White House officials have been preparing a more comprehensive economic messaging push for months and the decision to launch now reflects the White House’s settled confidence that the economy’s positive trajectory is sustainable. “It makes it awful hard to demagogue something when it’s working.” “I think we’re going to help lessen the division in this country by bringing us back together,” he said. Those items are opposed by many Republicans, but Biden said his agenda could unify Americans. Throughout his speech, Biden took aim at his predecessor for failing to accomplish what he’d promised, including improving the nation’s infrastructure.Īnd he vowed to continue pressing for tax increases on the wealthy and expanding childcare and education access, both items he’s unsuccessfully sought during his first term.
It failed America, blew up the deficit, increased inequity and weakened our infrastructure,” he said. “Folks, let me say as clearly as I can, the trickle-down approach failed the middle class. I now claim it.”Īhead of the speech, aides described the address as an opportunity for Biden to lay out his economic vision for the future while also articulating how he believes his economic policies have delivered so far.īut it was also an opportunity for Biden to explain what his economic policy was not. “I didn’t come up with a name,” he said, crediting the news media for inventing the term Bidenomics. “I came into office determined to change the economic direction of this country, to move from trickle-down economics,” Biden said at the Old Chicago Main Post Office. “Bidenomics” was at the heart of a major economic speech the president delivered Wednesday in Chicago, where he ticked through positive economic indicators and outlined a vision of economic revival. Searching for a solution to Americans’ negative perception of the economy and a vehicle to take credit for an economy that is increasingly trending in the right direction – all as Biden’s reelection campaign gets underway – the White House is embracing the term. There’s just one problem: most Americans are convinced the economy is in bad shape, and they blame the president. And a growing number of economists are beginning to agree. They are increasingly confident the economy is heading for a soft-landing, averting a recession. President Joe Biden’s top economic advisers believe the worst effects of inflation are in the rear-view mirror.
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