Say It Ain’t So, Joe: The Downsides of Bidenomics | Libertarian: Richard Epstein | Hoover Institution

Distinctive Economic Policy of Biden

Biden's economic policy distinguishes itself by contrasting with the neoclassical economics approach. He does not believe that supply and demand and market forces should dominate society. Biden aims to go beyond what Obama did by implementing more progressive policies. On the economic side, he focuses on taxation and regulation. The tax system is set to become more progressive, with higher rates for the wealthy and a potential wealth tax. Biden is also considering taxing unrealized appreciation, which would represent a significant change to the American tax system. On the regulatory front, Biden's emphasis on renewable energy sources like wind and solar is seen as audacious and dangerous as the technologies may not be stable enough to meet the energy demands. Additionally, the use of executive orders to shape economic policy and the overly stringent approach to antitrust laws are concerning. Overall, there is a growing popular apprehension about the long-term effects of Biden's economic policies.