastructure Law in November 2021, he committed to delivering once-in-a-generation investments to rebuild America's infrastructure and competitiveness. Today, his Administration is cutting ribbons and breaking ground on projects across the country to rebuild our roads and bridges, deliver clean and safe water, tackle legacy pollution, expand access to high-speed internet, and build a clean energy economy for all Americans. While "Infrastructure Week" became an empty punchline during the prior Administration, President Biden is delivering an "Infrastructure Decade" that will benefit communities for generations to come. As this year's Infrastructure Week kicks off, the Administration celebrates the historic progress of President Biden's Investing in America agenda, which continues to unlock economic opportunity, create good-paying jobs, boost domestic manufacturing, strengthen supply chains, and grow the economy from the middle out and the bottom up.

To date, the Administration has announced nearly $454 billion in Bipartisan Infrastructure Law funding, including over 56,000 specific projects and awards, across over 4,500 communities in all 50 states, D.C., the territories, and for Tribes. To highlight the wide-ranging impact of the Bipartisan Infrastructure Law, the White House has released an updated map showcasing the more than 56,000 projects and awards that are identified or now underway. ...


The problem with Infrastructure Projects from a political viewpoint is that they do not happen quickly. Infrastructure investments take time to show a benefit, which is one reason why so many politicians avoid them.

Cutting ribbons today, this year. The results of those ribbon cuttings won't be seen until after Pres Biden leaves the Oval Office.

A statesman cares about the next generation. A politician cares about the next election.

With the investment in infrastructure, Pres Biden is showing himself as a statesman.



Infrastructure projects do not go from start to finish quickly, especially those that are aimed at the decades of infrastrucutre neglect related to giving the wealthy tax decreases.

As the OpEd I quoted notes... ...In fact, the defining fiscal policies of our times have been tax cuts. Presidents Ronald Reagan, George W. Bush and Donald Trump all enacted large tax cuts that broadly benefited the rich. The result has been an America that can be characterized by private opulence and public decay -- $100 million homes in a country where the roads are scarred by potholes ...




#4 | Posted by LampLighter at 2024-07-28 09:05 PM

Nice that the righty tighty gas bag has been muzzled so we can talk of other things.

#5 | Posted by RightisTrite at 2024-07-29 08:58 PM

Sugar coating a turd is what Dems do best...unless that turd comes out of a Rep's end.

"Presidents Ronald Reagan, George W. Bush and Donald Trump all enacted large tax cuts that broadly benefited the rich"

But they benefited everyone. Just because liberals are bad at math doesn't give them an excuse to not accept reality. The rich benefit in many ways but tax cuts are a tiny drop in the bucket of what their investments make. Their evil is in their control, not in getting 20 cents on the dollar returned to them. And, considering the Dem party is full of multi-million and -billionaires who control these things, it's a wonder how liberals even put their shoes on in the morning.

#6 | Posted by humtake at 2024-07-30 12:21 PM

Not proportionally. You're incorrect, and you are spreading misinformation, along with exposing yourself as a complete fraud.

#7 | Posted by LegallyYourDead at 2024-07-30 01:23 PM

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