“Bidenomics,” a term previously used to criticize President Biden’s policies, is now being embraced by the White House. During a speech in Chicago, President Biden contrasted it with trickle-down economics, stating that the latter “didn’t represent the best of American capitalism, let alone America,” as reported by the Hill. He emphasized that Bidenomics is about restoring the American dream and investing in the future. President Biden mentioned how under the past 40 years of trickle-down economics, there was a decline in public investment and the offshoring of industries like semiconductors, which were originally invented in the US.
President Biden also criticized the Republican approach, stating that it was “good for big business, bad for everybody else. It’s not even that good for big business anymore.” Interestingly, President Biden seemed somewhat hesitant about the term earlier in the day, as mentioned in the Washington Post. He emphasized that he didn’t personally coin the term “Bidenomics,” but it was the press that branded it. However, later in the day, White House press secretary Karine Jean-Pierre referred to Bidenomics as the word of the day, week, month, and year at the White House, according to the Post. When asked about the potential impact of embracing the term on public perception of Biden’s economic policies, she expressed willingness to try and change public opinion. Despite strong employment figures and falling inflation, a recent survey indicated that only 34% of Americans approve of Biden’s leadership, as reported by the AP.
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