President Joe Biden on Wednesday touted his economic agenda amid low polling numbers on his job performance and the direction of the country.
In remarks delivered from Chicago’s Old Post Office building, Biden railed against the economic approach of his predecessor, Donald Trump.
“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 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 continued. “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 legislation he enacted such as the Bipartisan Infrastructure Law to repair and modernize the nation’s roads, bridges, transit systems and high-speed internet.
He took credit for decreasing prices over the last year, saying, “Inflation is less than half of what it was a year ago.” Biden also said that the Inflation Reduction Act that he signed into law has led to lower prescription drug costs.
The president touched on his proposal to overhaul the tax system, saying that he wants to increase rates on the highest earners, which he said would help reduce the federal deficit.
In response to Biden’s speech, Republican National Committee Chairwoman Ronna McDaniel said that the country is “worse off” under the Biden administration.
“Savings, real wages, and economic confidence are all down while prices continue to skyrocket, and hardworking Americans pay the price for failed ‘Bidenomics.’ Voters don’t want Biden to ‘finish the job,’ and will make that clear in 2024,” McDaniel said in a statement.
The president’s plan, which the White House has dubbed “Bidenomics,” aims to “move beyond” the “trickle down” economic theory that it says disproportionately benefits the wealthy and big corporations through tax cuts while reducing investment in priorities such as infrastructure and education, and failing to protect market competition.
Core aspects of “Bidenomics” include targeted public investment to attract more private sector investment in sectors that are central to the country’s long-term economic and national security interests. That includes investments in infrastructure, semiconductors, clean energy and climate security. The White House has cited the Bipartisan Infrastructure Law that the president signed in 2021, billions in private investment commitments since Biden entered office, an increase of inflation-adjusted manufacturing construction spending and the growth of the clean energy workforce last year.
The administration also seeks policies “designed to promote and empower workers,” noting record-low unemployment rates, including for women, minorities and disabled people. And it is touting its investments in apprenticeships and career technical education programs, support for labor unions, and push for free universal preschool and community college.
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