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Bidenomics is highly ambitious. Will it work?

The President aims to usher in a new economic paradigm but everything hinges on inflation

By Megan Greene  

Image: Newscom / Alamy Stock Photo

The so-called “Washington consensus” is dead. This set of assumptions that has underpinned every American government since Ronald Reagan was based on a few core principles: governments should avoid budget deficits, trade should be liberalised, taxes and social programmes should not discourage work and the government should let markets work efficiently without interfering. These principles faded with the protectionism of the Trump administration, but we didn’t really know what would replace them until this month, when the Biden administration announced a series of fiscal stimulus measures that can be summed up as “Bidenomics.” While Bidenomics is in some ways…

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