Bidenomics Explained

Everything Republicans hate and loath!

Introduction

Since taking office on January 20, 2021, President Joe Biden’s administration has embarked on an ambitious journey to reshape the American economy. Coined as “Bidenomics,” this economic policy is an amalgamation of various progressive initiatives aimed at promoting growth, reducing inequality, and bolstering sustainability.

At the heart of Bidenomics lies the belief in an active government role to redress long-standing issues like income disparity, racial inequity, and climate change. Key to this plan is investment in American infrastructure, clean energy, education, and healthcare, all of which seek to create a more equitable and prosperous society.

1. COVID-19 Response

One of President Biden’s earliest accomplishments was the rapid rollout of the COVID-19 vaccine, accelerating the pace of vaccinations across the country. The passage of the $1.9 trillion American Rescue Plan in March 2021 aimed to provide immediate relief to American families and small businesses impacted by the pandemic. Extended unemployment benefits, stimulus checks, and funding for vaccination distribution were among the critical components of this landmark legislation.

2. Infrastructure and Investment

Perhaps one of the most significant chapters in Bidenomics has been the focus on infrastructure investment. The Bipartisan Infrastructure Deal, passed in 2021, symbolized a rare moment of cooperation between Republicans and Democrats. Investing over a trillion dollars, this legislation targets everything from traditional infrastructure like roads and bridges to modern needs such as broadband internet.

3. Climate Policy and Clean Energy

Recognizing the urgency of the climate crisis, the Biden administration has committed to a series of initiatives aimed at reducing carbon emissions and promoting clean energy. Rejoining the Paris Agreement marked a decisive return to the international climate stage, and subsequent proposals have outlined bold targets for renewable energy and electric vehicles.

4. Social Safety Nets and Equality

A cornerstone of Bidenomics has been the expansion of the social safety net and a push for more equitable policies. The introduction of the Child Tax Credit expansion provided substantial support to families with children, while proposals for universal Pre-K and community college education reflect an investment in the future of the nation.

5. International Relations and Trade

President Biden’s tenure has also seen a recalibration of America’s international relations and trade policies. His efforts to rebuild alliances, negotiate on global tax reforms, and address unfair trade practices signal a shift from isolationist tendencies towards a more collaborative approach to global governance.

6. Challenges and Criticisms

While Bidenomics has seen significant strides, it has not been without its challenges and criticisms. Concerns about inflation, government spending, and implementation roadblocks have been raised by various stakeholders. The ongoing debate on these and other topics continues to shape the perception and impact of Biden’s economic policies.

Conclusion

Bidenomics is more than just an economic policy; it’s a vision for America’s future that reflects a belief in government’s capacity to promote growth, fairness, and resilience. By understanding the key accomplishments and the underlying philosophy of President Biden’s administration, we can better assess the legacy that is being forged in these pivotal years.

Whether you agree or disagree with the principles of Bidenomics, it represents a significant chapter in American economic thought and practice. As we delve further into this blog, we’ll explore the nuances, achievements, and debates that have marked this era of American governance.

Accomplishments

Signed the Inflation Reduction Act

President Biden signed the Inflation Reduction Act to bring down costs, reduce the deficit, and take aggressive action on climate – all paid for by making sure the largest corporations and billionaire tax cheats finally pay their fair share in taxes.

This historic legislation lowers health care costs for millions of families and allows Medicare to negotiate drug prices for the first time. The Inflation Reduction Act caps seniors’ out-of-pocket spending for prescription drugs at $2,000 per year and ensures no senior on Medicare will pay over $35 per month for insulin. Under the law, 13 million Americans, covered under the Affordable Care Act, will see their health insurance premiums reduced by $800.

The Inflation Reduction Act also takes aggressive action to combat the existential crisis of climate change. These historic clean energy investments will help families save hundreds of dollars every year on their energy bills while strengthening our energy security, creating jobs, and getting us closer to meeting our climate goals.

All of this is paid for by establishing a minimum corporate tax to ensure that the wealthiest corporations finally start to pay their fair share, and cracking down on billionaire tax cheats – without increasing audit rates or raising taxes on those making under $400,000 a year by one cent. President Biden promised to make the government work for working families again and that’s exactly what this law does.

The Inflation Reduction Act is a slimmed-down version of the Build Back Better Bill, which aimed to make historic investments in the nation’s social safety net. The new bill makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations.

