In a bold economic address delivered in Chicago, President Biden aimed to convince a hesitant public that the U.S. economy is flourishing under his administration’s policies, which he refers to as “Bidenomics.” However, recent polling suggests that this may be a tough sell as he prepares for his 2024 reelection campaign. According to a survey conducted by The Associated Press-NORC Center for Public Affairs Research, only 34% of U.S. adults approve of Biden’s economic leadership, a number lower than his overall approval rating of 41%.
Despite these concerning figures, Biden remains committed to showcasing the positive impact of his initiatives, such as local infrastructure projects, factory expansion, and the promotion of electric vehicles and renewable energy. He wants voters to connect these initiatives with the millions of dollars invested during the first two years of his presidency. In his Wednesday speech, he declared that “Bidenomics is about the future” and represents a pathway to restoring the American dream.
Moreover, Biden took the opportunity to criticize previous Republican tax cuts, emphasizing their failure to benefit the middle class while disproportionately aiding the wealthy. He condemned the “trickle-down” approach for causing increased inequality, ballooning the deficit, and weakening infrastructure, ultimately stripping communities of their dignity, pride, and hope.
Despite Biden’s efforts to bolster confidence in the economy, the poll indicates that he faces skepticism even within his own party. While 72% of Democrats approve of his overall job performance, only 60% expressed approval of his handling of the economy. Republicans, on the other hand, largely disapprove of both Biden’s overall performance and his economic policies.
However, it is worth noting that the economy has shown signs of improvement during Biden’s presidency. Unemployment rates are historically low at 3.7% and inflation has fallen from its peak of 9.1% last year to 4%. Yet, prices continue to rise at a faster rate than the Federal Reserve’s target of 2%, a concern for voters and a potential line of attack for Republican lawmakers and rival presidential candidates.
In addition to economic challenges, President Biden also faced environmental obstacles during his visit to Chicago, with smoke from Canadian wildfires causing air quality concerns. Nevertheless, the White House opted not to cancel the president’s scheduled events, including a campaign reception and his economic address.
As Biden begins to prepare for his 2024 reelection campaign, his administration aims to change the narrative surrounding the economy through data-driven arguments and consistent messaging. The Treasury Department released an analysis highlighting the increase in spending on factory-related construction, while White House economists emphasized that inflation in the U.S. is lower than in other industrialized nations.
Biden’s allies believe that by constantly reinforcing his accomplishments and drawing a contrast with Republican proposals, they can change public perception of the economy. They are encouraged by the fact that similar tactics yielded positive results during the 2022 midterm elections, despite negative views of the economy at that time.
In the coming weeks, President Biden and his Cabinet plan to tour the United States, delivering a consistent message about his achievements. They hope that this repetition, combined with a clear distinction between Democratic initiatives and Republican opposition, will resonate with voters as they approach the 2024 election.
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