There is a strong economic reason to reinforce the idea of democracy, as well. After forty years in which a minority worked to push tax cuts and deregulation with the argument that they would promote investment in the economy, the Biden administration quite deliberately has used the government not to prop up the “supply side,” but rather to bolster the “demand side.” Despite the history that showed such a system worked, economists and pundits warned that Biden’s policies would dump the U.S. into a terrible recession.
The 2023 numbers are in, and they show exactly what the U.S. Treasury under Treasury Secretary Janet Yellen predicted: inflation has dropped significantly, unemployment is at a low 3.7%, the economy grew at an astonishing 4.9% in the last quarter, and the stock and financial markets are at or near all-time highs.
The economic news is tangible proof that a government that serves the majority, rather than a wealthy few, works.