Here are the big provisions:

• Creation of a 15% corporate minimum tax rate: Corporations with at least $1 billion in income will have a new tax rate of 15%. Taxes on individuals and households won’t be increased. Stock buybacks by corporations will face a 1% excise tax.
• Prescription drug price reform: One of the most significant provisions of the Inflation Reduction Act will allow Medicare to negotiate the price of certain prescription drugs, bringing down the price beneficiaries will pay for their medications. Medicare recipients will have a $2,000 cap on annual out-of-pocket prescription drug costs, starting in 2025.
• IRS tax enforcement: The IRS has been sounding the alarms for years about being underfunded and being unable to deliver on its duties. The bill invests $80 billion in the nation’s tax agency over the next 10 years.

• Affordable Care Act (ACA) subsidy extension: Currently, medical insurance premiums under the ACA are subsidized by the federal government to lower premiums. These subsidies, which were scheduled to expire at the end of this year, will be extended through 2025. Approximately 3 million Americans could lose their health insurance if these subsidies weren’t extended, according to the U.S. Department of Health and Human Services.
• Energy security and climate change investments: The bill includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production and tax credits aimed at reducing carbon emissions.

The bill passed with all 50 Democratic votes in the Senate on Aug. 7. Democrats were able to secure two key votes, from Senators Joe Manchin (D-W.Va) and Kyrsten Sinema (D-AZ), after the pair opposed earlier versions of the bill. Sinema, the last party holdout, expressed support for the bill after the carried-interest loophole provision was dropped.

The bill was passed in the Senate without Republican support under the reconciliation process. The House passed the bill 220-207 on Aug. 12.

Improved health care for veterans

President Biden has long said that it is our sacred obligation to prepare and equip those we send to war and to take care of them and their families when they come home.

As president, he has worked to ensure we make good on this sacred obligation and has signed multiple bipartisan bills to honor and improve care for veterans.

In his first State of the Union address, President Biden called on Congress to pass legislation to make sure veterans impacted by toxic exposures and their families get the comprehensive care and benefits they earned and deserve. In August of 2022, President Biden signed the PACT Act – the largest single bill to address our service members’ exposure to burn pits and other toxins in American history.

What’s the PACT Act and how will it affect my VA benefits and care?

The PACT Act is perhaps the largest health care and benefit expansion in VA history. The full name of the law is The Sergeant First Class (SFC) Heath Robinson Honoring our Promise to Address Comprehensive Toxics (PACT) Act.

The PACT Act will bring these changes:

• Expands and extends eligibility for VA health care for Veterans with toxic exposures and Veterans of the Vietnam, Gulf War, and post-9/11 eras
• Adds 20+ more presumptive conditions for burn pits, Agent Orange, and other toxic exposures
• Adds more presumptive-exposure locations for Agent Orange and radiation
• Requires VA to provide a toxic exposure screening to every Veteran enrolled in VA health care
• Helps us improve research, staff education, and treatment related to toxic exposures

If you’re a Veteran or survivor, you can file claims now to apply for PACT Act-related benefits.

https://www.va.gov/resources/the-pact-act-and-your-va-benefits/?utm_source=bing&utm_medium=paid_search&utm_campaign=ar_pact_fy22_veterans

Signed the CHIPS and Science Act

President Biden signed landmark legislation into law that will accelerate semiconductor manufacturing in the United States. The CHIPS and Science Act will help lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our national security.

The CHIPS and Science Act will help us compete with China by bringing manufacturing jobs back to America. The law makes historic investments in research and development to accelerate the industries of the future and advance U.S. technological leadership.

Thanks to President Biden’s Made In America strategy, the United States has created hundreds of thousands of new manufacturing jobs and businesses are investing in new manufacturing lines across the country. The CHIPS and Science Act makes smart investments in manufacturing and research to build on this historic progress and set America up to win the economic competition for the 21st century.

The CHIPS and Science Act includes a historic investment to surge production of American-made semiconductors, tackle supply chain vulnerabilities to make more goods in America, revitalize America’s scientific research and technological leadership, and strengthens America’s economic and national security at home and abroad.  

