President Joe Biden and Vice President Kamala Harris have been crisscrossing the country for the last eight days showcasing the positive aspects of their economic program which has earned the nickname Bidenomics.
The President has given addresses on his economic program, which focuses, unlike Reaganomics, on building the economy from the middle class out and the lower class up, in Illinois and South Carolina.
The Vice President appeared at events in both California and Arizona.
Ironically, some of the Republicans who have voted against Bidenomic Legislation like the Inflation Reduction Act, American Rescue Plan, or the bipartisan and highly acclaimed Infrastructure and CHIPS Act Laws, are now some of the loudest ones singing the praises of the measures they once denounced.
With the jobs market posting another positive month of growth with 209,000 new jobs, an unemployment rate of 3.6 percent, rising wages, the threat of recession forecasts decreasing, and the misery index (as moderate Republican David Brooks and Nobel Prize winner Paul Krugman reports) at lower levels than Reagan, Bush II, and Obama, the President, Vice President, and their surrogates are right to boast about the legislative accomplishments over the last two years.
However, with many of the American People feeling negative or lukewarm about the economy, thanks in large part to the global inflationary spiral last year (it has dropped for 11 straight months) caused by the end of the pandemic, corporate greed, an increase in oil prices thanks in part to the unreliable Saudi Arabian government, supply chain issues caused by the war in Ukraine and an overreliance on foreign goods, a hot labor market, the rise in housing costs, and, yes, the large amounts of federal stimulus passed to make sure the nation did not go into a deep depression, even the White House Team recognizes that this push to tout all the wonderful measures they have secured for the country is vital to their reelection message for 2024.
What is Bidenomics? The Antithesis of Reagaomics-Trickle Down.
The President's two speeches in Illinois and South Carolina on Bidenomics, save for tailoring the addresses to the local audience, cover the same broad themes.
In his opening remarks in Illinois, the President described what the media and now his team have dubbed Bidenomics as:
"...the economic vision for this country: the economy that grows the economy from the middle out and the bottom up instead of just the top down."
Later, the President said:
"...Bidenomics is about building an economy from the middle out and the bottom up, not the top down. And there are three fundamental changes that we decided to make with the help of Congress and been able to do it: first, making smart investments in America; second, educating and empowering American workers to grow the middle class; and third, promoting competition to lower costs to help small businesses..."
In a direct rebuke of Reganomics and the Trickle Down Philosophy, the President offered in his Illinois comments:
"This vision is a fundamental break from the economic theory that has failed America’s middle class for decades now. It’s called trickle-down economics — fundamental economics, trickle-down. The idea was — it’s the belief that we should cut taxes for the wealthy and big corporations — and I know something about big corporations; there’s more corporations in Delaware incorporated than every other state in the union combined. I want them to do well, but I — I’m tired of waiting for the trickle-down. It doesn’t come very quickly. Not much trickled down on my dad’s kitchen table growing up."
In his South Carolina speech, he said:
"Trickle-down economics has failed the country for decades. It means slashing public investment on things that helped America lead the world in innovation. You know, we used to invest 2 percent of our entire gross domestic product in research and development. You know what it is now? 0.7 percent."
The President in both addresses discussed the results of the legislation he has signed including:
- The creation of over 13 million new jobs including 800,000 manufacturing positions that are mostly union, blue, and green collar ones.
- The unemployment rate is at its lowest level in 50 years.
- The largest investments in broadband expansion.
- A major initiative to fund clean energy projects like major funding for electric cars and improved battery technologies.
- Reduce the costs of drugs like insulin for senior citizens.
- Revitalize and modernize the nation's infrastructure (something the President reminded Mr. Trump could not secure in his four years in office.)
- Increases in Pell Grants and Apprenticeships.
- Expanding access to Obamacare.
- Securing, at least for a while, an increase in the Child Tax Credit.
- The growth in construction of semiconductor components in the United States.
Over the last week, the White House has produced various fact sheets on the goals and positive results of Bidenomics including:
- A report on how Bidenomics is working so far for the American People and the Nation.
- Assisting tribal communities.
- Lowering health care costs.
- Infrastructure projects like the Hudson Tunnel.
- Private sector investment in Bideonomic initiatives.
- Giving loan relief, after the recent Supreme Court Decision, to college students.
- Promoting, again after the Supreme Court Decision on Affirmative Action, Educational Opportunity, and College Diversity.
