Yellen Advocates for Biden’s Economic Plan in Beijing, Resulting in Mockery of America
Consider a scenario where your family refuses to eat your cooking because they find it revolting. In response, you decide to take a plate of your food to your neighbor’s house.
This is exactly what the Biden administration is doing with its economic policies.
It’s no secret that Americans are tired of Bidenomics. A recent Economist/YouGov survey revealed that 29% of voters are more concerned about the economy and inflation than any other issue. Only a small percentage of key Biden voters feel they are better off financially than they were a year ago.
The verdict is clear: Voters are not happy with Joe’s economic strategy.
Instead of reflecting on these numbers, Treasury Secretary Janet Yellen found herself in China offering economic advice that was not well-received.
Despite the warm reception Yellen received in China, both the Chinese and Americans viewed her visit as a failure.
Looking deeper, it’s evident why. China’s trade strategies, while controversial, have been successful for the country. The influx of Chinese electric vehicles and other products in the global market is a testament to this success.
Yellen’s advice to the Chinese to embrace Bidenomics was met with skepticism. China’s economic growth and low inflation rates contrast sharply with the current economic situation in America and Europe.
Attempting to persuade the Chinese to adopt Biden’s economic policies, including stimulus checks, seems out of touch with the reality on the ground.
The push for the Chinese to embrace American economic strategies represents a shift from the Washington Consensus era, where free-market principles were promoted globally.
It’s clear that the US is now focused on reducing its dependence on Chinese imports and bringing jobs back to American soil. However, attempting to sell questionable economic policies abroad is not the most effective approach.
While some may argue for protecting Western industries from Chinese competition, a more sustainable solution would involve revitalizing competitive industries in Western countries.
Importing Bidenomics to Beijing is unlikely to find traction with the Chinese, who are unlikely to embrace policies that have led to economic turmoil in America.
Ultimately, promoting the same economic policies that have caused challenges for the average American on the world stage is not a prudent strategy. Policymakers should consider more effective ways to address economic challenges and promote sustainable growth.
Philip Pilkington is a macroeconomist and investment professional.