“This legislation represents months of bipartisan and bicameral negotiations,” said Science, Space, and Technology Committee Chairwoman Eddie Bernice Johnson. “The majority of this bill is made up of bipartisan provisions that started in the House Committee on Science, Space, and Technology—which I am privileged to lead. They were built with rigorous input from the scientific community, industry, academia, and other stakeholders on what they need most to succeed in the 21^st century. In this bill we are putting forth strong initiatives at NSF, NIST, NOAA, DOE, and NASA. We’re building a diverse STEM workforce ready to tackle the challenges we face, we’re strengthening our manufacturing capabilities, we’re revitalizing American science and innovation, we’re fighting the climate crisis, and so much more. And we’re doing it all with the needs of each and every American in mind. “

https://science.house.gov/chipsandscienceact

Took historic action to address the gun violence epidemic

President Biden brought together Democrats and Republicans to pass the Bipartisan Safer Communities Act, breaking a 30-year streak of federal inaction on gun violence legislation. The legislation took important steps, including requiring people under 21 to undergo enhanced background checks, closing the “boyfriend loophole,” and providing funding to address youth mental health.

President Biden has moved decisively to combat gun violence – issuing dozens of executive orders and signing the most significant gun violence reduction legislation to pass Congress in 30 years.  

President Biden has launched a whole-of-government approach to make our communities safer and issued more executive orders to reduce gun violence in his first year than any other President at the same point in their administration. In July of 2022, Steve Dettelbach, President Biden’s nominee for director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, became the first Senate-confirmed director of the agency in more than 7 years.

Early on in his administration, President Biden took on the gun lobby to rein in the proliferation of ghost guns. The Biden administration acted to ban the manufacture of ghost gun kits and make it illegal to sell ghost guns without a background check.

The bill provides grants to states for “red flag” laws, enhances background checks to include juvenile records, and closes the “boyfriend loophole” by keeping guns away from unmarried dating partners convicted of abuse. It will also require enhanced background checks for people ages 18 to 21 and funding for youth mental health services.

The bipartisan gun legislation sped through Congress in the month after a gunman killed 19 students and two teachers in Uvalde, Texas. Democrats unanimously voted in favor of the bill along with more than two dozen Republicans in the House and the Senate, including Senate Minority Leader Mitch McConnell of Kentucky.

“When it seems impossible to get anything done in Washington, we are doing something consequential,” Biden said. “If we can reach a compromise on guns, we ought to be able to reach a compromise on other critical issues, from veterans health care to cutting-edge American innovation to so much more.”

He had pleaded with lawmakers to pass legislation tightening gun laws following the shootings in Buffalo, New York, and in Uvalde. But the bill stopped short of his call for Congress to ban assault weapons and to require background checks for all gun purchases, both of which are widely opposed by Republicans in Congress.

“I know there’s much more work to do, and I’m never going to give up, but this is a monumental day,” Biden said. “God bless us with the strength to get the work left done.”

Restored American leadership on the world stage

Under the previous administration, confidence in U.S. leadership around the world plummeted to historic lows. Since taking office, President Biden has worked to revitalize our alliances and restore America’s position of leadership on the global stage.

When Russia launched an unprovoked invasion of Ukraine, President Biden rallied our allies across the globe to ensure Vladimir Putin pays a steep economic price for his unjustified war of aggression.

Thanks to President Biden’s leadership, international confidence in the United States has sharply increased. America is back, and our alliances are stronger than ever.

Ended America’s longest war

After more than 20 years of conflict spanning three previous administrations, President Biden acted decisively to bring our troops home from Afghanistan. Resolute in his commitment not to send another generation of America’s daughters and sons to fight in Afghanistan, President Biden ended our nation’s longest war.

President Biden promised that we’d continue to conduct effective counterterrorism operations in Afghanistan without American troops on the ground. In August of 2022, the United States successfully carried out an airstrike in Kabul, Afghanistan, that killed Ayman al-Zawahiri, who was a key architect behind the 9/11 attacks and Osama bin Laden’s successor as head of Al Qaeda.

In acting to withdraw U.S. troops from Afghanistan, President Biden ended an era of major military operations to remake other countries and refocused our national security efforts on the threats of today – not the threats of 2001.

The Trump administration in February 2020 negotiated a withdrawal agreement with the Taliban that excluded the Afghan government, freed 5,000 imprisoned Taliban soldiers and set a date certain of May 1, 2021, for the final withdrawal.

And the Trump administration kept to the pact, reducing U.S. troop levels from about 13,000 to 2,500, even though the Taliban continued to attack Afghan government forces and welcomed al-Qaeda terrorists into the Taliban leadership.

