Central Idea

The year 2024 is poised to be a momentous one for the global economy, marked by significant elections in some of the world’s largest economies, including India, Russia, the UK, the EU, and the US.
“Bidenomics” is the nickname for the economic vision of President Joe Biden. It’s used to convey his administration’s economic gains, policies and plans.

Bidenomics and its Relevance

Policy Shifts: The potential election outcome in the US could have far-reaching consequences, especially concerning ‘Bidenomics’—President Biden’s distinctive economic policy approach.
Radical Departures: Trump’s policies diverged significantly from established US and global norms, with actions like withdrawing from the Paris Climate Agreement and adopting protectionist trade policies against nations like China.
Bidenomics: President Biden introduced a policy shift aimed at reversing decades of economic trends, emphasizing income equality and reducing the influence of big corporations.
3 major aspects of Bidenomics:

Public Investments: Focus on smart investments in infrastructure and clean energy.
Empowering Workers: Prioritizing workers’ rights and education to strengthen the middle class.
Promoting Competition: Encouraging competition to reduce costs and foster small business growth.

Macro Indicators: On a macroeconomic level, Bidenomics has shown positive results, as indicated by GDP growth, unemployment rates, and inflation trends.
GDP Growth: The US has outperformed major developed nations in terms of GDP growth, with a rapid post-pandemic recovery.
Unemployment: Unemployment rates have decreased significantly under Biden’s leadership, with job creation outpacing the number of job seekers.
Inflation: However, inflation spiked due to external factors but has since moderated.