President Joe Biden is on a mission to sell his economic vision to the American people, a vision he calls “Bidenomics.”
Biden and White House officials are in the midst of an “Investing In America” tour, a 60-stop, 30-state romp through America to highlight how his policies are creating jobs, boosting growth and tackling inflation.
“Under my plan, under Bidenomics, we’re creating jobs at home and exporting products abroad. Union jobs!” Biden said at a rally in Philadelphia last weekend. He also noted how Bidenomics is replacing the theory of “trickle down” economics with a more inclusive and sustainable approach.
“We can’t go back to an economy where we just hope everything trickles down from Wall Street and the wealthiest few. We need an economy that grows from the bottom up and the middle out,” he said.
Biden has some evidence to back up his claims. According to a White House deck on Bidenomics, inflation has more than halved since last year, the labor market is historically strong, especially for African Americans and Latinos, and the American economy is recovering since the pandemic better than most other countries.
Morgan Stanley recently credited Bidenomics for a surprising economic growth that forced the bank to re-evaluate its GDP forecasts. And Yale Professor Jeffrey Sonnenfeld praised Biden’s policies as the most successful intervention since the New Deal.
“The Biden administration has been more successfully, economically interventionist since the New Deal,” Sonnenfeld told MSNBC’s Lawrence O’Donnell. He also dismissed the cynicism and pessimism from the GOP and some pollsters, saying that “the facts are uniformly positive.”
But not everyone is convinced by Bidenomics. Despite some positive economic indicators, Americans continue to have a negative outlook on the economy, according to the latest Gallup and Pew Research polls. Inflation remains the biggest concern for many Americans, especially low-income and middle-class households.
Critics of Bidenomics argue that it is nothing but a marketing term for the same old program of big spending, big regulations and big cronyism, which will lead to higher taxes, more debt and slower growth in the long run.
“Bidenomics is just a marketing term for what Democrats have been doing for decades: spending money we don’t have on things we don’t need,” David Boaz, executive vice president of the Cato Institute, wrote in The New American.
Biden said in a Chicago speech that it will take time for Americans to see the effects of his policies, and that he is not here to declare victory on the economy. He also defended his infrastructure plan and his proposals to expand child care, education and health care.
“These are generational investments,” he said. “They’re going to make sure America competes with China and every other major country in the world.”
But with a divided Congress and a looming midterm election, Biden faces an uphill battle to pass his ambitious agenda. Whether Bidenomics will deliver on its promises or fall short of its expectations remains to be seen.
– Yale Business Guru Gushes to MSNBC: Bidenomics Most Successful Intervention Since FDR’s New Deal, Mediaite, July 27, 2023
– Why ‘Bidenomics’ Vs. ‘Bidenflation’ Is A Battle For Voters And Markets, Forbes, July 25, 2023
– ‘Bidenomics’ Is a Marketing Term, The New American, July 24, 2023
– Touting ‘Bidenomics’, president says his policies worked. Did they?, USA Today, June 28, 2023