Connect with us

Americas

Economic Challenges and Policy Directions in the Biden Era

Published

on

The incoming U.S. presidential election is an issue of major global concern; this is because the winner will not only affect domestic affairs in the United States, but will also determine the relationship between the U.S. and the rest of the world. A follow-up study of the ANBOUND 100+ Team shows that six key states, including Florida and Pennsylvania, will decide the fate of Donald Trump in this election as Donald Trump’s polls are at a disadvantage. The statistics indicate that unless some black swan event completely reverses the trend, it is unlikely for Trump to be reelected, while Joe Biden has a higher probability of becoming the 46th President of the United States.

In the event that the Biden era does come, it will undoubtedly bring about a host of changes in the U.S. foreign policy, geopolitical competition, the participation of the U.S. in global multilateral issues, and U.S.-China relations. In a previous analysis concerning U.S.-China relations in the Biden era, ANBOUND points out that the Biden administration will adjust the Trump administration’s extreme policies in multiple ways. During the presidentship of Trump, U.S.-China relations were basically determined by Trump alone. Should Biden become the next POTUS, even if the tough and antagonistic nature of the U.S. against China remains unchanged, it will still lead to a more regular and predictable framework, and we might see the slowdown or even the halt of the U.S.-China trade war.

For the global market, what matters the most is the economic policies that would be implemented in the Biden era and their impact on the world economy, hence the emergence of what is touted as “Bidenomics”. What economic challenges will the Biden era face? What are his priorities in the economy? To answer these, The Economist has recently listed several important issues that Biden needs to pay attention to in one of its feature articles.

First of all, Biden needs to pass a huge “recovery” bill in Congress. Some market analysts estimate that the United States needs US$ 2 trillion to US$ 3 trillion, which includes short-term stimulus funds to support unemployment insurance and help state governments and other local governments to cope with the budget hole. Biden also needs to provide grants or loans to small businesses that have not received as much aid as large firms. Other than that, it would also be necessary for Biden to ease tensions with China to appease the market. If vaccines for the novel coronavirus are out, Biden will need to adopt a co-operative attitude rather than a transactional approach in diplomatic relations. This will make it easier to share vaccines globally while facilitating the reopening of borders and the restoration of trade.

Biden’s economic recovery bill also needs to target those “build back better” projects, such as the United States’ underinvestment in large-scale infrastructure projects (the average American bridge’s age is 43 years). These are not only long-term issues that the United States needs to resolve, but they should also be Biden’s priorities. Scientific research investment is also an important aspect. The U.S. government’s investment in research and development (R&D) needs to be increased. R&D in the United States accounted for more than 1.5% of GDP in 1960 and has now fallen to a mere 0.7%. The Biden administration will need more R&D investment in technology and renewable energy. Biden would also want to undo Trump’s immigration policy that hurts the competitiveness of the United States, and to improve the living standards and social mobility of the middle class. This means that the United States must invest more in education, health, and housing. In addition, the United States needs to raise the minimum hourly wage to US$ 15. Currently, 17 million Americans earn less than the minimum wage.

In order to support the above-mentioned spending plans, Biden may need to increase taxes and reform fiscal policies. Assuming that the aforementioned spending plans can been acted, the combined annual public expenditure growth is equivalent to 3% of GDP. To this end, Biden needs to raise taxes to cover about half of the approved expenditures and impose higher taxes on businesses and the wealthy. Studies have shown that Biden’s tax increase policy may reduce the after-tax profits of companies by as much as 12%, while the income of the top 1% of the rich may drop by as much as 14%. In order to maintain financial sustainability, Biden will also be unable to escape the practice of expanding the deficit. Research by the Congressional Budget Office shows that public debt will reach nearly 200% of GDP by 2050. There seems to be no reason to worry in the short term, because interest rates in the United States are close to zero and the Fed is buying government debt. However, in the long run, the U.S.’ ever-expanding debt will eventually damage America’s national strength.

Some analysts believe that if the next POTUS can overcome this long-term challenge, the United States will greatly benefit from it. This means that the United States will begin to establish a consensus on stronger fiscal constraints based on welfare spending and sustainable taxation. However, researchers at ANBOUND believe that with the current U.S. economic model, it may be difficult to get rid of the expansion of debt issuance and the increase of deficits.

If Biden wins the election, a guaranteed change would be the adjustments in trade policies. The smooth operation of international trade is the most profound and typical manifestation of globalization, and Trump has alienated the U.S., causing the country to be criticized by the world. Biden on the other hand, has a record of supporting free trade. Although he will not immediately abolish the tariffs imposed by the United States, he needs to reduce U.S. trade protectionism, as well as establish and manage a new framework for economic relations with China.

