United States President Joe Biden recently unveiled his 2024 presidential race campaign battle plan known as 'Bidenomics' as he struggles to address the country's economic crisis.
The Democratic leader inherited an economy ravaged by the coronavirus health crisis and later faced lingering inflation and supply chain woes. Due to various issues, Biden has needed help trying to persuade Americans that he has been doing a good job as president.
Joe Biden Unveils 'Bidenomics'
A poll conducted in May showed that even Biden's scandal-plagued Republican predecessor, former United States President Donald Trump, was leading by 18 percentage points on the question of who handled the country's economy better.
But the rebranding launched this week, anchored on Biden's speech in Chicago on Wednesday, shows that the White House is confident that it can turn the tables on the Republican businessman, as per Yahoo News.
In a statement to reporters, Principal Deputy Press Secretary Olivia Dalton said that Bidenomics is the key to that endeavor. She noted that it was the "word of the day, word of the week, word of the month, word of the year here at the White House."
The word itself is a play on words similar to the famed "Reaganomics" used during Ronald Regan's 1980s presidency when some credited the idea of "trickle-down economics" as being responsible for igniting a U.S. boom.
Now, the White House argues that the Democratic president is en route to bury "Reaganomics." The director of the National Economic Council, Lael Brainard, said that Biden rejected trickle-down economics.
The Democrat claims that the American government's spending programs enacted during his first term will stimulate long-term expansion. Biden believes that this will then lead to the rebuilding of the U.S. manufacturing prowess and will be able to lift the nation's less wealthy residents.
The numbers behind the Democrat's Bidenomics initially look impressive as employers have added 13 million jobs during his presidency. Furthermore, the unemployment rates of Black and Hispanic Americans are at or near a historic low.
Read Also: Chris Christie Political Career: A Brief Look at the Lawmaker's Legislative Transformation
White House Goes All In
Furthermore, according to the New York Times, the White House was able to avert a potentially disastrous debt-default standoff with the GOP-led House, which is an achievement that largely registered as a non-event with voters.
However, despite the Biden presidency's successes, they need to translate into increasing support for the president's re-election campaign. The Democrat's approval ratings fell to the lowest level of his presidency this month, based on a Pew Research Center survey.
The former deputy director of the president's National Economic Council, Seth Harris, said the current administration would fully wrap its arms around the recently unveiled economic strategy and results. He noted that they expect that no recession will occur.
Biden has also pledged to avoid the mistakes his former boss, Barack Obama, made during his time. Politico said that the White House addressed Bidenomics as a broad collection of policies that seek to use the government's authority to revive and reshape the economy to help the nation's middle class.
