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US President Joe Biden is banking on his economic performance to bolster his campaign to stay in the White House next year, unveiling to voters this week what his “bidenomics” policy has achieved.
After Biden inherited an economy depleted by the effects of the Covid epidemic, then high inflation and faltering supply chains, he found it hard to win American support.
A May poll by ABC News and the Washington Post showed Biden’s Republican predecessor, Donald Trump, “whose term has witnessed a number of scandals” and who is likely to be his opponent in the race for the White House, in the lead. 18 percentage points on Who did the economy better.
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The White House believes Biden can turn the tide in his favor by focusing on his economic policies in a speech he will give Wednesday in Chicago in which he calls the phrase “bidenomics,” White House Assistant Press Secretary Olivia Dalton explained to reporters. .
She said the designation “is the word of the day, the word of the week, the word of the month, the word of the year here in the White House.”
He mentions the name “bidenomics”, albeit in reverse, with “Reaganomics” in reference to the controversial economic policies pursued by former Republican President Ronald Reagan in the 1980s. prosperity will eventually affect everyone.
The White House said Biden intends to turn the page on Reaganomics.
“The president has rejected the vertical economy, the theory that tax cuts at the top will reverse, all we need is for the government to get out of the way,” Lyle Brainard, director of the National Economic Council, told reporters.
On the contrary, Dalton said, Biden will focus on “the belief that the economy grows when the middle class grows.”
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investment to attract investment
Biden argues that the huge and extravagant government plans he implemented during his first term will spur economic growth in the long run, leading to a revitalization of the manufacturing sector in the United States and the promotion of less wealthy classes in the country. .
Not only is this an economic argument, but it could represent a roadmap for winning an election that is expected to see a bitter battle between Democrats and Republicans over a small number of swing states.
What underpins Biden’s arguments in his approach to the electorate is the impressive list of legislative victories he has achieved in the past two years.
Major legislation passed by Congress has invested a historic amount of money in green economy technologies and the semiconductor sector, and at least $550 billion has been allocated to a broad plan to rebuild infrastructure, including roads, bridges and other facilities in the country.
Brainard said that the dripping theory of wealth, inherited from the Reagan era, led to the collapse of American industrial cities as companies relocated their manufacturing centers and abandoned ambitious infrastructure developments.
On the other hand, according to Brainard, Biden’s industrial policy uses public funding as an incentive to induce “an increase in spending in the private sector to develop manufacturing activities.”
She drew attention to funding the expansion of broadband Internet access to every corner of the United States, a project that reminds her of President Franklin Roosevelt’s electrification program in the 1930s to develop the country.
However, the problem Biden faces is that his economic achievements do not reflect political gains for voters.
Opinion polls show that Americans rarely give him credit for low unemployment and economic prosperity. If inflation has been slowly but steadily declining for 11 consecutive months, then it remains in the focus of voters.
Dalton said that Americans will look at the situation differently when the fruits of Biden’s programs finally appear.
She added: “We see private investment coming back to the country, we see millions of jobs being created. Now, with all these achievements, it is time for the president to get this message across to the American people and reaffirm that this is what bidennomics is all about. reaches.”
