Tuesday, February 23, 2021

“Joe Biden’s America is preparing to defend its rank as the world’s leading economic power”


Tribune. “The time has come to think big”. On February 12, during an exchange with her G7 partners, United States Secretary of the Treasury Janet Yellen pleaded in favor of a coordinated economic recovery, while stressing the need for a return multilateralism. She also declared: “We place a high priority on deepening our international engagement and strengthening our alliances. “

For several months, Washington has in fact demonstrated its intention to massively support its growth over the next few years. A decision that can be observed both by the change in monetary policy strategy unveiled on August 27, 2020, as by the asserted political will to support the country’s economy through the budget for record amounts.

Maximum growth

After the $ 2.2 trillion Cares Act [environ 1815 milliards d’euros] March 2020, its complement of 900 billion voted at the end of December, the new American administration is preparing to negotiate a program amounting to 1.9 billion dollars, pending additional support. to the development of American infrastructures. Clearly, the United States wants to put an end to a level of growth that is currently considered suboptimal.

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Thus, after several decades of disappointment, growing inequalities, stagnating wages, unemployment that is too high, the United States is changing its economic orientation with a view to maximum growth. But this crisis exit strategy also reveals a geopolitical concern.

Indeed, while the Global Times – attached to the Chinese Communist Party – announced on January 29 that the Chinese gross domestic product (GDP) will be able to exceed that of the United States before the year 2030 – making the country the first power world economy – Joe Biden said in a speech on February 4 that“No country on this planet – no more China than any other country – can match us” if the evils that plague the country were to be corrected.

Read also United States: Joe Biden unveiled a stimulus package of 1.9 trillion dollars

This juxtaposition of internal and external interests is not veiled by Joe Biden, who continues: “There will no longer be a border between foreign policy and domestic policy. Every action we take in our conduct overseas we must do with the working families of America in mind. Promoting a foreign policy in favor of the middle class requires an urgent focus on our domestic economy, our economic renewal. “

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