What We Know About Biden’s Election Strategy From “Bidenomics”

With the release of a “Bidenomics” appeal to voters this week, President Joe Biden is placing a significant wager that the US economy will propel him to re-election next year.

Biden has had to convince Americans that he is doing a good job after inheriting an economy that had been decimated by the Covid epidemic, plagued by chronic inflation, and plagued by supply chain problems.

Even Biden’s scandal-plagued Republican predecessor and potential challenger in the 2024 rematch, Donald Trump, was found to be winning by 18 percentage points in a May poll by ABC News/Washington Post when asked who managed the economy better.

The White House believes it can turn the tables with a rebranding launch this week that is centered on a speech by Biden in Chicago on Wednesday.

Additionally, the buzzword is “Bidenomics,” Principal Deputy Press Secretary Olivia Dalton informed the media.

The phrase is “the word of the day, week, month, and year here at the White House,” she remarked.

The slogan is an intentional parody of the infamous “Reaganomics” of Ronald Reagan’s 1980s administration, when the concept of “trickle-down economics” was credited by some for sparking a US boom.

According to the White House, Biden is there to bury “Reaganomics.”

Lael Brainard, the head of the National Economic Council, told reporters that Trump “rejected trickle-down economics, the theory that tax cuts at the top would tickle down—that all we needed was government to get out of the way.”

Biden would instead emphasize “the notion that we grow the economy when we grow the middle class,” according to Dalton.

INVEST TO DRAW IN INVESTMENT.

The main thrust of Biden’s argument is that the massive government spending plans put in place during his first term would encourage long-term growth, restore US industrial strength, and benefit the nation’s least fortunate citizens.

It’s not simply an economic argument; if it succeeds, it might serve as a political road plan for success in a contest when Democrats and Republicans will be vying for a small number of votes from swing states.

Biden’s strong record of legislative achievements over the last two years is at the top of his sales pitch.

Large-scale legislation approved by Congress invested record quantities of money in semiconductors, green energy technologies, and not less than $550 billion for the renovation of the nation’s highways, bridges, and other infrastructure.

According to Brainard, the Reagan-era trickle-down doctrine resulted in the abandoning of ambitious infrastructure improvements and the hollowing out of US industrial towns via offshore.

She said that Biden’s industrial strategy, which heavily relies on tax dollars, is leveraging government financing as a “boom in private sector spending in manufacturing construction.”

She compared financing for the nationwide deployment of broadband internet to Franklin Roosevelt’s massive electrification effort to modernize the country in the 1930s.

Voters are now not buying what Biden has to offer, which is the issue.

According to polls, he doesn’t receive much credit for the low unemployment rate and the overall booming economy. Despite progressively declining for 11 consecutive months from post-pandemic highs, voters continue to express concern about inflation.

American perceptions are going to change, according to Dalton, when projects supported by Biden’s initiatives eventually materialize.

“We’re seeing shovels in the ground, private investment returning to our nation, and millions of jobs being created. With all of those successes, the president can now deliver this message to the American people and explain what Bidenomics is, according to Dalton.

“The effects are just now becoming apparent to us.”