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President Joe Biden on Wednesday showcased his economic agenda in a speech in Chicago, addressing concerns about his approval ratings and the country’s direction.
Biden criticized his predecessor, Donald Trump, and his economic approach, stating that trickle-down economics had failed the middle class and the nation as a whole.
“The trickle-down approach failed the middle class. It failed America,” Biden said. “I knew we couldn’t go back to the same failed policies when I ran. So I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone at [The] Wall Street Journal and Financial Times began to call ‘Bidenomics.'”
“Guess what? Bidenomics is working. When I took office the pandemic was raging and our economy was reeling,” he said. “Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic — the highest in the world.”
The President highlighted the Bipartisan Infrastructure Law as one of the significant legislative achievements of his administration. This law aims to revamp and update the country’s transportation systems, including roads, bridges, transit, and high-speed internet.
Biden also took credit for reducing prices and inflation, mentioning that inflation is now less than half of what it was a year ago. He attributed this progress to the Inflation Reduction Act, which he signed into law, leading to lower prescription drug costs.
Furthermore, Biden mentioned his proposal to overhaul the tax system, specifically targeting higher earners to help reduce the federal deficit.
In response to Biden’s speech, Ronna McDaniel, Chairwoman of the Republican National Committee, expressed the belief that the country is worse off under the Biden administration. McDaniel highlighted concerns such as decreased savings, real wages, and economic confidence, along with rising prices. She stated that voters would express their dissatisfaction in the upcoming 2024 elections.
“Bidenomics” is the term used to describe President Biden’s economic plan, which aims to move away from the “trickle-down” economic theory. This theory is criticized for favoring the wealthy and large corporations through tax cuts while neglecting infrastructure, education, and market competition. Key aspects of Bidenomics include targeted public investment to attract private-sector investment in sectors essential for long-term economic and national security interests, such as infrastructure, semiconductors, clean energy, and climate security.
The White House has emphasized its commitment to promoting and empowering workers, with record low unemployment rates for various groups. The administration supports apprenticeships, career technical education programs, labor unions, and initiatives like free universal preschool and community college.
The White House has criticized congressional Republicans for an economic approach that it believes would harm working families. Bidenomics, on the other hand, focuses on making smart investments in the American people while ensuring the wealthy and large corporations pay their fair share in taxes, closing tax loopholes, and reducing spending on special interests.
In an interview, Lael Brainard, the National Economic Council director, explained that Biden’s policy decisions are driven by his middle-class background and concern for families facing economic challenges. Brainard noted that Biden’s own experiences in towns affected by job losses highlighted the ineffectiveness of tax cuts for corporations in preserving jobs and stimulating local economies.
Despite Biden’s low approval ratings, the administration points to positive developments in the economy, including increased consumer confidence and job creation. The President’s economic policies have resulted in the creation of 13 million jobs and the longest stretch of unemployment below 4% in 50 years.
Recent polling data shows that only 20% of Americans believe the country is on the right track, while 74% believe it is headed in the wrong direction. However, the administration asserts that people are starting to feel the positive impact of their economic initiatives, which is reflected in improved consumer confidence and personal financial circumstances.
