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The president of the United States, Joe Biden, said this Thursday at the IX Summit of the Americas that it is time to update neoliberalism and adopt policies that promote better paid jobs.
“We have to update our recipe from my point of view for economic growth. In my opinion, it’s time to bury the trickle-down economy.” With this phrase, the head of the White House invited the businessmen of the American continent to leave behind neoliberalism as an economic model.
The trickle down economy, also known as “trickle down” is a theory that had a great boost during the Presidency of the American Ronald Reagan (1981-1989), and that proposes reducing taxes on companies and the upper classes to stimulate investment .
Biden attacked this model, as former President Barack Obama did at the time, and stated that neoliberal recipes generate “greater inequality, lower growth, less competition and less innovation.”
“You can do any job paying good wages and respecting the rights of workers,” defended the president during an event at the Summit of the Americas in Los Angeles.
United States Proposes Regional Economic Partnership
Leaving aside the controversy over the event’s guest list, the US president invited the leaders of the Americas to create a new economic association to counter China’s growing economic incursions into the region.
“I will continue to work as I did when I was vice president, with Barack Obama, to promote trade and investment in clean energy,” Biden told his colleagues in the first plenary session of the meeting.
In what he described as the “Partnership of the Americas for Economic Prosperity,” Biden said his goal is to bring supply chains closer together, reform the Inter-American Development Bank, streamline investment and put climate action “into overdrive.”
US officials have openly accused China of pushing deals in developing countries with strings that saddle them with more long-term debt.
With EFE and Reuters
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