Biden will also need to return to multilateral co-operation on issues such as global climate change. He has previously demonstrated his strong will in this regard, saying that he would return to the Paris Agreement on the first day after taking office. The global climate issue is a rare multilateral issue that transcends ideological and geopolitical disputes, and China is beginning to play an increasingly important role in it, whereas the European allies of the United States attach greater importance to multilateral cooperation on global climate issues. If the Biden administration wants to reverse the Trump administration’s extreme practices, it would need to be take a cooperative stance regarding global climate change as soon as possible.

Final analysis conclusion:

The results for the U.S. election will soon be announced. Judging from the polls so far, it is most likely that Biden will emerge victoriously. If Biden is to be in charge of the White House, we will witness the emergence of “Bidenomics”. The main problems and key challenges “Bidenomics” faces will determine the direction of Biden’s future policies to a considerable extent, which will also go on to affect the rest of the world.

Mr. He Jun takes the roles as Partner, Director of China Macro-Economic Research Team and Senior Researcher. His research field covers China’s macro-economy, energy industry and public policy

Continue Reading
Comments

Americas

The Private And Public Joe Biden: Belief And Policy

Published

on

Official White House Photo by Cameron Smith

Joe Biden supports abortion rights politically, a position conflicting with doctrine in the Catholic church.  Despite the pope issuing a warning to act with care, the US Conference of Catholic Bishops (USCCB) is now ready to prepare a teaching document that could potentially bar Biden from receiving Holy Communion at mass.  A central sacrament during mass, Catholics believe that eating the consecrated wafer dipped in wine, representing the body and blood of Jesus Christ, unites them with their savior fortifying them to face evil temptations.

The USCCB vote to prepare the document was an overwhelming 168-55, and a committee of US bishops has been assigned the task.  Responding to questions, President Biden called it a private matter.  The document is expected to be ready in time for debate at the November bi-annual conference of US Catholic Bishops.

If that is one headache for Biden, another is in the offing.  Perhaps as a consequence of US policy towards Iran, the election of a hard-liner in Iran’s presidential election seems almost certain.  Judge Ebrahim Raisi, who is also Iran’s top judge, is on his way to victory on the basis of the votes counted so far.

The 60-year old cleric spent most of his life as a prosecutor until he was appointed Iran’s top judge in 2019.  He is fiercely loyal to his fellow clerics, particularly to Ayatollah Khamenei, Iran’s supreme leader who has the final say in all matters.  All the same, the president does the administration and has significant input in both domestic and foreign policy.  Suffice to say, Raisi lost in a landslide to Hassan Rouhani, who sought accommodation with the West, in the previous election four years ago.

Having played hardball with Iran, the US is repeating itself with a Russia anxious for better relations.  Following the G7 meeting in Cornwall a week ago, President Biden flew to Geneva meeting President Putin at the Villa La Grange for a closely-watched summit.

Relations between the two countries have been tense following a series of events including the Russian annexation of Crimea.  The latter was transferred to Ukraine for administrative convenience when a connecting bridge was being constructed so that both ends of it would fall under the same authority.  The people of Crimea have no other connection with Ukrainians other than they were both part of the Soviet Union. 

Climate change, arms control, cyber security and American interest in jailed dissenters in Russia including Alexei Navalny .  Reading the riot act to Mr. Putin does little to further stability in relations.  Peace is not a problem among like-minded countries with a commonality of interests, it is a challenge when the parties are rivals, nuclear armed, and capable of blowing up the world.  Mr. Biden may be proud of his performance but is he able to accept the challenge, for if not where does it leave the rest of us …

Continue Reading

Americas

Is Covid-19 Zoonotic, Natural or Lab-engineered?

Published

on

President Trump led the US government propaganda that Coronavirus originated in WIV. However, even after twelve months the US government failed to provide factual or scientific evidence. Now, the Biden administration, inspired by the “dark web,” has tasked the US intelligence community to produce evidence in 90 days to establish that COVID-19 had no “natural ancestors.” As half the world’s scientific community is busy speculating, a simple forensic investigation is what is needed to find the answer.

