Bidenomics: Where Will The Government Funds Go?
President Biden’s political opponents called his economic policies and agenda ‘Bidenomics’. But to the president’s supporters, ‘Bidenomics’ are the investments and spending of government for infrastructure and programs that will produce more jobs and growth. So where will this spending lead us to?
Joe Biden used his opponents’ ‘Bidenomics’ term in presenting his economic policies as he delivered a speech this past week.
He said that ‘Bidenomics’ is a term that did not originate from the president. But now, he added, he claimed it to be his.
From the president’s perspective, ‘Bidenomics’ is an economic driver because tax cuts will be used in investments that would promote more job opportunities.
What Are The Targets Of ‘Bidenomics’ Money?
Under the 2022 Chips Act, there’s almost $300 billion for building plants that would manufacture chips.
Another $391 billion, under Inflation Reduction Act, will be spent on companies that are pro-energy efficiency and are making greener products.
About $1.7 trillion dollars will be used for road expansion, building construction, and other infrastructure projects under the Infrastructure Act of 2021.
There will also be a budget allotted for healthcare, social services, and education.
These are where ‘Bidenomics’ money will go and for sure more will be spent once Biden will win in the 2021 re-election.