Throwing the Republicans' disparaging use of the term "Bidenomics" right back at them, President Biden and his administration are embracing it as they tout the significant economic gains of the past two and a half years. While the lies will continue to emanate from Republican lips, there are facts that point to a healthier economy, one that is going in the right direction, and one that is outperforming every other major economy in recovering from the Covid era. Here's some of what the administration wants people to understand:
President Biden and Vice President Harris came into office determined to rebuild our economy from the middle out and the bottom up, not the top down—and that strategy is working. Even as they faced an immediate economic and public health crisis—with a raging pandemic, elevated unemployment, snarled supply chains, and hundreds of thousands of small businesses at risk of shuttering—the President and Vice President understood that it wouldn’t be enough to simply go back to the economy we had before the pandemic. That economy was saddled with longstanding challenges that held America back—including rising inequality and disinvestment from communities across the country.
President Biden recognized that some of those challenges were rooted in a failed trickle-down theory that supported slashing taxes for the wealthy and big corporations, shrinking public investment in critical priorities like infrastructure and education, and failing to safeguard market competition.The President took office determined to move beyond these failed trickle-down policies and fundamentally change the economic direction of our country. His plan—Bidenomics—is rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up. It’s an economic vision centered around three key pillars:
While our work isn’t finished, Bidenomics is already delivering for the American people. Our economy has added more than 13 million jobs—including nearly 800,000 manufacturing jobs—and we’ve unleashed a manufacturing and clean energy boom. There were more than 10 million applications for new small businesses filed in 2021 and 2022—the strongest two years on record. America has seen the strongest growth since the pandemic of any leading economy in the world. Inflation has fallen for 11 straight months and has come down by more than half. And we have done it all while responsibly reducing the deficit...
- Making smart public investments in America
- Empowering and educating workers to grow the middle class
- Promoting competition to lower costs and help entrepreneurs and small businesses thrive
The poll numbers showing public dissatisfaction with Biden's handling of the economy are, to us, not based on a clear knowledge of what's going on nationally, but rather on negative stories they see and hear in the media, which has a "If it bleeds, it leads" operating philosophy. For example, as Republicans, media, and people with short term memories complain about gas prices, here's a look at what's happened to retail gas prices over the last year (click to enlarge):
(Source: Y Charts)
But, getting through the media chaff and constant Republican lying and gaslighting will always be a challenge. This Bidenomics push can't be a one- month, one- off. Democrats need to be disciplined in all their messages (economy, democracy, gun control, abortion rights) and continue to pound them into the electorate until November 5, 2024.
