Biden plans ‘Bidenomics’ strategy

President Joe Biden has unveiled his economic plan, dubbed “Bidenomics,” as he prepares for the 2024 presidential election. Speaking in Chicago, Illinois, Biden outlined his proposal, which aims to restore the “American dream” by focusing on bolstering the middle class and countering policies that benefit the wealthy. He criticised the conservative theory of “trickle-down economics” that has influenced US politics for decades, attributing industries moving overseas, reduced public investments, and stifled competition to this approach. Biden contrasted his plan with that of his predecessor, Donald Trump, stating that he aims to grow the economy “from the middle out and the bottom up.”

The president’s speech provided a glimpse into his upcoming re-election campaign, but Biden faces challenges in winning public support for his economic leadership. Recent polls indicate lagging approval of his approach, with only one in three US adults expressing approval, according to an Associated Press-NORC Center for Public Affairs Research survey. The White House has sought to address concerns about the volatile economy in the aftermath of the COVID-19 pandemic, with monthly job creation exceeding expectations but inflation remaining high.

“Bidenomics” appears to be an effort to unify Biden’s legislative victories into a coherent ideology focused on middle-class gains. Some foreign policy analysts have also noted similarities between Biden’s policies and a repackaged version of Trump’s “America First” approach, prioritising domestic investment over international engagement. The White House identified three pillars of “Bidenomics”: making smart public investments, empowering and educating workers, and promoting competition to lower costs and support entrepreneurs and small businesses.

Republicans were quick to criticise Biden’s economic approach, with House Speaker Kevin McCarthy characterising it as blind faith in government spending and regulation. Trump’s campaign also sent out an email during Biden’s speech, claiming that his economic plan would lead to high taxes, regulations, inflation, and soaring energy costs. The administration has embraced the label “Bidenomics,” despite its origins in critical coverage of Biden’s policies. White House Press Secretary Karine Jean-Pierre defended the term, considering it clever and catchy.