***

“Throw enough dirt, and some will stick”  – Thomas Boghardt, Historian

Recently, there has been growing renewed interest in Coronavirus “lab leak” hypothesis. One can only speculate if more recent revelations of the presence of coronavirus in the US in mid-December 2019 – weeks before the first confirmed case was announced on January 21, 2020, would impact Wuhan lab leak controversy. But thanks to Trump’s “anti-China xenophobia,” for past whole year the leak theory was sidelined in public scientific debate in the US. As Covid-19 was turning into a global pandemic, the lab leak hypothesis got stuck in “hyper-politicized context.” Looking to inject fresh energy in his ongoing anti-China rhetoric with eyes on the November presidential vote, President Trump began “instrumentalizing the Wuhan Institute of Virology (WIV) lab leak theory and even called it “China Virus” and “Kung Flu.” According to media reports, such pernicious intertwining of anti-China rhetoric and the xenophobic framing of the pandemic “caused an apparent chilling effect among the scientific community.”

During the past twelve months, science writers mocked and some even condemned anyone claiming lab leak origins of Coronavirus. Now, same lot among these writers and a few more joining them afresh, have lately been saying that Coronavirus may well have originated in a lab in Wuhan. As The New Yorker’s veteran political editor Amy Davidson Sorkin observed last Sunday, with President Biden entering the battle over the coronavirus lab-leak theory “the debate about the origin of the pandemic has become loud, contentious, and infused with politics.”  A rare Chinese commentary even alleged the Biden administration’s call for a fresh probe into the origins of Covid-19 is inspired by the latest “explosive” new study by two European scholars claiming that “Chinese scientists created the virus in Wuhan Institute of Virology (WIV) laboratory.”

What has changed for these science writers? If we go by what author and activist David Swanson says, nothing really. Swanson, who is also a popular radio host, thinks the latest change in the stance of the scientific community is largely a question of fashion. (Emphasis added) Indirectly attributing the “new outlook” of the scientists to the fresh call coming from the White House, Swanson wrote in a recent article “One doesn’t wear a wrong outfit too early in the season, or explore the wrong epidemiological idea when the White House is claimed by one Party or the other.” In fact, Swanson refused to be persuaded by the fact that the virus jumping out of the Wuhan lab was cause enough to condemn or “hate” China. Why?

Swanson offers two reasons. First, the bogey that the virus was created by Chinese scientists engaged in “Gain of Function” (GoF) project. Further elaborating on “Gain of Function” projects, Sorensen told DailyMail.com in an interview recently, GoF research involves “tweaking natural viruses to make them more infectious” and had been outlawed by former US President Barack Obama. Although denying the money US invested in WIV had gone into GoF projects, Dr. Antony Fauci told US lawmakers just the other day that the US National Institute of Health funded WIF with $600,000 between 2015 and 2021. So, instead of limiting one’s hatred for China, if China is a military threat, then why fund its bioweapons research? Swanson asked. Indeed, extremely pertinent question!

The other reason Swanson did not consider Coronvirus lab leak theory worthy of condemnation has much to do with the issue of censorship surrounding the whole topic of bioweapons in the US. For example, no one is supposed to know what is common knowledge anyway that the 2001 Anthrax attacks originated with material from a US bio- weapons lab. Or that Lyme disease which affects 400,000 Americans every year spread from a US bioweapons lab. Therefore, for Swanson, plausibility of a lab leak, even if never proven, is a new good reason to shut down all the world’s bioweapons labs. It is beyond comprehension why all those for probing the coronavirous lab leak origin are silent and have not demanded a ban on all the world’s bioweapons labs! (Emphasis added)

But why even after one and a half year since Covid-19 was detected in Wuhan, its source of origin remains a mystery? What about the WHO probe? Perhaps a calculated decision, or maybe not, as soon as President Trump exited the White House, the WHO sent a much awaited investigative team of seventeen experts to Wuhan. After spending four weeks in the “city of silence,” during which the team visited the laboratory, the WHO scientists concluded the lab-leak theory was “extremely unlikely.” But in a bizarre twist, even the so-called “China-centric” WHO chief Tedros surprised everyone and angered China, when speaking in Geneva two months ago he said “although the [WHO scientific] team has concluded that a laboratory leak is the least likely hypothesis, this requires further investigation.”    

On the other hand, China, as expected has repeatedly denied WIV was responsible for the lab leak and insisted that the virus emerged naturally or that it was zoonotic. In fact, by refusing to be either transparent or cooperative in sharing information, Beijing has only furthered global backlash against China’s antagonistic policies. China’s foreign ministry hitting back at the US as Biden ordered to revisit Wuhan lab leak theory is the latest example of its “wolf-warrior” attitude. China’s official media is no different. A month before the Wall Street Journal renewed media onslaught against Beijing in May end, official Chinese news broadcaster CGTN stated: “With Trump gone, the lab leak hypothesis is now acceptable. This plays into both an old Orientalist trope as well as a modern Sinophobic one to manufacture consent for America’s hybrid war against China.”

