Joe Biden has become the 46th President of the United States of America. For the next four years, he will determine the US economic policy and decide which way the superpower goes. So, what do Americans want from the new President? Jobs, lower taxes, deregulation and brisk growth- you know average things that a human being desires. But Biden has different plans- he is getting overwhelmed by fellow Democrat Bernie’s radical socialist dreams.
The initial signs are that issues like gender politics, climate agenda and tackling the so-called White Supremacism, are going to overpower traditional economic considerations like GDP growth, inflation rate, deficits, jobs and tax rates. Clearly, Bernie Sanders is dictating the Biden administration’s economic policies. And to be precise, it is not just left-leaning, but radical left.
The message being sent across is clear- American economic power is going to move from Wall Street to Washington. So, expect more regulation, more taxes and you know, radical socialism in general. Biden is even expected to nominate Wall Street foe, Gary Gensler, as head of the Securities and Exchange Commission.
Biden’s economic policies are thus going to be overwhelmed by radical leftists. This is different from other past Democratic regimes like the Obama and Clinton administrations. Clinton’s main economic advisor Bob Rubin, a former Goldman Sachs CEO, believed in deregulation. Therefore, Rubin’s aides- Larry Summers and Tim Geithner, took over economic policymaking in the Obama administration.
There was always a socialistic streak in the Obama administration also, but the consummate economic policymakers didn’t allow the US economy to take a sharp left turn.
Fast forward to the Biden administration, there is clear desperation to construct economic policies on issues like gender politics, climate change and tight regulation- all of which will increase the tax burden on an average American citizen. Also, there is an unconcealed zeal to move away from economic prudence without any focus on GDP growth and deficit control.
And in the entire tumult, Bernie suddenly finds himself in the thick of things. Previous Democrat Presidents were moderates, so the radical socialist was never a welcome face in their oval office. But with Biden, things are different. As soon as Biden got nominated as the Democrats’ presidential candidate, Bernie’s staff hijacked the Biden campaign and started injecting socialistic ideas bordering on Communism.
Read More: Sanders will hijack Biden government and start turning America into another Cuba
Now, Bernie himself wants to be the Chairman of the Health Committee. He has an innate desire to make American healthcare, even more socialist than the Cuban health system. The pro-Bernie Democrats like Ilhan Omar and Alexandria Ocasio-Cortez have also been successful in pushing through their ideas like the Green New Deal, banning fracking and increase taxation.
As such, champagne socialists are bound to take hold of Biden’s economic policymaking. The White House’s leftist turn is going to be a dramatic event and the Biden administration might even make the Trudeau government look good.