Is Bidenomics for Real?

President Joe Biden speaks about his economic plan at LIUNA Training Center in DeForest, Wis., on Feb. 8, 2023. Mandel Ngan/AFP via Getty Images

What a difference a year makes. In 2020, under former president Donald Trump, inflation in the United States averaged 1.4 percent. One year later, inflation’s annual rate was 8 percent. As of June 2023, it’s hovering around 4 percent. That’s still higher than what the past administration had.

Now, President Joe Biden is touting an economic plan to save America’s economy. On June 28, Biden announced his new plan and called it Bidenomics. But what exactly is Bidenomics?

Bidenomics Plan Grew Economy From Bottom Up

Bidenomics is the opposite of Reaganomics. Reagonomics held to the trickle-down economic theory—meaning that tax breaks and benefits for corporations will eventually trickle down and benefit everyone. This allows businesses, investors, and entrepreneurs to stimulate economic growth.