Biden pitches ‘Bidenomics’ as antidote to failed trickle-down policies

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Joe Biden defended his economic record, saying in a speech that trillions of dollars of government investment under his watch would restore the “American dream” after decades of failed “trickle-down” politics.

Speaking at Chicago’s Old Post Office on Wednesday, the US president said the sweeping legislation he advocated to channel federal money into clean energy, infrastructure and home manufacturing is increasingly producing tangible results for ordinary households. And is giving the country an edge at the international level.

“I am not here to declare victory over the economy. I’m here to say that we have a plan that is turning things around incredibly fast,” Biden told the audience.

As he heads into an uphill re-election battle next year, Biden is battling dire polling numbers that show a majority of Americans disapprove of his handling of the economy.

But he said the economic results were clearly strong.
“Today, US economic growth has been the highest among the world’s leading economies since the pandemic. We’ve added over 13 million jobs. More jobs have been added in two years than any president has added in four years in office.” “And folks, that’s no accident. That’s ‘Bidenomics’ in action.”

Biden spoke to a crowd including Democratic Governor JB Pritzker of Illinois and Democratic Mayor Brandon Johnson of Chicago, in front of large signs lauding Bidennomics, a term the White House recently adopted.

“I didn’t come up with the name. , , But now I claim it,” Biden said.

The president has repeatedly criticized the “trickle-down” economic policies adopted by Republicans since Ronald Reagan was in office, based on low taxes, deregulation and unfettered free trade, and said that his model would dramatically change the economy. was different

“Bidenomics is about the future. Bidenomics is another way of saying restore the American dream as it used to work,” he said. “It lies in what we’ve always done best in this country: invest in America, invest in Americans, because when we invest in our people, we strengthen the middle class.”

The biggest economic problem for Biden since taking office has been inflation, which hit its highest level in four decades last year before easing. For many voters, this is the most devastating legacy of his economic approach.

But Biden insisted that some progress had been made. “Bringing down inflation remains one of my top priorities today. Inflation is less than half of what it was a year ago.”

In the room, the reaction was overwhelmingly positive. “I always thought trickle-down economics made no sense,” said Jennifer Aguilar, executive director of the Little Village Chamber of Commerce, a neighborhood business group in Chicago. “As the president said, we’re waiting for that money to reach the middle class.”

“It’s great that we’re starting in the middle,” he said, with the president’s plan.

Two Democratic volunteers, Sharad Kumar and Alka Maheshwari, who were there with their four-month-old daughter, said they bought a Tesla Model 3 in 2021, then used a $7,500 tax credit to buy a Ford Mustang Mach-E last year. used. and an additional tax credit for installing solar panels on their home. The tax rebates were part of the Inflation Reduction Act, Biden’s signature climate and industrial policy legislation.

Kumar said he had written to the White House in February thanking the president for his support of electric vehicles and green energy policies, after which he was invited to speak. Biden’s economic policies are having an effect, he said, even if not all voters have noticed it.

“The Ford we wouldn’t be able to buy without the IRA tax credit,” he said.

Jayne Velinga, executive director of Chicago Women in Trades, an advocate for more women in construction, said her organization more than doubled the number of women in construction jobs or apprenticeship programs in the first six months of the year compared to last year. . , He said this growth came from public investment in infrastructure, which is driving demand for construction, as well as a greater government focus on equity.

“This huge investment in public spending and the emphasis the agencies are placing on equity makes this a once-in-a-lifetime opportunity to advance women in the construction sector,” she said.