5 Ways Biden’s Economic Policies Could Be Good for Republicans’ Wallets, Too
Written by
Sean Bryant
Edited by
Joe Evans
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you’re a Republican, you may not be a big fan of President Biden. However, there are a few ways that Biden’s economic and fiscal policy proposals could be good for your wallet.
Keep reading as we look at five ways that Biden’s economic policies in a potential second term could be good for Republicans as well.
Job Creation
As of January 2024, the U.S. unemployment rate was 3.7%. Except for a few instances when it dropped to 3.5%, that’s the lowest since the early 1950s. The Biden administration has done a lot to help the country recover from the record-high employment we saw during the COVID pandemic. Plus, his second-term plans involve more job creation.
For example, the Bipartisan Infrastructure Investment and Jobs Act is a $2 trillion bill passed by Congress and signed by Biden in November 2021. It designates $1.2 trillion for investment in repairing and rebuilding roads, bridges and rail lines, as well as providing clean drinking water and high-speed internet access. The White House said the law would create 1.5 million jobs per year for a decade.
“The Bipartisan Infrastructure Law, a key component of Bidenomics, emphasizes significant investments in American infrastructure,” said Olivia Tian, a business owner who founded Raise3D. “This policy could certainly appeal to Republicans who value job creation and economic growth stimulated by robust infrastructure development. By focusing on repairing and building roads, bridges, and rail lines, this initiative aligns with traditional Republican themes of investing in national infrastructure for the benefit of businesses and communities alike. Supporting such projects may lead to job opportunities, especially in industries related to construction and manufacturing.”
Cheaper Medical Costs
Under the current Biden administration, regulations were changed to allow hearing aids to be sold over the counter instead of via prescription. For those who need to purchase hearing aids out of pocket, especially those with Medicare Parts A and B which typically don’t cover the purchase, will save a lot of money.
President Biden also supported efforts to lower prescription drug costs by allowing Medicare to negotiate lower prices. This effort will save taxpayers $160 billion across 10 years.
Cheaper Education Costs
Biden aims to invest in registered apprenticeships and career technical education programs at a higher rate than any prior administration. He also wants free community college tuition. If you want higher education or technical training to achieve a certain career or change careers, these moves could save you significant money.
Universal Pre-Kindergarten Will Save Parents Money
Free universal pre-kindergarten has long been a priority for Biden. Although Biden has failed to push pre-kindergarten programs through Capitol Hill, he’ll likely try again if elected for a second term. Free universal pre-kindergarten would save parents hundreds or thousands of dollars. It also would allow stay-at-home parents to return to the workforce earlier if they want, helping their career growth.
Currently, some states offer free state-funded pre-kindergarten using a first-come, first-serve or lottery system. However, this is not a country-wide standard, and many families must fund the pre-kindergarten program themselves.
Reduced Taxes for Families With Children
One of President Biden’s initiatives is reducing taxes for families with children. Currently, the Child Tax Credit is under review in Congress. The Tax Relief for American Families and Workers Act of 2024 would overhaul the child tax benefit since the previous Child Tax Credit expired two years ago.
Expanding the Child Tax Credit would make it easier for more families to qualify. Plus, the refundable portion of the credit would gradually increase over the first couple of years. Adjustments also would be made to create a fairer system for families with more children. You also could choose your current or previous years’ income to determine credit eligibility.
However, one of the most positive pieces of the bill would make it so the credit would automatically be adjusted each year for inflation. With so many families currently struggling with higher prices, this could provide some relief moving forward.
“While Bidenomics includes proposals to increase taxes on wealthy individuals and large corporations, it also aims to reduce taxes for middle-class workers and families,” Tian said. “I believe this approach aligns with certain Republican principles of tax relief and reducing the burden on everyday Americans. This policy seeks to strike a balance between addressing economic inequality and supporting the financial well-being of the middle class.”
More From GOBankingRates
