U.S. Treasury Secretary Janet Yellen addresses the U.S. Conference of Mayors winter meeting in Washington, U.S. January 19, 2022. REUTERS/Jonathan ErnstWASHINGTON, Jan 21 - U.S. Treasury Secretary Janet Yellen on Friday rebranded the Biden administration's economic agenda as "modern supply-side economics," using a Reagan-era phrase favored by Republicans to assert that Democrats' spending plans will boost the U.S. economy's productive capacity.
"Our new approach is far more promising than the old supply- side economics, which I see as having been a failed strategy for increasing growth," Yellen said. "Significant tax cuts on capital have not achieved their promised gains. And deregulation has a similarly poor track record in general and with respect to environmental policies — especially so with respect to curbing CO2 emissions.
The administration is trying to blunt the political fallout from high inflation that hit 7% last month amid labor, housing and goods shortages, theYellen's vision of "supply-side economics" would differ greatly from the "Reaganomics" version that burst into the mainstream in the 1980s with the election of Ronald Reagan as president.
At the same time, Republicans argued, the tax cuts would "pay for themselves" through turbocharged growth - a phenomenon that has never come to pass.
Loose monetary policy has stoked demand ... inflation exists because the QE and stimulus dollars have finally reached the group purchasing goods and services reflected in the CPI. Its true that shutdowns exacerbated existing issues but incorrect to call it supply side inflation.
Trumpets on here were ready to pounce and call it soshylism until they saw that Reagan used it. 😂🤣😂
How stupid are these people. Reagan-era Trickle Down Economics 2.0. Great optics. Shows how forward thinking and modern the WEF camp is.
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