In a major speech, President Joe Biden argued his guiding principle of growing the economy from the “middle out and the bottom up” is better than the often Republican-favored trickle-down approach.
President Joe Biden touted the state of U.S. economy under his leadership in Chicago on Wednesday, making his pitch to the public that his economic agenda – dubbed "Bidenomics" – is working.
The unemployment rate stands near a historic low at 3.7% and the inflation that has plagued Biden’s presidency has fallen to 4% from a peak of 9.1% last June Chair of the president’s Council of Economic Advisers Jared Bernstein said in an interview with Spectrum News on Wednesday Biden’s middle out, bottom up approach is built on three pillars: educating the workforce, promoting more competition and reinvesting in America, which he said includes “reversing decades of disinvestment in our public goods, our roads, our bridges, our ports, our water systems.
The unemployment rate stands near a historic low at 3.7% and the inflation that has plagued Biden’s presidency has fallen to 4% from a peak of 9.1% last June. However, the Federal Reserve’s aim of 2% inflation means prices are still rising significantly faster than targeted and polls show most Americans disapprove of Biden’s leadership on the economy.
“The communication problem has really not gone away from the very beginning and so I think this is a very smart move, they need to keep leaning into it,” he said. “There is certainly a risk, and that is, if the economy goes south again before the November 2024 election.” “Bidenomics is about the future,” Biden declared in his Wednesday speech. “Bidenomics is just another way of saying: Restore the American dream.”avoid the recessionWhen asked if the administration believes we have seen the worst of inflation, Bernstein called the 11-month slow in inflation a “pretty solid established trend.”
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