Biden extols economic progress in Chicago speech, again criticizing "loopholes for crypto traders" in U.S. tax code


29 Jun 2023 3:45 PM

'Bidenomics' was framed as conducive to strong economic growth, but the President's speech received strong pushback from Republicans....

  • President Joe Biden discussed his economic vision for America, known as "Bidenomics," during a speech in Chicago.
  • He criticized the trickle-down approach and emphasized building the economy from the middle out and bottom up.
  • Biden highlighted achievements such as reducing the deficit by $1.7 trillion and creating 13.4 million new jobs.
  • He mentioned closing loopholes for crypto traders, hedge fund managers, and "big oil" to make the tax system fairer.
  • The proposed Digital Asset Mining Energy tax, which aimed to charge a 30% rate on energy costs for cryptocurrency miners, was not included in the latest bill.
  • Critics, including U.S. Representative Marjorie Taylor Greene and House Speaker Kevin McCarthy, expressed concerns about Bidenomics, citing increased debt, higher prices, and job layoffs.

The sentiment in the article is mixed. President Biden's economic vision is presented positively, highlighting achievements and efforts to make the tax system fairer. However, critics express concerns about the impact of Bidenomics, referring to it as an economic disaster.

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