- Helping homeless veterans.
- Electric Vehicle Charger Production.
- Investments in Broadband expansion.
On the June Jobs Report, the President issued a statement through the White House Press Office, offering:
"This is Bidenomics in action: Our economy added more than 200,000 jobs last month—for a total of 13.2 million jobs since I took office. That’s more jobs added in two and a half years than any president has ever created in a four-year term. The unemployment rate has now remained below 4 percent for 17 months in a row—the longest stretch since the 1960s. The share of working-age Americans who have jobs is at the highest level in over 20 years. Inflation has come down by more than half. We are seeing stable and steady growth. That’s Bidenomics—growing the economy by creating jobs, lowering costs for hardworking families, and making smart investments in America."
Republicans Who Voted Against Bidenomics Measures are Acting Like They Are For Them.
It is funny to the point of nausea that some of the very Republicans that voted against the Bideonomic Legislative Achievements, even the bipartisan ones are rushing out the door to tout the very measures they condemned.
Among those is Mississippi Senator Roger Wicker who praised the restaurant provisions (an amendment he helped secure) in the broader American Rescue Plan that he ultimately rejected.
Another poster board for hypocrisy, Alabama Senator Tommy, I'll hold all military promotions, Tuberville, has gained the President's attention and become a favorite on the rhetorical punching bag.
In his remarks in South Carolina where he may have given the political death blow to Lindsey Graham by thanking him for his vote on the Infrastructure and CHIPs act, President Biden poked fun at Republicans like Marjorie The Freedom Caucus thinks you're too crazy, Greene and Senator Tuberville by stating:
"....Since I took office, we’ve seen over 60 domestic manufacturing announcements all across the solar supply chain. One of the biggest is in Dalton, Georgia. You may find it hard to believe, but that’s Marjorie Taylor Greene’s district. I’ll be there for the groundbreaking..."
"...Every Republican member of the Congress voted against the Inflation Reduction Act. Every one. Every Republican member of the House in this state voted to repeal the clean energy provisions of the Inflation Reduction Act that — that attached — attracted all these jobs.
You know, and then, after that effort failed, the Republican Study Committee, which includes over three quarters of the House Republicans, just released a plan to go at trying to repeal it all again. That hasn’t stopped them, though, from claiming credit — now that billions of dollars and thousands of jobs are coming to the United States.
It’s not unusual. The distinguished senator from the state of Alabama, a former coach of the university, strongly opposed the Bipartisan Infrastructure Law. He’s now hailing its passage.
He said, quote, “Great to see Alabama receive critical funds to boost ongoing broadband efforts.” It is great. But that’s alright, because I’m one of those guys who believe in conversion..."
One could just envision Biden/Harris Ads in swing districts and neglected areas of the country showing Republicans who have, on video or in writing, commenting that some of the measures of Bidenomics is great.
Closing Thoughts
The Biden/Harris Administration has a very impressive record to rightfully tout. It has overseen the transition from the Coronavirus Pandemic, historic investments in the American People including rural areas long taken for granted by MAGA Republicans, the creation of good paying blue and green collar jobs, the modernization of the nation's infrastructure, the growth in domestic manufacturing including the semiconductor industry, the largest attempts to steer the country to a clean energy and sustainable future, and started a philosophical transition from the failed trickle-down Reagan-Bush-Trump formulas to the middle and bottom-up approach to economic growth.
What the Administration has to do is continually reinforce the positives of Bidenomics and future goals it would like to pursue with the help of a Democratically Controlled House (a real possibility) and more Democrats in the United States Senate (more of a challenge but the right message and a lousy top of the ticket candidate like most of the current Republican wannabes including Trump, DeSantis, and Pence, will help get them there.)
Many of the American Public, because of the rising prices over the last two years, are hesitant to give the President and his team full credit for the positive economic developments. the Biden/Harris Reelection campaign, while recognizing the perception problem, has to keep on holding events to, as columnists like Jennifer Ruben, Paul Waldman, David Brooks, and Paul Krugman, educate the American People, and continually reinforce what Bidenomics has done for them and the country long and short-term, combat MAGA Republican Big Lies about the economy, and change the national psyche. As Krugman noted in a recent column, with inflation going down and the MAGA Republican war on everything not white and reactionary, this should not be a hard task.
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