Zabihullah Mujahid, the Taliban spokesman for nearly two decades, appears at a press conference in Kabul, Afghanistan, Aug. 17. (Marcus Yam/Los Angeles Times)

Biden delayed the May 1 withdrawal date that he inherited. But ultimately his administration pushed ahead with a plan to withdraw by Aug. 31, despite obvious signs that the Taliban wasn’t complying with the agreement and had a stated goal to create an “Islamic government” in Afghanistan after the U.S. left, even if it meant it had to “continue our war to achieve our goal.”

Biden assured Americans last month that a Taliban takeover of Afghanistan was “not inevitable,” and denied that U.S. intelligence assessed that the Afghan government would likely collapse. But it did — and quickly.

Here we lay out many of the key diplomatic decisions, military actions, presidential pronouncements and expert assessments of the withdrawal agreement that ended the U.S. military’s 20-year war in Afghanistan — a war that has “taken the lives of nearly 2,500 U.S. servicemen and servicewomen, cost a trillion dollars, and occupied the attention of four presidential administrations,” as the Afghanistan Study Group put it in a February report.

Trump Strikes a Deal

Feb. 29, 2020 — U.S. and Taliban sign an agreement that sets the terms for a U.S. withdrawal from Afghanistan by May 1, 2021, but do not release two classified annexes that set the conditions for U.S. withdrawal. At the time of the agreement, the U.S. had about 13,000 troops in Afghanistan, according to a Department of Defense inspector general report.

The withdrawal of U.S. troops is contingent on the “Taliban’s action against al-Qaeda and other terrorists who could threaten us,” Trump says in a speech at the Conservative Political Active Conference. (U.S. withdrawals, however, occurred despite the fact that the Defense Department inspector general’s office repeatedly reported that the Taliban worked with al-Qaeda.)

The pact includes the release of 5,000 Taliban fighters who have been held prisoners by the Afghanistan government, which is not a party to the agreement.

March 1, 2020 — Afghan President Ashraf Ghani objects to a provision in the agreement that would require his country to release 5,000 Taliban prisoners. “Freeing Taliban prisoners is not [under] the authority of America but the authority of the Afghan government,” Ghani says. “There has been no commitment for the release of 5,000 prisoners.”

March 4, 2020 — Chairman of the Joint Chiefs of Staff General Mark Milley tells the Senate Armed Services Committee that the Taliban pledged in the classified documents not to attack U.S. troops and coalition forces or launch “high-profile attacks,” including in Afghanistan’s 34 provincial capitals. “[T]he Taliban have signed up to a whole series of conditions … all the Members of the Congress have all the documents associated with this agreement,” Milley says.

Despite the agreement, the Taliban attack Afghan forces in Helmand province, and the U.S. responds with an air strike.

March 10, 2020 — Under pressure from the U.S., Ghani orders the release of 1,500 Taliban prisoners, but at the rate of 100 per day.

May 19, 2020 — In releasing its quarterly report on Afghanistan, the DOD inspector general’s office says the U.S. cut troop levels in Afghanistan by more than 4,000, even though “the Taliban escalated violence further after signing the agreement.”

“U.S. officials stated the Taliban must reduce violence as a necessary condition for continued U.S. reduction in forces and that remaining high levels of violence could jeopardize the U.S.-Taliban agreement,” according to the report, which covered activity from Jan. 1, 2020, to March 31, 2020. “Even still, the United States began to reduce its forces in Afghanistan from roughly 13,000 to 8,600.”

Aug. 18, 2020 — In releasing a report that covered activity in Afghanistan from April 1, 2020, to June 30, 2020, the Defense Department inspector general’s office says, “The Taliban did not appear to uphold its commitment to distance itself from terrorist organizations in Afghanistan. UN and U.S. officials reported that the Taliban continued to support al-Qaeda, and conducted joint attacks with al-Qaeda members against Afghan National Defense and Security Forces.”

Sept. 3, 2020 — Afghanistan releases the final 400 Taliban prisoners, as required under the U.S.-Taliban agreement, clearing the way for intra-Afghan peace talks to begin.

Sept. 12, 2020 — After seven months of delays, Afghanistan government officials and Taliban representatives meet in Qatar for peace talks. The U.S.-Taliban agreement called for the first peace talks to begin on March 10.

Sept. 16, 2020 — The Taliban continued attacks on government forces. The Voice of America reported that “Taliban attacks in three provinces across northern Afghanistan since Tuesday killed at least 17 people, including six civilians, and wounded scores of others even as a Taliban political team was negotiating peace with Afghan government representatives in Doha, Qatar.”

