Bidenomics

Abstract

"Bidenomics," often associated with Modern Monetary Theory (MMT), represents a paradigm shift in economic policy under President Joe Biden's administration. MMT challenges traditional fiscal conservatism by positing that sovereign governments, which issue their own currencies, can sustain higher levels of public spending without immediate concerns about budget deficits. Bidenomics leverages this framework to justify expansive fiscal policies aimed at stimulating economic growth, addressing income inequality, and investing in infrastructure, healthcare, and green energy. These policies mark a departure from austerity measures, emphasizing the role of government spending in driving economic recovery and development. While proponents argue that such an approach can lead to robust economic growth and societal benefits, critics caution about potential long-term risks, including inflation and national debt sustainability. This abstract explores the principles of Bidenomics within the context of MMT, examining its theoretical foundations, policy implementations, and the ensuing debates on its economic implications.