**President Biden Pitches “Bidenomics” to Skeptical Public**
**Only 34% of US Adults Approve of Biden’s Economic Leadership**
President Biden recently delivered a major economic speech in Chicago, where he made the case that the U.S. economy is thriving under his administration’s policies, which he refers to as “Bidenomics.” However, a new poll indicates that the President may face difficulty in convincing the public to support his economic leadership in his 2024 reelection campaign. The poll, conducted by The Associated Press-NORC Center for Public Affairs Research, shows that only 34% of U.S. adults approve of Biden’s economic leadership, lower than his overall approval rating of 41%. This stagnant approval rating has raised concerns about his ability to effectively govern and focus on workers as he pursues a second term.
**Bidenomics: Restoring the American Dream**
President Biden wants voters to see the connections between local infrastructure projects, such as road and bridge construction, factory development, and the growth of electric vehicles and renewable energy, and the initiatives his administration has implemented during the first two years of his presidency. In his speech, he declared, “Bidenomics is about the future” and emphasized that it is a way of restoring the American dream.
**Critique of Previous Republican Tax Cuts**
In an effort to bolster the support for his economic policies, President Biden criticized previous Republican tax cuts, arguing that they disproportionately benefitted the wealthy and failed to deliver promised benefits to the middle class. He stated that the “trickle down” approach employed by Republicans had failed the middle class, increased inequality, weakened infrastructure, and stripped communities of dignity, pride, and hope.
**Avoiding Recession and Addressing Inflation Concerns**
Addressing concerns about a potential recession, President Biden expressed confidence that the U.S. will not experience a recession, despite predictions by some economic analysts. Republican leaders such as House Speaker Kevin McCarthy had claimed that high inflation under Biden’s watch indicated a recession, but the official economic definitions do not support this assertion. Republicans argue that their tax cuts have stimulated business investments and profits, resulting in improved wages and a strong stock market. They caution against increased government spending, which they believe would lead to further price increases and wasteful use of funds.
Despite these arguments, the U.S. economy has shown signs of improvement during Biden’s tenure. Unemployment rates are near historic lows at 3.7%, and inflation has fallen to 4% from its peak of 9.1% in June of the previous year. However, prices are still rising faster than the Federal Reserve’s target of 2%, a concern for voters and a potential line of attack for Republican lawmakers and other presidential candidates. Additionally, smoke from Canadian wildfires has impacted air quality in cities such as Chicago, adding a new challenge for workers and shoppers.
**Weaknesses within Biden’s Base**
The poll revealed a weakness within Biden’s own party, as many Democrats are not enthusiastic about his economic record. While 72% of Democrats approve of Biden’s job overall, only 60% approve of his handling of the economy. This contrasts with the overwhelming approval of then-President Donald Trump’s economic leadership by Republicans during the peak of the pandemic when unemployment rates were high. Currently, only around 10% of Republicans approve of Biden’s performance overall or in terms of the economy. This polarization highlights the deep divisions in modern U.S. politics.
**Administration’s Data-Driven Argument**
The Biden administration is not relying solely on the President’s speech to defend its economic policies. The Treasury Department released an analysis showing that spending on factory-related construction has doubled since 2021, adjusting for inflation. White House economists also issued a report indicating that inflation in the U.S. is lower than in other industrialized nations in the Group of Seven.
White House aides believe that Biden’s speech can create greater awareness of his policies and improve Democrats’ perception of the economy. They point to data that demonstrates a consistent message, reinforced through various channels, can change Americans’ views. To this end, President Biden and his Cabinet plan to tour the U.S. over the next three weeks, promoting his accomplishments and highlighting the differences between his initiatives and Republican proposals to reverse them. The hope is that this repetition and contrast will resonate with voters in preparation for the 2024 election.
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