Sept. 18, 2020 — At a press conference, Trump says, “We’re dealing very well with the Taliban.  They’re very tough, they’re very smart, they’re very sharp.  But, you know, it’s been 19 years, and even they are tired of fighting, in all fairness.”

Nov. 16, 2020 — Congressional Republicans, responding to news reports that the Trump administration will rapidly reduce forces in Afghanistan, warn of what Sen. Marco Rubio calls “a Saigon-type of situation” in Afghanistan. “A rapid withdrawal of U.S. forces from Afghanistan now would hurt our allies and delight the people who wish us harm,” Senate Majority Leader Mitch McConnell says.

Nov. 17, 2020 — Acting Secretary of Defense Christopher Miller formally announces that the U.S. will reduce U.S. forces in Afghanistan to 2,500 by Jan. 15, 2021.

On the same day, the Defense Department IG’s office released a report for the quarter ending Sept. 30, 2020, that said the peace negotiations between the Afghan government and Taliban representatives had stalled and violence increased. “At the same time, the Taliban increased its attacks against Afghan forces, leading to ‘distressingly high’ levels of violence that could threaten the peace agreement,” the report said.

Dec. 2, 2020 — After past false starts, Afghan and Taliban negotiators agree on a framework to govern peace negotiations. “At the same time, the Taliban continued its ‘fight and talk’ strategy, increasing violence across the country to increase its leverage with the Afghan government in negotiations,” the Defense Department IG’s office said a quarterly report covering this period.

The IG report also continued to warn that the Taliban was apparently violating the withdrawal agreement. “This withdrawal is contingent on the Taliban abiding by its commitments under the agreement, which include not allowing terrorists to use Afghan soil to threaten the United States and its allies,” the report said. “However, it was unclear whether the Taliban was in compliance with the agreement, as members of al-Qaeda were integrated into the Taliban’s leadership and command structure.”

Jan. 15 — “Today, U.S. force levels in Afghanistan have reached 2,500,” Miller, the acting defense secretary, says in a statement. “[T]his drawdown brings U.S. forces in the country to their lowest levels since 2001.”

Afghanistan’s First Vice President Amrullah Saleh tells the BBC that the Trump administration made too many concessions to the Taliban. “I am telling [the United States] as a friend and as an ally that trusting the Taliban without putting in a verification mechanism is going to be a fatal mistake,” Saleh says, adding that Afghanistan leaders warned the U.S. that “violence will spike” as the 5,000 Taliban prisoners were released. “Violence has spiked,” he added.

Took action to address gender-based violence

In 1994, then-Senator Biden authored the Violence Against Women Act which provided legal protection against domestic violence and sexual assault for 28 years until it was allowed to expire under the Trump administration.

As President, Joe Biden broke through two years of Republican obstruction and signed legislation in March 2022 to reauthorize and strengthen the Violence Against Women Act.

Thanks to President Biden’s leadership, the Violence Against Women Act is now reauthorized through 2027 and includes new provisions to expand legal services for survivors and support underserved communities.

President Biden also signed historic legislation ending forced arbitration of sexual assault and sexual harassment, protecting survivors and making it safer to report harassment in the workplace.

Passed the American Rescue Plan

President Biden signed the American Rescue Plan (ARP) Act into law, an unprecedented $1.9 trillion package that helped combat COVID-19 and supercharge a historic economic recovery.

The American Rescue Plan:

Helped get over 500 million shots in arms, distribute millions of therapeutics, and dramatically expand testing capabilities. Over two-thirds of Americans are vaccinated against COVID-19 thanks to the American Rescue Plan.

Delivered needed relief to families by sending over 160 million checks to Americans, expanding food and rental assistance, and providing aid to thousands of small businesses. The expanded Child Tax Credit led to the largest-ever one-year decrease in childhood poverty in American history.

Safely reopened America’s schools and made a historic investment to tackle learning loss and address mental health. Today, over 99% of schools are open for in-person learning. Before the ARP, only 46% of schools were open in-person.

