Biden Budget Shows Focus on Wealth Redistribution, Not Growth
- White House sees no change in U.S. trend of around 2% growth
- Focus is on ensuring all have a ‘fair shot at prosperity’
Photographer: Chris Kleponis/CNP/Bloomberg
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President Joe Biden’s budget on Friday revealed a blueprint for addressing long-standing inequities in the U.S. economy, rather than serving as a game-changer for the nation’s weakened economic-growth trend of recent years.
Biden’s program breaks with recent presidents’ budgets, which promised that policy proposals would turbo-charge gross domestic product. Biden’s central goal is instead societal change -- attempting to reverse decades of widening income and wealth gaps that often fall along racial lines.