President Joe Biden believes the U.S. economy is in good shape due to his policies. But will that cut through to voters feeling the sting of inflation and high interest rates?
As the 2024 President election bid is well under way, President Joe Biden has begun campaigning on what he believes are the economic achievements of his administration.
And he’s given this campaign a snappy title: “Bidenomics”.
Bidenomics stands to dispel the narrative of the more famous “Reaganomics”, popularised by economic conservative Ronald Reagan which was built around the “trickle-down” theory of economics.
That is, if you reduce taxation on the richest part of society, they would be more likely to put their extra capital back into the economy through investment and starting businesses.
Biden disagrees with this assessment however, and Bidenomics seeks to stimulate growth in the economy through direct investment in manufacturing and infrastructure projects, while raising taxes on the wealthy to pay for it.
“This vision is a fundamental break with an economic theory that has failed America’s middle class for decades now,” Biden said in a speech on Wednesday on his new economic plan.
The plan also highlights the strengths of the current U.S. economy, which has seen some of the strongest growth in the developed world amid low unemployment due to high job creation.
Biden faces a difficult sell on this however, as a majority of Americans do not feel this progress in their daily lives, amid lingering inflation and looming recession fears.