The American Rescue Plan The COVID-19 pandemic and the corresponding economic crisis have undermined the health and economic wellbeing of American workers. Millions of Americans, many of whom are people of color, immigrants, and low-wage workers, continue to put their lives on the line every day to keep the country functioning through the pandemic. And more than 9.5 million workers have lost their jobs in the wake of COVID-19, with 4 million out of work for half a year or longer. Without additional government assistance, the economic and public health crises could drag on and our national vaccination program will be hobbled at a critical moment. The American Rescue Plan will change the course of the pandemic and deliver immediate relief for American workers. The plan will build a bridge to an equitable economic recovery and immediately reduce child poverty. In fact, a Columbia University study found that passing the plan will lift more than 5 million children out of poverty this year, cutting the poverty rate by 50%. The bill is one of the most progressive pieces of legislation in history, with more than two thirds of its tax cuts and direct payments going to families making less than $90,000 per year. It will: Mount a national vaccination program, contain COVID-19, and safely reopen schools. American workers should not have to lie awake at night wondering if they’ll make it home from work safely the next day, or if they’ll bring home the virus to their loved ones and communities. President Biden has a comprehensive plan to address the pandemic that will:

● Invest about $160 billion to provide the supplies, emergency response, testing, and public health workforce to stop the spread of COVID-19, while distributing vaccines as quickly as possible and addressing racial disparities in COVID-19 outcomes. These emergency measures will help combat the heavy toll this virus is exacting, and will deliver communitybased and culturally competent care.

● Provide $130 billion to help schools serve all students, no matter where they are learning, and help achieve President Biden’s goal to safely open the majority of K-8 schools within the first 100 days of his Administration. These investments include set asides at the local and state level to ensure states and districts address the learning loss and social and emotional needs of students disproportionately impacted by COVID-19, including students of color, English learners, and students with disabilities. Deliver immediate relief to American families bearing the brunt of this crisis. The American Rescue Plan devotes about $1 trillion towards building a bridge to economic recovery for working families. All told, a single parent with one young child making the minimum wage could see her income increase from the equivalent of $7.25 to around $11 per hour. The plan will:

● Give working families a $1,400 per-person check, bringing their total relief payment from this and the December down payment to $2,000. More than 85% of households will receive a check and checks in this bill are bigger than the checks in the CARES Act or in the December bill. And, for the first time, adult dependents are entitled to a check as well. This means a lower or middle-income family of four will see an additional $5,600 in their pockets.

● Extend current unemployment insurance benefits and eligibility to September 6 (saving 11 million Americans from losing benefits starting in about a week), provide a $300 per week supplement, and help protect Americans from surprise tax bills on unemployment insurance they received last year.

● Help Americans stay in their homes by providing emergency aid to cover back rent. In addition, the bill provides assistance to help struggling homeowners catch up with their mortgage payments and utility costs through the Homeowners Assistance Fund. And, it provides additional funding for families and individuals who are recovering from or at risk of homelessness.

● Increase the value of Supplemental Nutrition Assistance Program (SNAP) benefits. The American Rescue Plan will increase SNAP benefits by 15 percent through September 2021. The bill also funds partnerships with restaurants to feed American families and keep workers in the restaurant industry on the job. And, it provides U.S. territories like Puerto Rico additional nutrition assistance funding, in addition to funding to make sure women, infants and children get the food they need to help address food insecurity.

● Increase the Child Tax Credit from $2,000 per child to $3,000 per child ($3,600 for a child under age 6) and make 17-year-olds qualifying children for the year. This means a typical family of four with two young children will receive an additional $3,200 in assistance to help cover costs associated with raising children. The families of more than 66 million kids will benefit.

● Increase the Earned Income Tax Credit for 17 million workers by as much as $1,000. The top occupations that will benefit are cashiers, food preparers and servers, and home health aides – frontline workers who have helped their communities get through the crisis.

● Expand child care assistance, help hard-hit child care providers cover their costs, and increase tax credits to help cover the cost of childcare. This is the single biggest investment in child care since World War II.

● Give families an additional tax credit to help cut child care costs. Families will get back as a refundable tax credit as much as half of their spending on child care for children under age 13, so that they can receive a total of up to $4,000 for one child or $8,000 for two or more children.

● Provide an additional $1 billion for states to cover the additional cash assistance that Temporary Assistance to Needy Families (TANF) recipients needed as a result of the crisis.

● Lower or eliminate health insurance premiums for millions of lower- and middle-income families enrolled in health insurance marketplaces. A family of four making $90,000 could see their monthly premium come down by $200 per month. This will help well over a million uninsured Americans gain coverage. The plan also subsidizes premiums for continuation health coverage (COBRA). Support communities that are struggling in the wake of COVID-19. Millions of American workers reside in communities that suffered disproportionately in recent months. The Plan provides critical support to these communities. It will:

● Provide emergency grants, lending, and investment to hard-hit small businesses so they can rehire and retain workers and purchase the health and sanitation equipment they need to keep workers safe. This includes a Small Business Opportunity Fund to provide growth capital to main street small businesses in economically disadvantaged areas, including minority-owned businesses.

