President Joe Biden highlighted the achievements he attributes to his economic policy, which he called “Bidenomics” (bidenomics, in Spanish), in a major speech in Chicago on Wednesday, by making the economy the center of his electoral campaign for the 2024 election.
“Grow the economy from the middle out and from the bottom up, not the top down,” is the motto of Biden, who outlined his vision to improve the lives of the working class with support for unions and taxes on the rich, building on the gains made since he took office.
Biden chose to deliver a message he has reiterated before, with a fresh take ahead of the 2024 election, to convince the public that the president’s economic policies have helped the country recover from the Covid pandemic and continue to grow.
The task is not easy, since only a third of Americans believe that he is doing a good job with the economy and his approval ratings are at 43%, according to Gallup.
Biden chose the old Chicago Post Office as the setting for his big speech: a high-ceilinged space with marble walls, decorated with huge American flags and large blue signs with the word “Bidenomics” decorating the stage.
In front of an audience of 200 people, the president took the podium to define this new idea of ”Bidenomics.”
“Bidenomics is about the future. “Bidenomics” is another way of saying that we are going to restore the American dream,” said the president, adding that although economists are the ones who invented that term, he has now appropriated it because: “‘Bidenomics’ is working.”
Under that term of “Bidenomics”, the White House has included a large number of ideas, from infrastructure investments to tax incentives to revive the manufacturing sector in the US to more populist policies, such as ending hidden commissions. charged by airlines, banks and other sectors.
According to the White House, “Bidenomics” represents a fundamental break with the economic theory of “Reaganomics” (reaganomy, in Spanish), the neoliberal economic vision promoted by former President Ronald Reagan (1981-1989) to promote free markets and reduce taxes. .
Although this neoliberal vision is associated with Reagan, Biden linked it directly to former President Donald Trump (2017-2021), whom he did not call by name and referred to only as his “predecessor.”
Indirectly, Biden criticized Trump, with whom he could face again in the 2024 elections, for the policies he implemented to benefit the richest in America, while appealing to the disenchantment of the working class with globalization.
“This is the moment. American families are finally going to get relief,” Biden said.
President Biden pledged to move forward some of the biggest social reforms he championed during his campaign for the 2020 elections and that they got stuck because the Democrats do not have enough votes to pass them in Congress.
Biden, in fact, used his speech to make it clear that he intends to keep fighting for higher taxes for the rich and a major reform that allows children between the ages of three and five to access free educationin addition to lowering the high costs that Americans pay for university.
With Biden’s arrival at the White House in January 2021, the US economy recovered after the drop in GDP during the pandemic and unemployment rates fell to 3.7% last May.
Biden takes credit for the 13 million jobs that have been created since he took office and the long period of a near-historically low unemployment rate, as well as the historically low unemployment rates among African-Americans, Hispanic-Americans, and people with disabilities.
However, the economy has shown its worst facet with inflation, which rose to all-time highs in 40 years, reaching 9.1% in June 2022, although it has been receding and stood at 4% in May.
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Source: La Opinion