Though not officially declared a “taboo” subject, the op-ed commentaries have been scarce and few and far between on the WIV lab leak theory in China. A recent signed commentary jointly written by a seasoned India watcher who uses pen name “countryside Brahmin” and South Asian affairs expert Gao Xirui, strongly challenged May 26 executive order by President Biden. The commentary also ridiculed India for “piggy riding” America in the latest lab leak theory hype. The authors attributed Biden’s renewed interest in WIV lab leak to the recent study published in the science journal Quarterly Review of Biophysics Discovery by two European scientists, cited in the early part of this article.

Earlier on in August last year, WIV scientists had again refuted the leak theory. Speaking to the NBC News from the US which became the first foreign news agency to get access to the laboratory, Wang Yanyi, the WIV director had said: “None of the institute’s scientists contracted the virus, which made it extremely unlikely that the pathogen could have escaped from the facility.” NBC News in its report claimed WIV had been targeted because it was equipped to study the world’s “highest-risk infectious agents and toxins, like the latest coronavirus.” More recently, a GT editorial described President Biden ordering fresh probe as indulging in a bigger gamble against China than even Trump.  “No matter what Biden has in mind, the US government is generally up to something big against China,” the edit said.

As the flip-flop on the “leak theory” in the US continues, the narrative is not only inconclusive but still unfolding. Just as this write-up was near closing, the Financial Times reported researchers in the US fear “decades of fortuitous partnership” between the USA and P R China is under threat, all thanks to Wuhan lab row. “Beginning 2004, the US Centers for Disease Control and Prevention signed an agreement with the Chinese National Influenza Centre to help China improve its analysis of seasonal flu strains.  Scientists are now worried this type of collaboration is under threat, imperiled by mutual suspicions which have been exacerbated by the recent row over whether Covid-19 could have come from a lab leak in Wuhan,” the FT reported. Over the next decade, the US trained nearly 2,500 Chinese scientists and helped open dozens of laboratories in the country, the report added.    

Finally, according to Richard Ebright, “little has changed in terms of scientific evidence since the genome sequence of the virus was first released in January of 2020.” Ebright is one of 21 international scientists who detailed what a full, interdisciplinary investigation in Wuhan should look like in an open letter last March. At the same time, security analysts and think tank scholars in the US believe the new administration is forced to chase “lab leak” theory as “Biden doesn’t want to look ‘weak on China’.” Meanwhile, as China’s media is comparing the lab leak theory with the infamous “washing powder” lie about the WMDs in Iraq, professor Ebright has inadvertently replied to the New Yorker’s demand to find real answers. “The coronavirus origin can be answered through a forensic investigation, not a scientific speculation,” Ebright averred.   

Continue Reading

Americas

Juneteenth and Getting Over Our Systemic Induced Ignorance and Denial

Published

on

Juneteenth Day after generations of struggle for national recognition with local and statewide celebrations for years   here and there,is finally a paid federal holiday as of yesterday. If you are  an African American like me who grew up in the North with second generation or more deep southern born  parents and/ or in majority white communities or in those northern and west coast communities without deep southern African American migrants particularly from Texas, chances are you never heard about Juneteenth day while growing up. And like me you may not have even heard of the day before in much older age ranges unless you happened to be an expert in or well read in African American history, culture, and politics as an African American or Non-African American.And such  African American cultural expertise and literacy is a rarity in a nation which is routinely  ignorant of and has  denied its horrible enslaved African American history systemically ; which means most of we Americans irrespective  of our ancestries have  been victimized by systemic induced ignorance and denial by federal and state governments refusing for generations to tell us a truth which has kept us all degraded and dehumanized by a horrible racialized injustice with we  as a nation has yet to repent of and authentically do systemic penitence about. 

This systemic induced ignorance and denial about African American enslavement has gravely tainted our character as a nation since colonial times and  consistently makes our claims to be a democracy the brunt of cruel jokes globally through the generations.It  has over time constantly played effectively into the hands of our global allies and foes who then justify their own racialized and cultural prejudices and inequalities.

When not denied, the enslavement of African Americans even today has been publicly portrayed by right wing commentators as being not really all that bad or as a gift to Africans to save us through capture and enslavement  from the clutches of what they viewed and still do as the dark continent replete with what their hero formerly in the White House called sh**hole countries.

