Biden's 'Left Turn'... Breaking Away from Neoliberalism

Reversing Democratic Policies That Shifted Right During Clinton and Obama Eras
Actively Incorporating Progressive Views from Sanders and Others

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] An analysis has emerged that U.S. President Joe Biden, who has been a patron of neoliberalism for over 50 years, is breaking away from neoliberalism by actively reflecting the progressive camp's stance amid the impact of the COVID-19 pandemic.

The Washington Post (WP) introduced Biden's change as reflecting the political zeitgeist in an article titled "Biden and the Decline of the Neoliberal Era" on the 5th (local time).

Biden's $1.9 trillion economic stimulus package, $2.25 trillion infrastructure investment plan, and tax increase push are clearly distant from neoliberalism, which emphasized market freedom, small government, and tax cuts.

Neoliberalism rose as the governing ideology of the United States after Republican presidents successively took office since the 1970s. The economic policies of the Democratic Clinton and Obama administrations were also widely regarded as not having escaped neoliberalism. This was why the Democratic administrations were criticized as "Wall Street neoliberals."

In U.S. political circles, it was expected that the Biden administration would represent the moderate conservative camp by reappointing officials from the Clinton and Obama administrations, but the situation changed.

Kim Dong-seok, head of the Korean American Voter Solidarity, said in this regard that the lawmaker President Biden has been communicating with most recently is progressive Senator Bernie Sanders. Senator Sanders also argued in a media interview the day before that the second infrastructure investment plan should include a large number of welfare policies. His stance is substantially reflected in President Biden's policies.

The Biden administration's break with neoliberalism also signals changes in trade policy. The Republican Party has traditionally been free-trade oriented, while the Democratic Party has advocated protectionism.

WP recalled that Katherine Tai, U.S. Trade Representative (USTR), mentioned at her Senate confirmation hearing that when asked, "Should the goal of trade agreements be the removal of tariffs and trade barriers?" she said, "If it were five or ten years ago, I would have answered 'yes.'"

This content was produced with the assistance of AI translation services.