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 huge lobby of the Old Post Office in downtown Chicago, the President laid out his vision for “bidenomics,” a catch-all for his strategy to invest in empowering the middle class and encourage competition to lower the cost of… reducing working families.
He tried to compare his plan to the trickle-down economics of his predecessor and potential Republican opponent for 2024, former President Trump. The trickle-down theory, popularized by former President Reagan, focuses 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. … 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.”
His 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 job 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 slow 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 Fed Chair Jerome H. Powell warned that the aggressive campaign would continue due to a strong job market.
“More restrictions are coming,” he told a monetary policy forum in Sintra, Portugal.
Government officials complain that the economic recovery under his leadership is not attributed 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.
The story goes on
Just 34% of US adults approve of his handling of the economy, according to a poll by the Associated Press and NORC Center for Public Affairs Research released Wednesday. Similarly, the CBS News poll released this month found that just 36% approve of Biden’s handling of the economy.
The president blames the COVID-19 pandemic and the war in Ukraine for soaring food and gas prices, but Republicans argue it’s his government spending that has fueled the record-high inflation Americans have been feeling over the past two years stuck for 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 approach to building an economy “from the bottom up and from the middle out.” They declared Biden’s quest to end the era of the trickle-down economy as the “defining project of the Biden presidency.”
During his Chicago speech, Biden attempted to explain his economic vision, saying 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 that 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
These include the $1 trillion Infrastructure Act, the $52.7 billion to boost domestic semiconductor production, and the President-signed Climate and Drug Pricing Act to boost clean energy projects.
Although Biden’s speech was more of an official event than a campaign appearance, it was difficult to ignore the politics. Following his speech, the President attended a campaign fundraiser hosted by Illinois Governor JB Pritzker at the JW Marriott Hotel. The minimum donation was $3,300 and a photo with the President was priced at $25,000.
“Guys, I’m actually looking forward to this campaign,” Biden told donors. “And you know why? Because we actually have a story to tell.”
According to Doug Sosnik, a 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 on his behalf.
Biden’s recognition 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.”
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This story originally appeared in the Los Angeles Times.
