In the aftermath of the 2007-2008 subprime crisis, public anger at growing social inequality in the United States was reflected both on the right, with the reactionary agitation of the Tea Partiers, and on the left, with the student protests of the Occupy Wall Street movement. Taking office in January 2021, two weeks after an unprecedented assault on Capitol Hill by Donald Trump's supporters, Joe Biden set himself the task of giving the American middle classes back the means to climb the social ladder, in order to remove any reason for their populist temptations.

His administration embarked on a major shift in economic policy, the key element of which was the return of an interventionist state. As his advisor Jake Sullivan unambiguously announced in an article published in Foreign Policy in February 2020 calling for a move beyond neoliberalism: "America needs a new economic philosophy."

The new policy combines several major pieces of legislation passed in 2021 and 2022: the American Rescue Plan, the Infrastructure Investment and Jobs Act, the Chips and Science Act and the Inflation Reduction Act. Added to this are a number of executive actions undertaken since then. Summarized in the White House report "Bidenomics Is Working," published on June 28, Bidenomics first continued the post-Covid-19 economic recovery begun by Trump in the spring of 2020. It then embarked on a vast overhaul of the country's infrastructure, launched an environmental transition centered on the switch to electric cars, and came up with massive support for research and development, prioritizing semiconductor development.

Staggering public debt

In line with Trump, Bidenomics also reinforces proud protectionism, aimed at bringing industrial jobs back to the US and hindering technological competition from China. Other markers of a left-wing economic policy are also there, such as support for trade unions, very visible this fall with the strike by auto industry employees, and the fight against tech giants' monopolies (trials against Google and Amazon began in September).

As the presidential campaign for 2024 gets underway, Biden's economic choices and results are being challenged from very different quarters. Leaders on the left of the Democratic Party, for one, are keeping a low profile in their criticism, even though they lament unfinished reforms on student debt reduction and the implementation of a more equalizing tax system. For their part, Trumpist politicians attack the administration from all sides, but in reality, remain in agreement with the principle of a strong, protectionist state.

You have 55% of this article left to read. The rest is for subscribers only.