● Distribute more than $360 billion in emergency funding for state, local, territorial, and Tribal governments to ensure that they are in a position to keep front line public workers on the job and paid, while also effectively distributing the vaccine, scaling testing, reopening schools, and maintaining other vital services. State and local employment has fallen by around 1.4 million jobs since the pandemic began including layoffs of 1 million educators, compared to around 750,000 job losses during the Great Recession.

● Help hard-hit public transit agencies avoid layoffs and service reductions, which disproportionately harm workers who are more likely to be dependent on public transportation.

https://www.whitehouse.gov/wp-content/uploads/2021/03/American-Rescue-Plan-Fact-Sheet.pdf

Biggest year of job growth in American history

President Biden is leading America through a historic economic recovery. In 2021, the U.S. economy added over 6.5 million jobs – the greatest year of job growth under any President in history. At the same time, we saw the largest annual decline in unemployment ever recorded and the strongest year of GDP growth since 1984.

This didn’t happen by accident and a rapid recovery was not guaranteed. Thanks to the American Rescue Plan, unemployment has dropped below 4% years ahead of predictions and our economy has recovered faster than other major global economies. President Biden is leading our country’s historic recovery by investing to rebuild the economy from the bottom up and the middle out, not the top down.

President Joe Biden delivers remarks on the January jobs report, Friday, February 4, 2022, in the State Dining Room of the White House.

Took action to combat COVID-19

The Biden-Harris Administration successfully mobilized the largest free vaccination program in the history of the United States, dramatically increased the national supply of tests, and expedited the development of life-saving COVID-19 treatments.

Before President Biden took office, there was no comprehensive plan to get Americans vaccinated. President Biden got to work immediately on a national effort to get shots in arms. Funding from the American Rescue Plan helped vaccinate over 200 million Americans and administer over 500 million shots.

Thanks to the Biden-Harris Administration, over three-quarters of American adults are fully vaccinated, up from less than 1% before President Biden took office.

President Biden took action to drastically increase the number of free testing sites around the country and secure millions of rapid, at-home tests. The Administration launched COVIDtests.gov so Americans could order tests to be shipped directly to their homes for free.

At the same time, the President expedited the development of numerous, effective COVID-19 treatments including life-saving antiviral pills. In total, the Administration secured 20 million courses of antiviral pills that have been shown to reduce the risk of hospitalization or death by 89%.

President Joe Biden receives a COVID-19 booster shot in the South Court Auditorium of the Eisenhower Executive office Building, Monday, September 27, 2021, at the White House.

Passed the Bipartisan Infrastructure Law

Thanks to President Biden, we’re done talking about infrastructure week. Now, we’re building about an infrastructure decade.

President Biden’s Bipartisan Infrastructure Law is a once-in-a-generation, transformational investment that will help create thousands of jobs and set America up to win the 21st century. The law provides billions in funding to repair bridges and roads, begin replacing every lead pipe in America, upgrade our ports and airports, and expand broadband access to all. It also includes the largest federal investment in public transit ever and the biggest investment in Amtrak since its creation.

In 2022 alone, repairs will begin on 65,000 miles of roads and 1,500 bridges.

President Biden’s Bipartisan Infrastructure Law will rebuild America’s critical infrastructure,  create hundreds of thousands of good-paying jobs, and increase our competitiveness for years to come.

President Joe Biden signing the Infrastructure Investment and Jobs Act, Monday, November 15, 2021, on the South Lawn of the White House.

Took action to combat the climate crisis and reduce emissions

President Biden has made combatting the climate crisis a top priority. In the first days of his Administration, President Biden rejoined the Paris Climate Accords and committed to cutting U.S. emissions to half of 2005 levels by 2030.

As part of the Bipartisan Infrastructure law, the Biden-Harris Administration is making the largest investment in clean energy transmission ever. In addition, the law allocated billions to clean up abandoned mines and oil wells, fund research of next-generation clean energy technologies, build zero-emission public transit, and create a national network of EV charging stations.

President Biden also secured the largest investment in climate resilience in American history. The Bipartisan Infrastructure Law invests billions to protect Americans from droughts, fires, and floods while moving America closer to our climate goals.