The seemingly surprising easy Congressional passing of The 2021 Juneteenth National Independence Day Act and its signing by President Biden was not so shocking given the present political climate in a guilt ridden  polarized country with a usual gridlock Congress and a President skilled at plucking off the branch low hanging apples and oranges rather than climbing the full  height of  the  tallest trees to get the even more ripe fruit. The passing and signing of the bill came off the backs of scores if not hundreds and thousands  mostly African Americans advocating for decades indeed generations  for the day to be memorialized as the  enslaved African American  day of independence from slavery already being celebrated around the country and recognized by 47 states though mostly as unpaid holidays. The problem is on the national level fresh from four years of mainstreaming of white nationalism in electoral and judiciary  appointment politics and a hysterical convoluted media about racial issues and in the aftermath of the George Floyd protest we remain  very much a rudderless nation without effective restorative justice leadership to lead us to a more just America including all of us. How can we become more just in more than symbolic ways if we allow ourselves to be subjected to the passing of  civil rights acts like this one which look good and mean good while we remain a nation in which systemic  ignorance and denial of the enslavement of African Americans and their continued enslavement after abolition though under different names and structures such as Jim Crow, chain gangs, cotton tenancy,  community massacres, mass incarceration, human trafficking, defunding public education, perpetual urban and rural poverty, street violent prone  illegal drugs dumping grounds,  loan shark predator communities, ill- health communities,and police brutalized communities with low standards of housing and quality of life services? The tossing of symbolic crumbs of racial justice progress by American governments, businesses, schools, media, faith communities, and nonprofit organizations with no sustainable advances in authentic justice has since the ending of the American Civil War in 1865  been a soroid American public tradition which keeps us twirling in a sewer of societal morass.Consequently , we continue to remain a nation in which we all grow up becoming less than what we all can be collectively and individually because we have buried this horrible crime of humanity which haunts and cripples all of us emotionally, economically, socially,and politically 

 in ways we systemically are induced to deny and ignore.We therefore  don’t have the cognitive and socioemotional tools and skills  to  bring ourselves to admit and authentically reckon with  the horrible blight of African American enslavement through genuine though painful restorative justice practices. Restorative justice practices that is   to regain our humanity through embracing truly the humanity of others we have been taught from the crib to old age are less than human or more than human due to their ancestry dangerously distorted through the myth making of ” race.” 

It is tempting to say as I started to write that well at least The 2021 Juneteenth National Independence Day Act  is a start.But the problem with that almost Freudian slip of a neo- liberal tongue is that we are always saying that about symbols of racial justice in America which usually just stay there ” as a start” which go nowhere except on the resumes of politicians and civil rights leaders while no next steps occur to assure genuine sustaining justice occurs. And when I say justice I mean for everyone since when one population is unfree we are all unfree..when one population becomes freed we all become free.

What this means in regards to The 2021 Juneteenth National Independence Day Act is that the Biden-Harris administration as the next step needs to, through Executive Order, mobilize their cabinet secretaries to do the necessary expedited policy  designs,declarations, and monitorings  to require the agencies and institutions under their jurisdictions with positive incentives to  effective policy implementers such as bonuses and promotions to spread public awareness about the atrocious history of the enslavement of African Americans , their legal abolition and their continued enslavement in these post- emancipation eras.It should be stressed that the enslavement of African Americans , legal emancipation, and the continued impacts of enslavement in its different names and structures is not just an African American experience.African American enslavement was and remains  a tragic societal experience which negatively impacts every American no matter our ancestral origin when it comes to our mental health, interpersonal relationships, our electoral and appointment politics, and the health of our  families,communities, and economies.

So as we move forward with The 2021 Juneteenth National Independence Day Act  let us not just assume it is for Black folks only though we all get the day off with pay irrespective of our ancestries and our care or awareness about the significance of the day.

Let us, we the people, insist to the Biden-Harris administration  as a means of accountability , that we  go beyond mere resume building  political posturing since they took the keys and opened a too long closed door we all need to step in as a nation and do the necessary to wake us all from the slumber of induced ignorance of this filthy little secret  -the enslavement of African Americans as a crime against humanity and its post- legal emancipation continuation  which impacts all of us in need of public exposure and resolution authentically.No  more symbolic resume building crumbs and celebrations which lead us down paths to nowhere except filled bellies and perchance hangovers once a holiday is over only to discover when sober again we are all still dehumanized by our systemic induced ignorance and denial  of a grave centuries long racialized injustice now in need of total exposure and genuine reckoning for now we can and thus we must.

Continue Reading

Publications

Latest

Trending