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Path from Clinton to Biden takes U-turn on debt, trade, more

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www.clickorlando.com

WASHINGTON – When Bill Clinton spoke of how to build a bridge to the 21st century, it was to be constructed with balanced budgets, welfare recipients who found jobs and expanded global trade.

Three decades later, President Joe Biden is dealing with harsh 21st century realities and his approach has been the exact opposite: Borrow to spur growth, offer government aid without mandating work and bring global supply chains back to the United States.

This change in Democratic policy reflects the unique crises caused by the pandemic, as well as decades-old trends such as the rise of economic inequality, the downward slope of interest rates that made borrowing easier and globalization’s pitfalls as factories departed the Midwest.

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