For radical economic change, I'm liking Biden vanquishing Reagan Trickle down economics with Fire House economics. Heather Cox Richardson documents the hope that is sweeping the nation:

“In a speech yesterday in Northfield, Minnesota, President Joe Biden explained his economic vision to rural Americans. “Over the past 40 years or so, we’ve had a practice in America—an economic practice called trickle-down economics, and it hit rural America especially hard,” he said. “It hollowed out Main Street, telling farmers the only path to success was to get big or get out.”

At the same time, he said, “[t]ax cuts for big corporations encouraged companies to grow bigger and bigger, move jobs and production overseas for cheaper labor, and undercut local small businesses. Meat-producing companies and the retail grocery chains consolidated, leaving farmers [and] ranchers with few choices about where to sell their products, reducing their bargaining power. Corporations that sell seed, fertilizer, and even farm equipment used their outsized market power to change farmers and charge them and ranchers unfair prices.”

Biden noted that the U.S. has lost more than 400,000 family farms in the past 40 years, an area of more than 140 million acres of farmland, equivalent to an area the size of Minnesota, North Dakota, and South Dakota combined. Family farms have failed, and as they did so, small businesses, hospitals, schools, and communities also suffered.

Young people feel they have no choice but to leave home “in search of good-paying jobs and a chance at the American Dream.”

Biden explained that his plan to invest in America would create new and better markets and new income streams to help rural areas thrive. He noted that $20 billion of the Inflation Reduction Act will go to helping farmers and ranchers adjust to climate change by changing cover crops and managing nutrients and grazing, while urging farmers to diversify from single crops and sell in local markets.

Biden emphasized that the administration is promoting competition in agricultural markets, noting that currently just four big corporations control more than half the market in beef, pork, and poultry. If just one of their processing plants goes offline, it can cause massive supply chain disruptions (as the closing of a baby formula plant did in 2022). “[T]here’s something wrong,” he said, “when just 7% of the American farms get nearly 90% of the farm income.”

In addition to the existing national investments in power grids and broadband that will help rural communities, Biden announced $1 billion to fix aging rural infrastructure systems like electricity, water, and waste water systems that haven’t been updated in decades; $2 billion to help farmers fight climate change; $145 million for clean energy technologies like solar panels that will help lower electric bills; and $274 million for rural high-speed internet expansion.

The administration’s vision for rural America appears to be part of a larger vision for restoring competition to the U.S. economy and thus is closely tied to the administration’s push to break up monopolies. In July 2021, Biden promised to interpret antitrust laws in the way they had been understood traditionally, not as the U.S. government began to interpret them in the 1980s. Then, following the argument advanced by the solicitor general of the United States at the time, Robert Bork, the government concluded that economic consolidation was fine so long as it promoted economic efficiencies that, at least in the short term, cut costs for consumers.

Biden vowed to return to the traditional understanding of antitrust principles championed by presidents all the way back to Theodore Roosevelt at the turn of the last century, arguing that protecting economic competition protects workers, promotes innovation, and keeps consumer prices down. To that, the coronavirus pandemic added an awareness of the need to protect supply chains.

“Bidenomics is just another way of saying ‘the American Dream,’” Biden said. “Forty years ago, trickle-down economics limited the dream to those at the top. But I believe every American willing to work hard should be able to get a job, no matter where they live—in the heartland, in small towns—to raise their kids on a good paycheck and keep their roots where they grew up.”