Summit of the Americas: Biden lashes out against neoliberal recipes before businessmen in the region

The president of United States, Joe Bidenclaimed this Thursday before businessmen from the American continent that it is time to bury neoliberalism and adopt policies that promote better paid jobs.

“We have to update our recipe from my point of view for economic growth. In my opinion, time to bury the trickle down economy”, said the president during an event of the IX Summit of the Americaswhich takes place in Los Angeles.

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The trickle down effect is an economic theory that had a great boost during the Presidency of the American Ronald Reagan (1981-1989), and that proposes reducing taxes on companies and the upper classes to stimulate investment.

Biden defended that “any job can be done paying good wages and respecting the rights of workers”, so that families have greater well-being and thus “everyone wins”, including entrepreneurs.

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Instead, He stated that the neoliberal recipes, which were also criticized at the time by former President Barack Obama (2009-2017), generate “greater inequality, lower growth, less competition and less innovation.”

The mandatary also reiterated his support for the unionization of workerssince more than once he has defined himself as a “pro-union president”.

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Likewise, He claimed to use international financial organizations such as the Inter-American Development Bank (IDB) to combat inequalities in the region.

“For example, we have to make it easier for Latin American and Caribbean countries to develop 5G infrastructure without having to choose between investing in a digital future or investing in renewable energy,” express.

Biden arrived on wednesday The Angels to inaugurate the IX Summit of the Americasthe first to be held in the United States since the initial one, in Miami, in 1994.

The president’s attention is focused this Thursday on the climate crisis, while on Friday he will sign the so-called “Los Angeles Declaration on Migration” with other countries, in which it is expected that there will be concrete commitments to manage migratory flows that could involve Spain and Canada.

Source: Elcomercio

Ronald Payne

I, Ronald Payne, am a journalist and author who dedicated his life to telling the stories that need to be said. I have over 7 years of experience as a reporter and editor, covering everything from politics to business to crime.