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President Biden proposed $6 trillion in new federal spending over the next decade in a speech recently that has been analyzed as a complete opposite of President Ronald Reagan’s ideas of how to grow the economy.
Reagan’s view, which has been continued by several presidents after him, was that reducing the government burden on businesses and investors would also benefit the working class.
The Biden administration says its plan instead aims for more direct government spending to help the most Americans.
“Trickle-down economics has never worked,” the president said in his speech.
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Kelly Cunningham, San Diego Institute for Economic Research