US President Joe Biden told businessmen across the Americas this Thursday that the time has come to bury neoliberalism and adopt policies that promote better-paying jobs.
“In my view, we need to update our recipe for economic growth. I think it’s time to bury the drip economy,” the president said at an event held at the IX Americas Summit in Los Angeles. .
The trickle effect is an economic theory that played an important role during Ronald Reagan’s presidency in the USA (1981-1989) and proposed tax cuts on corporations and the upper classes to encourage investment.
By contrast, Biden argued that today “any job can be done for good wages and with respect for workers’ rights” so that families have greater well-being so that “everyone wins”, including employers.
He also stated that neoliberal recipes, which were also criticized by former President Barack Obama (2009-2017) during his term, produced “more inequality, lower growth, less competition and less innovation”.
The American monarch also reiterated his support for workers’ unionization, as he repeatedly described himself as a “pro-union president.”
Likewise, he declared that he is in favor of using international financial institutions such as the Inter-American Development Bank (IDB) to combat inequalities in the region.
“For example, we must make it easier for Latin American and Caribbean countries to develop 5G infrastructure without having to choose between investing in a digital future or investing in renewable energy.”
source: Noticias
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