Live After Quit

Ignoring Middle-Class Misery: How Bidenomics Team Leaves “Main Street” Behind

The Biden Administration’s economic team has been praised for their progressive policies to help rebuild the U.S. economy after the pandemic-related recession of 2020. However, a closer look shows that their policies are largely ignoring the financial struggles of the middle class, while providing short-term relief instead of long-term solutions. Treasury Secretary nominee Janet Yellen has been a particular focus of criticism due to her past positions and her slow response to the economic woes of those who are hardest-hit. Yellen’s inaction has been widely seen as a continuation of the policy from the Obama Administration to help corporations at the expense of middle and lower class citizens. The President has pushed for tax cuts for businesses and large corporations, and Yellen has failed to address the fact that most businesses are not hiring and are not willing to increase wages or benefits. Furthermore, the Administration’s chief economic adviser, Brian Deese, has continued to advocate for big business interests, while simultaneously ignoring the plight of American workers. The Bidenomics team has also proposed a large package of stimulus checks and unemployment benefits for out-of-work Americans. However, these benefits do little more than provide temporary relief, rather than helping individuals build long-term financial security. Furthermore, they have not offered any real solutions to help citizens build savings or increase their asset base in order to be better prepared for the future. The Administration’s current policies have been controversial because they are largely helping those who are already enjoying economic success, while ignoring those who are struggling the most. For the middle class, these policies are particularly concerning as they will create an deeply unequal economic landscape in which the rich will continue to get richer while the rest of the population struggles to make ends meet. In order for the Biden Administration to truly address the economic inequality crisis in the U.S., it must make real investments in the middle class. This means providing long-term solutions such as better access to quality education, job training, and financial assistance, as well as taking concrete steps to ensure that corporations and businesses are paying their fair share of taxes. Until then, the middle class will continue to suffer from the policies created by Yellen and the rest of the Bidenomics team.