President Joe Biden delivers remarks at the Accelerating Net Zero Innovation event, Tuesday, November 2, 2021, during the COP26 U.N. Climate Change Conference in Glasgow, Scotland.

Expanded health care to millions of Americans

After four years of endless attempts to strip health care from millions of Americans under the previous Administration, President Biden took action to strengthen the Affordable Care Act by expanding eligibility and extending the open enrollment period.

As a result, President Biden has brought down costs and expanded health care access for millions of Americans. Thanks to tax credits in the American Rescue Plan, a record 14.5 million Americans signed up for coverage for this year through the ACA, including 5.8 million new customers. At the same time, President Biden’s American Rescue Plan made quality coverage more affordable than ever, with millions of families on ACA plans saving an average of $2,400 yearly on their premiums.

In addition, President Biden took action to end the practice of surprise medical billing. By strengthening consumer protection rules and expanding price transparency, the Biden Administration protected millions of Americans from unexpected health care costs.

President Joe Biden observes dosage preparations during a tour of the vaccination center at Walter Reed National Military Medical Center in Bethesda, Maryland on Friday, Jan. 29, 2021.

Nominated and confirmed historic judicial nominees

The President delivered on his promise to nominate a Black woman to the Supreme Court when he nominated Judge Ketanji Brown Jackson. Judge Jackson will be the first Black woman and public defender to serve on the Supreme Court.

President Biden is working to shape a federal judicial system that fully represents America’s diversity. Of the judges confirmed in the President’s first year, 80% were women and 53% were people of color.

Overall, more than 50 of President Biden’s circuit and district court nominees have been confirmed by the Senate – far outpacing recent previous administrations. In his first year alone, 40 of President Biden’s circuit and district court nominees were confirmed by the Senate – the most in any President’s first year since Ronald Reagan.

President Joe Biden walks with Judge Ketanji Brown Jackson along the West Colonnade of the White House, Friday, February 25, 2022, prior to announcing her nomination to the U.S. Supreme Court.

Took big steps toward a future made in America

Since President Biden took office, he has been relentlessly focused on revitalizing American manufacturing.

The Bipartisan Infrastructure Law made investments to strengthen our supply chains and encourage companies to bring good-paying manufacturing jobs back home. Among other measures, the President strengthened Buy American rules to make sure more of what we buy in America is made in America. These critical steps towards a future made in America will lower costs at home and set us up to win the 21st century.

President Biden’s Made in America strategy resulted in the largest yearly increase in U.S. manufacturing jobs in nearly 30 years.

Bidenomics Explained Conclusion

As we reflect on the first years of President Joe Biden’s term, the multi-faceted approach of Bidenomics has laid a new foundation for American policy-making. Combining traditional Democratic values with innovative and ambitious proposals, Biden’s administration has sought to address both immediate crises and long-term challenges.

The swift response to the COVID-19 pandemic, the monumental investment in infrastructure, and the targeted policies to reduce inequality and combat climate change are indeed defining features of this era. By focusing on strengthening the social safety net, Bidenomics aims to reshape the American dream to be more inclusive and attainable for all.

However, it is vital to recognize that these transformative policies are not without opposition and obstacles. The debates over government spending, inflationary pressures, and implementation hurdles continue to rage. While the administration’s economic philosophy finds resonance with many, it also encounters skepticism and critique from various corners. The ultimate success of Bidenomics will hinge on the delicate balance between vision and pragmatism, ambition, and feasibility.

Internationally, President Biden’s efforts to rebuild alliances and foster cooperative global relations mark a departure from recent trends. Yet, the complexities of global politics and the nuanced negotiations required to advance these goals remind us that leadership on the world stage is an intricate and ongoing task.

In conclusion, Bidenomics represents a significant and bold step in a new direction for American policy. Whether it will stand as a lasting legacy or become a momentary episode in the ever-evolving landscape of American politics remains to be seen. What is certain, however, is that this period has initiated a profound conversation about the role of government, the values that guide our decisions, and the kind of future we envision for ourselves and future generations.

As we continue to observe the unfolding of these policies and their effects on everyday Americans, the nation’s economy, and the global community, we are reminded that governance is a living process, ever-responsive to the needs and aspirations of the people. The story of Bidenomics is, in essence, a reflection of our collective desire to move forward, learn from our past, and build a more just and sustainable future. It is a story that will continue to unfold, challenge, and inspire.