President Biden told business leaders of the Western Hemisphere Thursday that conservative “trickle-down” economic policies are a failure, as he called for more spending by governments and businesses despite high inflation and other headwinds.
“It’s time to put a nail in the coffin, in my view, of trickle-down economics. It doesn’t work,” Mr. Biden said at the Summit of the Americas in Los Angeles.
The policy of tax cuts for wealthier individuals and corporations, combined with lower regulation, produced a booming economy during the Trump administration prior to the COVID-19 pandemic. Mr. Biden wants to raise taxes and spend trillions more on infrastructure and safety net programs, even as inflation has climbed to a 40-year high in the U.