The Biden administration has recently launched a new pre-election effort to tout its economic policies as effective and benefiting workers and mainstream America. That’s the ‘spin’, but the reality is quite different.
In his Friday, July 7 Alternative Visions radio show Dr. Rasmus shows that Bidenomics is just a continuation of Neoliberal Economic policies launched more than 4 decades ago. However, unlike earlier years, when neoliberal policies expanded, since 2008 neoliberal policies have been experiencing serious contradictions and becoming less effective at stabilizing the economy, creating economic growth, and have been instead generating greater income and wealth inequality.
In the show today, Dr. Rasmus defines and explains the four main areas of Neoliberal economic policy: fiscal policy, monetary policy, industrial policy, and ‘external’ (trade, money flows, currency) policy. He then argues that in 3 of the 4 areas neoliberal economic policies under Biden are facing growing contradictions and decline.
Dr. Rasmus explains in the policy area experiencing immediate and most intense contradictions is neoliberal monetary policy. External policy also faces growing contradictions, albeit in the intermediate term. Fiscal policy contradictions are also intermediate to longer term. Only neoliberal industrial policy continues ‘working’ as intended–i.e. succeeding in keeping unions and strikes under control, wages compressed, benefit costs shifting to workers, and financial and industry deregulation continuing and privatization expanding under the Biden administration.
Dr. Rasmus argues the expansionary phase of neoliberal economic policy entered a period of growing contradictions and declining effectiveness as the capitalist economy was destabilized with the 2008-10 great recession and financial crisis, followed by chronic slow growth for years in the wake of that recession, and then the Covid shutdowns and the US Ukraine proxy war and sanctions on Russia, all of which have further exacerbated the contradictions. Under Bidenomics the contradictions have been maturing, and are now at their worse (but still early phase). Contrary to Democrat party ‘spin’, Bidenomics is failing to deliver–not only for the US working class and majority of US citizens but poses growing problems for US capitalists’ economic control abroad
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Dr. Jack Rasmus @drjackrasmus
Jack Rasmus 
One of the important tasks of this site is to pick apart the politicized fabric of lies, distortions and sheer stupidity of critical statistics such as unemployment woven to serve the five per cent. But these statistical distortions turn a critical part of the Keynesian revolution on its head: Keynes was the first to force government to collect accurate economic data to make informed economic policies possible: the US mocks Keynes in its caricature of statistical tools in its drive to make sure nothing good will ever come to the 90% from its economic policies.