President Joe Biden highlighted achievements he attributes to his economic policy, which he called “Biden omics” (Biden omics, in Spanish), in a major speech in Chicago on Wednesday, making the economy the focus of his campaign trail for the 2024 election.
“Grow the economy from the middle out and bottom-up, not 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 achievements since he took office.
Biden chose to deliver a message he has reiterated before, with a fresh approach 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.
“Made In America” is no longer empty rhetoric.— The White House (@WhiteHouse) June 28, 2023
Under President Biden’s plan, it’s a reality. pic.twitter.com/3ppNXHZjJm
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 big blue signs reading “Biden omics“ 8221; decorating the stage.
In front of an audience of 200 people, the president took the podium to define this new idea of â€‹â€‹“Bidenomics”.
“Bidenomics is about the future. “Bidenomics” it is another way of saying that we are going to restore the American dream”, said the president and added that although economists are the ones who had invented that term, he has now appropriated it because: “‘Bidenomics” it's working”
Under that term of “Biden omics,” the White House has included a host of ideas, from infrastructure investments to tax incentives to revive the US manufacturing sector to more recent policies. populists, such as ending hidden fees charged by airlines, banks and other industries.
According to the White House, “Biden omics” marks a fundamental break with the economic theory of “Reaganomics” (Reaganomy, in Spanish),
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 the US, 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 vowed to push through some of the biggest social reforms he championed during his 2020 election campaign, which have stalled because Democrats don't have enough votes to pass them in Congress.
Biden, in fact, used his speech to make it clear that he intends to continue fighting for higher taxes for the rich and a great reform that allows children between the ages of three and five to access free education, in addition to lowering the price of high costs Americans pay for college.
With the arrival of Biden to 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 individuals. 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.