Analysis: why the president wants to build the US economy from the middle and bottom, not top down
Cut taxes on the rich. Unleash a wave of entrepreneurship. Growth will pick up and more jobs will be created. Everybody benefits. That, in essence, is trickle down – a theory of economics that Joe Biden wants to consign to the dustbin of history.
The US president was a young politician when the idea that cutting taxes on the well-off would be good for the poor first came into vogue in the 1970s. Now he has used his first address to a joint session of Congress to call on the US’s top 1% to pay for his $1.8tn (£1.3tn) American families plan – higher spending in areas such as education, childcare and infrastructure.
