What is Bidenomics? What is its importance?

The upcoming year of 2024 will be an important year in terms of the global economy as it is going to see some of the most robust economies, for instance, the EU, Russia, India, the US, and the UK holding their respective elections. These economies are essential as their total GDP contribution to the world is about 52 percent, as of 2023.

In the United States, the current President Joe Biden is liken to go for re-election. However, Donald Trump could also be posing a tough challenge to Biden. As per opinion polls, the approval ratings of President Joe  Biden are actually at their lowest point.

Importance of Bidenomics

President Joe Biden's loss could prove to be shocking not only for the United States but also for global order. There are twofold reasons that prove this.

One, a majority of policies of Trump proved to be strong deviations from the already established US positions. The walking out of the Paris Agreement on climate change under the presidency of Trump is an example. Trump also viewed the US trade deficits as bad.

Secondly,  Joe Biden sought to be a strong and radical change in the economic policies (the Bidenomics). However, Donald Trump's victory could lead to reversals to these changes.

Concerns regarding Bidenomics

The first and foremost concern is whether it is working. Secondly, whether a substantial amount of voters are of the view that Bidenomics is working. The US electorate is one of the most polarized and thus it is difficult to say anything.

However, despite these factors, the significance of Bidenomics remains the same.

The significance is intact because not only there stand a huge base of people in favor of Bidenomics in the US, but there are many outside the United States who are of the view that Bidenomics can work as a strong blueprint for the radical changes they wish to see in their country.

For instance, the Labor Party is impressed by the interventionist approach of Biden.