Biden, the IMF and taxes on the rich



The shift of the International Monetary Fund to socialism came in 2020 with the pandemic and somehow all this is coming to a close with the elections in the USA. To be precise, with the “Bidenomics” and that the Democrats have come down with a “left” agenda. That is, in high incomes, large fortunes and profitable businesses. In other words, he asked the states to pay the rich the inconceivable debt that they have shouldered to support the wintering economies. It is a counter role in its official line so far. And of course how the imposition of harsh austerity policies from Latin American countries to Greece can be forgotten. The IMF’s recommendation was also for governments to continue borrowing to deal with the pandemic. It estimates that spending has already reached $ 12 trillion and that global debt is approaching 100% of global GDP. Economists estimate that the recession will reach 3.5% this year and growth at 5.8% in 2021. The optimism stems from the expectation that – after the beginning of the term of the new President on January 20 – the fiscal stimulus will increase at least by 2 trillion. So the “Bidenomics” promoted by Democratic nominee Joe Biden are based on the “Build Back Better” campaign platform. Many Democrats hope that after the pandemic of the Biden government will bring rapid improvement, in employment and wages, compared to the post-financial crisis, which then followed a sluggish recovery. They also aspire to benefits low-income communities and a more skilled workforce. It shows the desire to restructure the US economy by raising taxes on the rich. It aims to fund trillions of dollars in public goods, from infrastructure to education and health. , even if it leads to high deficits. According to a NYT / Siena poll, more than two-thirds of Americans support the $ 2 trillion package. dollars for the economy, and similar spending on green energy investment, and opinions are divided on corporate tax increases. A USA Today / Ipsos poll showed widespread and growing support for nearly doubling the federal minimum wage from $ 7.25 an hour to $ 15 an hour, a policy central to Biden’s platform. stimulus measures will be financed through a deficit and the increase in long-term costs will be financed in part by an increase in corporate taxes from 21% to 28% and an increase in income, capital gains and payroll taxes for the rich. According to Oxford economists Economics GDP growth – if Democrats control the White House and Congress – would increase by 1.2 percentage points to 4% in 2021 compared to 3.9% if the situation were maintained. News and be the first to know all the news See all the latest News from Greece and the World, at



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *