WASHINGTON, Jan 22 — US Treasury Secretary Janet Yellen yesterday rebranded the Biden administration’s economic agenda as “modern supply-side economics,” using a Reagan-era phrase favoured by Republicans to assert that Democrats’ spending plans will boost the US economy’s productive capacity.
Yellen did not announce any policy shifts as she introduced the concept, which suggests it may be a new tactic to persuade Americans and moderate Democrats in Congress to support the “Build Back Better” social spending and climate investment plan, which stalled in December. Then, lower taxes and lighter regulation were touted as the fuel that would make US businesses more competitive and profitable, unleashing capital investment that would “trickle down” to the wider economy, fueling growth and hiring.
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