President Joe Biden Hails ‘Bidenomics’ Plan In Chicago Speech
President Joe Biden gave a speech at the Old Post Office Building in downtown Chicago on Wednesday, saluting his “Bidenomics” philosophy to voters as the 2024 election cycle ramps up.
“Bidenomics,” a term first coined by the media, reflects an ideology of building the economy “from the middle up and bottom out,” the president said.
In his speech, Biden shared his three-step plan targeted to benefit low-income and middle-class families.
“First, making smart investments in America. Second, educating and empowering American workers to grow the middle class. And third, promoting competition to lower costs and help small businesses,” said Biden.
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Following his appearance, the president posted a video on Twitter explaining his policy to all Americans.
Bidenomics is just another way of saying restoring the American dream after 40 years of trickle-down limited that dream to those at the top. pic.twitter.com/o5rjkn2tbO
— President Biden (@POTUS) June 28, 2023
His speech on the economy comes amid polls suggesting voters are unhappy with Biden’s strategies thus far. Persistent inflation has led Americans to question if other candidates, such as likely Republican nominee Donald Trump, have a better approach to solving financial issues.
Rebutting these doubts, Biden highlighted the economic successes that he has had since taking office. He acknowledged the Bipartisan Infrastructure Law and Inflation Reduction Act, which have made meaningful investments and lowered unemployment rates. He also mentioned that inflation, though still a major concern for voters, has cooled in recent months.
Biden proposed other solutions to relieve the financial burdens of Americans, such as lowering prescription drug costs and eliminating junk fees.
Biden shared his belief that there will not be a recession in the next year. He promised the Chicago audience to continue fighting for universal pre-K, free community college and decreasing childcare costs.
Above all, Biden hopes to bring more economic equality to American citizens across the country.
“The trickle-down approach failed the middle class, it failed America,” stated Biden. “I’m not here to declare victory on the economy but we have a plan that is turning things around incredibly quickly. We have more work to do.”
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