Biden tackles inflation and shapes US green economy while Britain is left behind | Caryse Roberts

〇Over the weekend, U.S. Democrats overcame months of political struggle to Inflation control law In the Senate, it marked a major victory for President Joe Biden and “Bidenomics” before the US midterm elections.

The bill will invest $369 billion in climate and clean energy, making it the largest climate-related investment in US history.It is expected that the United States will be able to obtain two-thirds Towards Paris Agreement commitments while reducing energy costs. This will reduce healthcare costs for millions of Americans. It seeks to combat inflation by directly cutting individual costs and reducing the deficit through closing tax loopholes and increasing taxes on businesses and the wealthy.

The act is far from perfect.This was a descendant of the failed Build Back Better Act, his $2 trillion package that greatly extended childcare, made community colleges free, and subsidized health insurance, but ultimately could not secure Democratic Senator Joe Manchin’s endorsement (necessary given that the Senate is evenly split). Gaining political support for the law required a broader plan to reverse climate change ambitions and reduce costs for families. Enables further drilling for fossil fuels.carve out to protect Private equity profits from the corporate tax element of the law. For this reason, the act has come, and has already, come under heavy criticism from activists and climate change groups.

But in the face of fierce political opposition, this is a major or breakthrough achievement. It’s also a win for the activists and economists who have continued to feed ideas to the Biden administration to pursue alternative approaches to the economy and the environment. social investment; incentives for workers’ power and employers to provide adequate wages, apprenticeships and profit-sharing with communities; Higher taxes on the wealthy will keep inflation in check and cut costs, including a new tax on share buybacks that only boosts income for investors. These ideas are no longer stuck on the bench.

Historically, the United States and Britain have played a common leading role in the intellectual development and political implementation of new ideas and policy paradigms. and Blair’s Third Way politics, the two countries tended to move in step. But now our policy paths diverge amid the US Inflation Reduction Act and the UK Conservative Party leadership battle.

The US needs to get ahead of the UK when it comes to reducing climate change emissions and building economic justice. U.S. emissions are significantly higher (in absolute and her per capita values). from England and America is the world Largest producer of fossil fuelsSimilarly, U.S. inequality is worse, and poverty is worse than in the UK. Simply put, land of opportunity is not offered to too many American citizens.

But Democratic leaders are pushing a bold agenda to break deep political polarization and reshape and reshape America’s economic success. Comparing this to the UK is ironic: the conditions in the UK for action commensurate with the scale of the climate and natural crises, for economic strategies that prioritize everyday people and places over wealth and profits, and for expanding collective supply. is much more favorable. Goods and services that we all rely on. We have a head start in terms of the basics of social democracy. In contrast to the US, there is more consensus among political parties on the need for government action on climate and natural crises. Any action taken now would be far less likely to be swept away by an opposition victory than fragile progressive progress in the United States.

of conservativesTrump, who has been in power for more than a decade, has in recent years endorsed and committed to several of these ideas, from Prime Minister Theresa May’s mission-oriented industrial strategy to Prime Minister Johnson’s net zero and leveling up pledges. But at the moment, the Conservative Party is plummeting in the opposite direction to the United States, leaving grammar schools, Conservatives, etc. discusses policies that matter most to Tories in the United States. Rather than looking around the world and turning to evidence about how to address the most pressing problems of our time, Mr. Truss, widely seen as a front-runner, has returned to an outdated means of financial aid. and says virtually nothing about how to achieve net zero, either for its own sake or as a response to the cost of living crisis. As those who can, there are no substantive proposals to address the creeping real privatization of the NHS.

It is wrong to point to the United States and claim that the home is in order or that the lessons can be read in simplistic terms. But Biden and the activists and researchers around him are rapidly decarbonizing, relieving pressure on family wallets through collective supply, funding this, and increasing wealth and profits to quell inflationary pressures. We are ambitiously crafting a new kind of economic policymaking that aims to tax The UK government, whoever leads it, should pay attention to the new economy instead of being left behind.