What will US economic policy be if Mr. Biden is re-elected?

With the unfinished goals of Bidenomics, US President Biden expects to be able to promote stronger growth of the US economy if he is re-elected this year.
In his first term, Mr. Biden pushed spending packages that briefly halved the child poverty rate, or breathed life into a declining union movement.

Notably, Mr. Biden launched an industrial policy to reshape the US economy leading to a boom in factory construction even as inflation skyrocketed. Investment in manufacturing facilities has more than doubled under Mr. Biden, soaring to a record high.

Therefore, Mr. Biden's re-election motto has been clearly expressed: "We can finish the job" - where he needs one more term to complete unfinished work. If we win the upcoming election, how might US economic policy change?

First of all, according to many experts, Mr. Biden can double production policies during his first term. The $50 billion incentive for the semiconductor industry is just the start, but it is still small compared to the investment needed for large chip factories.

Mr. Biden's advisers talked about the next funding package, as well as the possibility of developing new legislation to address difficulties in implementing industrial policy. Todd Tucker, an expert at the Roosevelt Institute, advocates the establishment of a national development bank, creating a source of cash that could be directed to eligible projects.

To raise funds, President Biden has long said he wants to increase taxes on the rich, especially on households with income over $400,000 a year and on businesses.

At the same time, financial discipline is also expected to be a focus in Mr. Biden's new term. For example, the budget for the current fiscal year would cut the deficit by $3 trillion over a decade, according to the Committee for a Responsible Federal Budget (CRFB), a nonprofit organization

Notably, experts will listen for signals about traditional trade negotiations - which seem to be being ignored by the US during Mr. Biden's first term. A key test will be the ability of the United States and Europe to establish a critical minerals agreement that would secure inputs for battery production and limit dependence on Chinese suppliers. Are not.

Currently, observers are skeptical of Mr. Biden's more open attitude toward globalization. On January 26, the US President temporarily suspended approval of liquefied gas exports to reduce prices for US consumers. This protectionist response risks causing damage to customers abroad. And Mr. Biden will almost certainly maintain that tough stance on China

Supporters of the Democratic leadership argue that these policies will make America more equal, boost the country's industry and tilt the playing field toward workers.

However, critics say the policy represents a move toward an expanded role for government, with a focus on labor and manufacturing unions, raising concerns about the impact on with international alliances