That same poll showed most Americans view the economy as lackluster, with 76% describing it as in poor shape, up from 71% who felt that way in March.Īsked about the disconnect between increasingly positive economic data and Americans’ perceptions of the economy, Biden’s chief economic adviser Lael Brainard pointed to the “record economic uncertainty” that Americans have faced over the last two years as the country emerged from the pandemic and experienced the knock-on effects of Russia’s invasion of Ukraine. Though polls show Americans broadly support elements of Biden’s economic agenda – a point Dunn and Donilon made in their three-page memo – a wide swath of Americans continue to widely disapprove of how he’s handled the economy: 66%, according to a CNN poll conducted by SSRS in May. Biden has been traveling the country for the better part of two years talking about his efforts to boost manufacturing, invest in new infrastructure and create job training programs for Americans without college degrees. How much a new name can help in that effort remains to be seen. Aides are hopeful a more concerted effort to convince Americans of the economy’s strength – and Biden’s own role in managing it – will improve his political standing. That Dunn and Donilon are messaging experts and not economists is a telling sign of the origins of “Bidenomics” as partly a branding exercise. “Bidenomics is rooted in the simple idea that we need to grow the economy from the middle out and the bottom up – not the top down,” reads a bolded section of a memo distributed by two of the president’s senior advisers, Anita Dunn and Mike Donilon, earlier this week. Now, officials see Bidenomics as an opportunity to tie together the president’s economic accomplishments, the vision behind those policies and a growing economy under one term. The debt ceiling impasse also needed to be resolved and Biden’s key economic legislation needed to begin to be implemented. White House officials have been preparing a more comprehensive economic messaging push for months and the decision to launch now reflects the White House’s settled confidence that the economy’s positive trajectory is sustainable. “It makes it awful hard to demagogue something when it’s working.” “I think we’re going to help lessen the division in this country by bringing us back together,” he said. Those items are opposed by many Republicans, but Biden said his agenda could unify Americans. Throughout his speech, Biden took aim at his predecessor for failing to accomplish what he’d promised, including improving the nation’s infrastructure.Īnd he vowed to continue pressing for tax increases on the wealthy and expanding childcare and education access, both items he’s unsuccessfully sought during his first term. It failed America, blew up the deficit, increased inequity and weakened our infrastructure,” he said. “Folks, let me say as clearly as I can, the trickle-down approach failed the middle class. I now claim it.”Īhead of the speech, aides described the address as an opportunity for Biden to lay out his economic vision for the future while also articulating how he believes his economic policies have delivered so far.īut it was also an opportunity for Biden to explain what his economic policy was not. “I didn’t come up with a name,” he said, crediting the news media for inventing the term Bidenomics. “I came into office determined to change the economic direction of this country, to move from trickle-down economics,” Biden said at the Old Chicago Main Post Office. “Bidenomics” was at the heart of a major economic speech the president delivered Wednesday in Chicago, where he ticked through positive economic indicators and outlined a vision of economic revival. Searching for a solution to Americans’ negative perception of the economy and a vehicle to take credit for an economy that is increasingly trending in the right direction – all as Biden’s reelection campaign gets underway – the White House is embracing the term. There’s just one problem: most Americans are convinced the economy is in bad shape, and they blame the president. And a growing number of economists are beginning to agree. They are increasingly confident the economy is heading for a soft-landing, averting a recession. President Joe Biden’s top economic advisers believe the worst effects of inflation are in the rear-view mirror.
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