Letters from an American December 11, 2024
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Dec 12, 2024 The discussion highlights President Biden's defense of middle-out economic growth during his speech at the Brookings Institution. He contrasts his administration's achievements with Trump's supply-side policies. Emphasizing the need for investment in the middle and lower classes, Biden warns of potential setbacks from Republican tax cut proposals. The dialogue dives into the implications of these contrasting visions on job growth and inflation, offering insights into the ongoing economic debate.
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Contrasting Economic Visions
- President Biden contrasted his economic approach with Trump's supply-side economics.
- Biden highlighted his administration's successes, including job growth and low unemployment.
Trump's Economic Approach
- Trump favors supply-side economics, prioritizing deregulation and tax cuts for the wealthy.
- This approach assumes investors will create jobs, benefiting all Americans.
Impact of 2017 Tax Cuts
- The 2017 Trump tax cuts disproportionately benefited the wealthiest Americans.
- Despite adding nearly $2 trillion to deficits, they didn't produce promised economic growth.