Biden Seeks to Reverse Decades of Disparity in Next Economic Move
- President to begin laying out long-term economic plan
- Biden plans ramp-up in government spending, tax-code changes
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More than a half century after Lyndon Johnson’s war on poverty, President Joe Biden is planning to take on the nation’s enduring challenge of inequality with a mass expansion of government spending and a revamp of the tax code.
The effort, which Biden will start to detail in a speech Wednesday in Pittsburgh, is already proving just as divisive among economists as it is among lawmakers. While right-leaning economists warn about damage to overall growth from higher taxes on companies and the wealthiest Americans, liberals say the “trickle-down” approach of recent decades has failed and it’s time for a new strategy.