President Joe Biden hit the road for a national campaign to sell his sweeping economic plan, which he is calling “Bidenomics.”
Biden claims the media came up with the term that describes his vision for the nation’s economy, but he has embraced it.
@yahoonews President Biden bashed trickle-down economics, which was part of former President Ronald Reagan’s agenda, as he pushed to restore the American dream under Bidenomics. Biden’s assurance that the economy is thriving follows results from a new AP-NORC poll that found just 34% of U.S. adults approve of his economic leadership. #news #economy #tiktokpolitics #Democrat #Republican #biden #yahoonews
“I didn’t come up with a name. I really didn’t. I now claim it,” Biden said while giving a speech in Chicago on Wednesday.
The last time a portmanteau of a president’s name and his economic policy was in vogue was in the 1980s with former President Ronald Reagan’s “Reaganomics,” a supply-side strategy of lowering taxes, decreasing regulation, and promoting free trade, which became the calling card of the Republican economic platform for decades.
“We decided to replace this theory [of trickle-down economics] with what the press has now called ‘Bidenomics,'” Biden said at a union rally in Philadelphia in June, CNN reported. “I don’t know what the hell that is. But it’s working.”
The Wall Street Journal reported that the difficulty for Biden is that his economic plan for the future (updating the country’s infrastructure in a bid to accelerate a transition to renewable energy) is outweighed by the impact of the $1.9 trillion American Rescue Plan.
It was one of the largest emergency infusions of taxpayer money into the economy in the nation’s history, and it is widely credited and blamed for contributing to the highest inflation rate since the 1980s and an overheated job market.
A defining feature of Bidenomics is a much more federally-directed — or centrally-planned — economy. Examples of this policy are the massive incentives for renewable energy and electric vehicles that have reshaped both industries, according to WSJ.
Biden has touted low unemployment rates under “Bidenomics.” A White House statement released Wednesday said, “[U]nder Bidenomics, the unemployment rate fell below 4% four years before expectations and has stayed there for the past 18 months.”
The inflationary effect of Biden’s rescue package that was enacted to combat the economic downturn caused by the COVID-19 pandemic has not waned enough for voters to notice the future policies Bidenomics is trying to sell, according to WSJ.
Not all economists agree on how much Biden’s stimulus contributed to the coupling of inflation with a tight labor market. But in an indication of how severely inflation is perceived, the outlet noted that an Associated Press/NORC poll in May found that twice as many voters had a negative view of Biden’s handling of the economy than those who approved.
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