When Biden said "we are building an economy from the bottom up and middle out.", he inadvertently made clear he embraces socialism. Who wouldn't when you in charge of the government?
As an aside, "trickle-down" economic policy is arguably also socialism. Why?
Both policies believe government should be controlling the economy and driving it.
I never hired the government to manage the economy, I have no interest in them building bottom up, top down or inside out. Get out of the economic sandbox and get back to your job of ensuring safety and administering the laws of the land.
With respect to regulation, government regulations should focus on safety and curbing abuses... not, let me repeat that, not managing behavior. It should provide a legal structure, so that the economy can grow and flourish under capitalism where business owners earn profits by satisfying consumer demands.
Government built economies have terrible track records. Even a simple economy is too complex to build or manage, take something as complex as the US economy and you need millions of decision makers making millions of decisions a day on the spot for things to be optimized.
I ran a company of 42,000 employees. In reality if only one person had to make all the decisions, I would have probably been the best choice and still the company would have failed.
No way, I could have kept up with all the decisions that needed to be made daily at a company that size. The key is to communicate a shared set of values and then trust people to operate accordingly.
Why don't governments and some business failed to decentralize decision making as much as it should be? The answer is they don't trust citizens or employees to do the right thing. And so, they would rather a country or company stagnate than trust people.
Anyone advocating what you describe as Bidenomics does not trust others, which in my experience means they are not to be trusted.
How could the guy that sold access to our government, ever believe he could trust others... when he knows he can't be trusted?
Americans are losing faith in Bidenomics as they see the impact on energy prices of central planning. They are also seeing the impact of central planning on health care costs and food prices. Ditto, for housing.
Not to worry, this time it will be different...
It seems progressive liberals have convinced Americans that making the richer poorer will make the poorer richer, even when there is zero evidence to support that theory. In fact, the opposite is true. In a growing economy, the benefits are not equally realized but by and large everyone benefits. In a managed economy what is certain is over time everyone loses.
When anyone tells you they are going to "build" a new economy... you know it's going to be rough ride. Put some money under the mattress... you are going to need it.
