President Biden delivers remarks on the economy Wednesday at the Old Post Office in Chicago (Evan Vucci / Associated Press)
President Biden launched a new push Wednesday to sell his economic agenda and convince skeptical voters that the economy is thriving under his oversight, sending a message White House officials see as crucial to his 2024 election prospects.
Speaking in the cavernous lobby of the Old Post Office in downtown Chicago, the President laid out his vision for “bidenomics,” a catch-all term for his strategy to strengthen the middle class through federal investment and encourage competition to drive down costs working families.
He tried to compare his plan to the trickle-down economics of his predecessor and potential 2024 adversary, former President Trump. The trickle-down theory, popularized by former President Reagan, focused on tax cuts and relaxation of regulations.
“This vision is a fundamental break with the economic theory that has failed America’s middle class for decades. It’s called trickle-down economics,” he said in a major speech announced by the White House. “It has failed America, it has pushed up the deficit and increased inequality. It has weakened our infrastructure.”
The comments were part of a broader effort by the White House to portray Biden as the architect of an economy that has defied expectations of a recession and continues to boast a resilient labor market. The latest economic numbers give the White House plenty to brag about. Unemployment remains at 3.7%, while inflation has fallen to 4% from a peak of 9.1% in June last year. But fears of a looming recession linger as prices have slowed their decline from previous highs.
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Last week, the Federal Reserve paused its rate hike streak for the first time in its 18-month campaign to contain inflation. But on Wednesday, Federal Reserve Chair Jerome Powell warned that the aggressive campaign would continue due to a strong job market.
“More restrictions are coming,” Powell said during a monetary policy forum in Sintra, Portugal.
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White House officials complain that the economic recovery under his leadership is not credited to the president. Biden’s handling of the economy has been a persistent thorn in his side since inflation hit a 40-year high last summer.
Just 34% of US adults agree with his handling of the economy, according to a poll by the Associated Press and NORC Center for Public Affairs Research released Wednesday. Similarly, a CBS News poll released in June found that just 36% approve of Biden’s handling of the economy, while 64% disagree.
The president has repeatedly blamed soaring food and gas prices on the COVID-19 pandemic and the war in Ukraine, but Republicans argue that Biden’s government spending has fueled the record-high inflation that has bogged Americans down for the past two years .
“I’m not here to proclaim victory for business. I’m here to say we have a plan that will turn things around incredibly quickly,” Biden said in his speech Wednesday. “We still have more work to do.”
On Monday, senior White House advisers Anita Dunn and Mike Donilon released a four-page memo outlining the president’s economic approach to building a “bottom-up, middle-out” economy. They declared Biden’s quest to end the trickle-down era as “the crucial project of the Biden presidency.”
During his Chicago speech, Biden attempted to explain his economic vision, arguing that it was rooted in “investing in Americans, because when we invest in our people, we strengthen the middle class. We see the economy growing. That benefits all Americans.”
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Biden’s speech followed a White House event Monday where he highlighted the more than $42 billion made available to states through the bipartisan infrastructure bill he advocates for high-speed internet projects. California received nearly $1.9 billion under the program.
The White House is deploying its top officials across the country to promote bidenomics and take advantage of the sweeping economic laws enacted since Biden took office, including the $1 trillion infrastructure bill, $52.7 billion to promote the domestic semiconductor production and the President-signed Climate Protection Act Drug Pricing Act to promote clean energy projects.
Although Biden’s speech was an official event, it was difficult to ignore politics. Following the speech, Biden attended a campaign fundraiser hosted by Illinois Gov. JB Pritzker at the JW Marriott Hotel. The minimum donation was $3,300, while a picture featuring the President was priced at $25,000.
“Guys, I’m actually looking forward to this campaign,” Biden said of donors. “And do you know why? Because we actually have a story to tell.”
According to Doug Sosnik, former longtime senior adviser to President Clinton, the fate of a presidential re-election typically depends on economic conditions, leaving Biden with no choice but to run as usual.
Biden’s vigorous acknowledgment of his economic record signals the White House is confident Americans will soon see the impact of his efforts.
“There is enough time for the public to feel the impact of his performances,” said Sosnik. “He just has to stick with a sharp and repetitive message.”
This story originally appeared in the Los Angeles Times.
