Biden Launches New Economic Tour to Reassure Americans That ‘Bidenomics’ Is Working

The president will deliver a speech on Bidenomics in Chicago

U.S. President Joe Biden speaks as he announces a $42 billion investment in high-speed internet infrastructure during an event in the East Room of the White House in Washington on June 26, 2023. (Chip Somodevilla/Getty Images)

President Joe Biden launched this week his second “Investing in America” tour around the country, aiming to explain how his economic plan has spurred investments and jobs as the economy remains the most pressing issue for Americans.

The administration kicked off the week with the announcement of over $40 billion in infrastructure investment to provide affordable, high-speed internet in areas where it’s unavailable or too slow.

Speaking at an event at the White House on Monday, Biden likened the “historic investment” to President Franklin D. Roosevelt’s plan to bring electricity to every American home and farm through his Rural Electrification Act.

“I mean, think about it,” Biden said. “It’s almost similar.”

“It’s the biggest investment in high-speed Internet ever,” he added. “With this funding, along with other federal investments, we’re going to be able to connect every person in America to reliable high-speed Internet by 2030.”

More than 8.5 million homes and small businesses are in areas without high-speed internet infrastructure, while millions more struggle with limited or unreliable access, according to a White House fact sheet.

Biden adopted a new term, “Bidenomics,” for his economic message in the 2024 campaign. As part of his three-week Investing in America tour, the president will deliver a speech on Bidenomics in Chicago on Wednesday.

Biden previously joked about the term Bidenomics, claiming he was unaware of it but that the press referred to his economic plan as such.

“We decided to replace this [trickle-down economics] theory with what the press has now called ‘Bidenomics,” the president told union members on June 17 during his first reelection campaign rally in Philadelphia.

“I don’t know what the hell that is. But it’s working,” Biden added.

President Joe Biden delivers remarks following a briefing on Interstate-95 highway emergency repair and reconstruction efforts, in Philadelphia, Pa., on June 17, 2023. (Julia Nikhinson/AFP via Getty Images)

The White House has lately begun to use this term to rebrand Biden’s economic plan for the 2024 election and to distinguish it from that of former President Ronald Reagan’s “Reaganomics.”

Biden promised to rebuild the economy from the bottom up and the middle out—not the top down—with a focus on the middle class, which he sees as America’s backbone.

Reaganomics, the term used to describe Reagan’s economic policies, was labeled as trickle-down economics by his opponents.

Reagan’s policy focused on lowering taxes on companies and the wealthy in order to promote investment and benefit society as a whole. His economic views were a significant departure from those of presidents Lyndon B. Johnson and Richard Nixon, who sought to expand the role of the government in the economy. Reagan aimed to stimulate economic activity by reducing dependence on the government.

Economic Vision

Biden has tried to establish himself as the most pro-union president in American history. However, his handling of the country’s economy has been a source of concern for many Americans, notably blue-collar workers, due to excessive inflation that has outpaced wage increases.

People shop for bread at a supermarket in Monterey Park, Calif., on Oct. 19, 2022. (Frederic J. Brown/AFP via Getty Images)

Biden used his 25-minute campaign speech in Philadelphia to promote his economic vision, which he claimed has produced 13 million new jobs and 800,000 manufacturing jobs since he took office. He noted that the rate of inflation had slowed by more than half since a year ago.

“It’s about building an economy literally, not figuratively, from the bottom up and the middle out, not the top down,” Biden said.

“I can honestly say I’ve never been more optimistic about America’s future.”

However, numerous polls reveal voters are skeptical of Biden’s upbeat economic message. Concern over inflation and a general dissatisfaction with the economy persist among Americans of all political stripes.

According to a May poll by ABC News/Washington Post, Americans believe that Trump did a better job managing the economy as president than Biden has so far, by a margin of 54 percent to 36 percent.

And the latest Reuters/Ipsos poll showed that the economy remains a top issue and that most people are pessimistic about the country’s future.

‘We’re Going to Try’

As part of his economic agenda, Biden has also vigorously campaigned for the wealthy to pay their “fair” share of taxes, but he has recently come under fire due to his son’s tax evasion.

A recent op-ed by the Wall Street Journal editorial board questioned the president’s “tax moralizing.”

The two whistleblowers who testified before the House Ways and Means Committee “revealed details of Hunter’s tax maneuvering that make a mockery of his father’s tax moralizing,” the article stated.

White House press secretary Karine Jean-Pierre speaks during a press briefing at the White House in Washington on June 26, 2023. (Madalina Vasiliu/The Epoch Times)

Still, the White House thinks that the president’s economic messaging will change the way people think about how he handles the economy.

“We have the numbers to show that his economic policy has indeed worked,” White House press secretary Karine Jean Pierre told reporters on Monday.

“We believe Reaganomics doesn’t work. We’ve been very clear,” she said.

When asked if the White House is confident that it can change the public’s view of the economy, she said, “We’re going to try.”

Vice President Kamala Harris, first lady Jill Biden, cabinet members, and senior administration officials will also tour the country to promote Biden’s economic plan in an effort to boost his poor approval ratings.