President Joe Biden’s promised economic agenda, which included initiatives such as student-debt relief, a minimum-wage hike, and the reversal of previous tax cuts, has experienced significant setbacks and remains stalled. A recent analysis conducted by the Wall Street Journal showcases the challenges Biden has faced in keeping his campaign promises related to the economy.
While he has achieved certain economic goals, such as the signing of a $1 trillion infrastructure bill into law and negotiating lower prescription prices for Medicare recipients, the majority of his proposed economic agenda has been hindered by congressional opposition. Biden’s plans to reverse tax cuts, cancel student-loan debt, implement paid family and medical leave, and increase the federal minimum wage have all been met with resistance, leaving them in a state of limbo. Despite some successes in other areas, the status of Biden’s economic agenda remains a point of concern.
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Biden’s Economic Agenda Stalls with No Progress on Student-Debt Relief, Minimum-Wage Hike, and More
Economy
Stalled student-debt relief
Despite promising to provide relief for student loan debt, President Biden’s efforts in this area have been stalled. His proposal to cancel up to $20,000 of federal borrowers’ student loan debt was overturned by the Supreme Court in June. However, Democrats continue to prioritize finding alternative avenues for debt relief.
No progress on minimum-wage hike
Another promise that remains unfulfilled is the increase of the federal minimum wage to $15. Biden’s plan to improve the financial situation of low-wage workers has faced roadblocks in Congress, preventing any progress on this front.
Lack of action on reversing Trump tax cuts
One of Biden’s campaign promises was to reverse the tax cuts enacted by former President Donald Trump for corporations and the wealthy. However, his efforts to achieve this have been stymied by opposition in the Senate.
Temporary revival of child tax credit
While President Biden did manage to temporarily revive the child tax credit under his pandemic stimulus law, this credit expired at the end of 2021. Despite the positive impact this tax credit had on reducing child poverty, the lack of further action has left this promise unfulfilled.
Overturned proposal for student-loan debt cancellation
Although the Supreme Court overturned Biden’s proposal to cancel a significant portion of federal borrowers’ student-loan debt, the administration remains committed to finding other avenues for reducing the burden of student debt, a priority for Democrats.
Congressional roadblocks to paid family and medical leave
Biden’s 2020 campaign promise of 12 weeks of paid family and medical leave has faced significant obstacles in Congress. Despite the recognition of the importance of providing support to working families, no progress has been made in implementing this policy.
Obstacles to $775 billion spending on child and elder care
Another promise that remains unfulfilled is the plan to allocate $775 billion over 10 years for child and elder care. This proposal, aimed at improving accessibility and affordability of care, has faced opposition in Congress, preventing its implementation.
Failure to increase federal minimum wage to $15
Despite the pledge to raise the federal minimum wage to $15, Biden has been unable to achieve this goal due to congressional roadblocks. The lack of progress on this front is a setback for workers who were hoping for a significant increase in their wages.
Immigration
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Foreign Policy
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Climate
Rejoining the Paris accord
One of President Biden’s key climate promises was to rejoin the 2015 Paris accord, and he successfully fulfilled this commitment. By rejoining the international agreement, the United States recommitted to global efforts in combating climate change and reducing greenhouse gas emissions.
Revoking permit for Keystone XL pipeline
Another climate promise that Biden kept was revoking the permit for the Keystone XL pipeline. This decision aligned with his administration’s focus on transitioning towards renewable energy sources and reducing dependence on fossil fuels.
New spending on renewable energy and incentives for electric vehicles
President Biden’s $2 trillion Inflation Reduction Act included provisions for new spending on renewable energy and incentives for electric vehicles, demonstrating a commitment to accelerating the transition to clean energy. These investments contribute to creating a more sustainable and environmentally-friendly future.
Breaking of promise to stop all new offshore drilling in the Gulf of Mexico
While Biden had promised to halt all new offshore drilling, this commitment was broken through recent federal oil and gas lease sales in the Gulf of Mexico. Despite this setback, the administration’s overall focus on addressing climate change remains evident through its other actions and initiatives.
Criminal Justice and Guns
In conclusion, President Joe Biden’s economic agenda has faced significant challenges and roadblocks, leading to unfulfilled promises in various areas such as student-debt relief, minimum-wage hike, and reversing Trump tax cuts. However, there have been successes in the climate category, with accomplishments including rejoining the Paris accord, revoking the Keystone XL pipeline permit, and investment in renewable energy and electric vehicles. It remains to be seen how the administration will navigate the obstacles to achieve its remaining goals in other policy areas.
Related site – Biden’s promised economic agenda remains stalled, from student-debt relief… (Business Insider)