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Since late June, President Joe Biden has been promoting his economic philosophy as “Bidenomics,” positioning it as an alternative to the commonly criticized “trickle-down economics.” During a speech in South Carolina on July 7, he emphasized his priorities, which center around “building the economy from the middle out and the bottom up.”
The term “trickle-down economics” is often used pejoratively and refers to policies that aim to stimulate job growth by reducing regulations and taxes for businesses. In contrast, Biden’s economic plan takes a different approach by utilizing grants and subsidies to foster job growth while also raising taxes on wealthy individuals and corporations. The additional tax revenue would be used to fund various programs and initiatives under his economic strategy.
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