Biden's Economic Strategy in the 2024 Presidential Race: A Modest yet Strategic Approach
During the recent debates, it emerged that Joe Biden is seemingly sticking to a strategy of not proposing major economic changes. But is this the correct approach? Let's explore why this might be the case.
Protest Chants Echoing an Impatient Demographic
The audience at Joe Biden's meeting rooms, including Harris and Buttigieg, have been chanting, 'What do we want? Incremental change. When do we want it? Whenever.' This chant reflects a desire for more substantial and immediate economic reforms. Yet, it is essential to question whether this desire aligns with the current political landscape.
Current Economic Conditions and Voter Priorities
Recent data show that Trump's approval ratings are largely due to the current state of the economy. Therefore, candidates are largely steering away from directly criticizing Trump's economic management. Instead, they focus on making the current economic environment more inclusive and fair.
The rhetoric from the Democratic candidates emphasizes making the economy fairer or more inclusive. Some, like Andrew Yang, propose solutions to help Americans adapt to the new automated economy. Others, such as those pushing for eliminating Trump's tax cuts for the wealthy, are also addressing this specific issue.
align"center"> Improving the Economic Environment without Major Overhauls
Democratic voters, overall, prioritize social issues over economic issues. This is particularly true when it comes to controversial topics like pay gaps and the minimum wage. Therefore, it makes sense for Democratic candidates to propose indirect economic reforms rather than major structural changes. This approach includes wealth taxes, Medicare for All, the Green New Deal, parental leave schemes, and universal basic income.
Supporting Major Economic Changes through Indirect Measures
Despite not proposing sweeping economic reforms in the traditional sense, Biden has indicated his support for the Green New Deal and creating a public option for health care, one of which would be a significant economic change. Additionally, he has proposed rolling back the Trump tax cuts and supporting an increase in the Federal minimum wage. These proposals, while not as sweeping as those of his more liberal colleagues, still add up to substantial economic changes.
Some might argue that these proposals fall short of what other candidates are offering, but this strategic approach helps position Biden as the "moderate" candidate. Democrats are particularly concerned with electability over ideological purity, a factor that has been working in Biden's favor so far.
In conclusion, rather than aiming for transformative economic changes, Biden has chosen to support significant reforms through more subtle, incremental measures. This approach aligns with the current political climate and voter priorities, making it a strategic choice for maintaining his position in the race.