. Arguably, the problem started even earlier, when China expanded its economy through predatory mercantilist policies that successfully drew in manufacturing jobs from the U.S. and the rest of the world.
Tax policies that might have helped boost domestic investment—such as cuts to corporate taxes or capital gains taxes—were an anathema to progressives. As a result, they werethat might have allowed for the bigger spending packages the left favored in exchange for tax cuts favored by pro-growth Republicans. And instead of seeing economic and climate regulation as a drag on the economy, the left insisted that these would someday, somehow create opportunities for more growth.
Instead, inflation remained below the Fed’s target even while unemployment continued to fall, eventually hitting the lowest levels in four decades. The stock market soared.that U.S. policy would not leave them vulnerable to the predations of Chinese mercantilism. As a result,The onset of the pandemic sent unemployment soaring, at least initially. Democrats claimed that Trump had somehow made the economic impact of the pandemic worse, and many seemed to believe it.
Democrats are deeply dismayed that polls show the public not only disapproves of Biden’s leadership on the economy but that it gives Trump a 20-plus point lead over Biden on economic issues. They have begun concocting all sorts of implausible theories aboutfor the recovery or low unemployment and instead remains so focused on the pain caused by inflation.
President Joe Biden delivers remarks on his Bidenomics agenda in Washington, DC, on October 23, 2023.
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