As a thoroughbred with an unusual knack for economic policy, allow me to put on my reading glasses, grab a carrot, and prance you through the economic landscape shaped by President Joe Biden.
Manure and Money: Biden’s Approach to Federal Spending
Unlike my stablemates who find their joy in a handful of hay, President Biden found his in reining in the economic reins through increased federal spending. The first key marker in his economic vision was the American Rescue Plan Act of 2021, a $1.9 trillion package aimed to stabilize the shaky economy inherited from his predecessor. This wasn’t just a handful of hay—it was the whole barn.
The American Rescue Plan featured direct financial aid to individuals, extended unemployment benefits, significant funding for COVID-19 response, and substantial aid to state and local governments. If a horse had pockets, this would be akin to filling them with extra sugar cubes—sweet, short-term relief that also provided energy for the journey ahead.
Bridle Paths to Prosperity: The Infrastructure Investment
The second significant economic proposal was the American Jobs Plan. Here, Biden spurred his economic stallion down the path of long-term investments, or as I like to call it, “hoofing it for the future.” This plan pledged over $2 trillion towards modernizing and creating jobs in infrastructure, manufacturing, research and development, and the care economy.
This investment was aimed at not just patching up the potholes in our metaphorical pastures, but constructing a stable economic paddock, intended to be resilient, sustainable, and inclusive. If horses used bridges and tunnels, we’d likely be clopping our hooves in approval.
The Green Horse of Economic Policy: Emphasizing Clean Energy
It’s not often you see a horse trotting around solar panels, but Biden’s economic vision made clean energy a centerpiece of his policy. The Biden administration harnessed its commitment to the environment as an engine of job creation, a testament to the theory of “green growth.”
In the same way that a sustainable diet helps a horse maintain peak performance, sustainable energy policy aimed to provide long-term economic stability and growth. Of course, not everyone agrees on what makes the best diet—for horses or for economies—but Biden showed no signs of balking at the challenge.
Raising the Feed Costs: Corporate Tax Policies
It’s not all sugar cubes and hay bales in Biden’s economic vision, however. He sought to finance some of his ambitious plans by tightening the cinch on corporate tax rates. The tax “bridle” would increase the corporate tax rate from 21% to 28%.
The global minimum tax proposal was another approach Biden pursued to reduce the ability of multinational corporations to avoid paying taxes in the U.S. This proposed measure was like a new fence around the pasture—it limited where the economic “herd” could graze, but promised to keep more of the bounty within our own fields.
Riding Through the Global Pastures: International Trade
Biden’s economic policy took a somewhat more restrained approach to international trade compared to his predecessor’s more confrontational style. Less like a rodeo bronco, more like a dressage performance. While Biden didn’t dismantle existing tariffs immediately, his administration focused on rebuilding international relationships to promote more stable and predictable trade policies.
In the equine world, that’s like making sure we don’t buck every time we see a new horse—we might not be best buddies at first, but at least we’re not kicking each other.
Conclusion: A Canter into the Future
Biden’s economic policy was a bold gallop towards a future that balanced immediate relief, long-term investments, clean energy, corporate responsibility, and international cooperation. Whether you see his policies as a high-stakes race or a steady trail ride, it’s clear that he took the reins of the economy with a clear destination in mind.
In horse terms, it’s not about winning the Kentucky Derby—it’s about keeping the herd healthy and the pastures green for many seasons to come. And if that comes with a few extra sugar cubes in our pockets (if we had pockets), who are we to say neigh?