To ensure his victory in 2024, Biden is betting on Bidenomics. The phrase “Bidenomics” alludes to “Reaganomics,” the economic boom of the 1980s that occurred under the presidency of Ronald Reagan.
Launched in the race for his re-election in 2024, American President Joe Biden has made the bet to bet everything on the solidity of the American economy and the revival of its industry, the fruit, according to him, of his “Bidenomics”, name he gave to his reforms during a speech in Chicago.
Even more, his reforms must make it possible to restore the American dream, assured the American president, for whom it is a question of investing in our people. We are strengthening the middle class and we want growth that benefits everyone, he declared.
For 40 years, the trickle-down theory limited this dream. Bidenomics is the future, they are another way to restore the American dream, because it has worked in the past, Mr. Biden underlined.
Joe Biden also sees this as the cause of the strong recovery of the American economy, after the shutdown caused by the pandemic and then the disruption of global supply chains. Bidenomics is the desire to completely rebuild the economy along three fundamental axes: making intelligent investments, strengthening the middle class through education, and helping small businesses in order to boost competition, he added, to describe his major reforms.
The choice to place the economy at the heart of his campaign is, however, bold and potentially risky for Joe Biden, as the world’s largest economy could still experience recession in the second part of the year.
And associating his name in this way is even more so, by promoting his Bidenomics, an allusion to Reaganomics, the economic boom of the 1980s that occurred under the presidency of Ronald Reagan, which remains the reference for Republicans.
Before leaving Washington for Chicago, the American president had already shown himself to be provocative, explaining to the press that he heard each month that the recession is predicted for the next, while now the consensus is that we will not experience recession.
Bidenomics versus Reaganomics
For the moment, the speech is having some difficulty being heard, mainly due to persistent inflationary pressure in a country accustomed for decades to low price increases. An opinion poll carried out for ABC and the Washington Post even placed former President Donald Trump 18 points ahead of Joe Biden on the question of who is best to manage the economy.
For his predecessor, also a candidate in the Republican primary, Bidenomics have on the contrary created the worst economic decline since the Great Depression. Joe Biden and the Democratic Congress have created the highest inflation in decades. The inflation and high interest rates that Biden created have caused a banking crisis, a disaster of historic proportions, Donald Trump argued in a statement.
Sustainability in the USA
The White House emphasizes that inflation is on the downward slope, albeit slowly, but persistently, and that Bidenomics is changing the rules of the game, to the benefit of the middle class, also including improved waste management and recycling practices in the country.
The significant investments voted by Congress during the first two years of the president’s mandate have poured hundreds of billions of dollars into the energy transition and semiconductors, but also infrastructure, for which no less than 550 billion dollars are planned.
According to the director of the National Economic Council, Joe Biden is using public finances as a catalyst to create a boom in private sector spending on factory construction, where economic policy during the Reagan era had led to the abandonment of industrial cities due to relocation and the abandonment of ambitious infrastructure projects.
According to waste management experts at Pittsburgh Dumpster Rentals HQ, the financing of high-speed Internet connection throughout the country is a reminder of the massive electrification effort carried out under the presidency of Franklin D. Roosevelt in order to modernize the country in the 1930s.
As for the possibility that voters end up buying into the Bidenomics argument, it will depend greatly on whether or not they actually observe the effect of spending close to home. We see the excavators in action, private investment returning to our country, we see millions of jobs being created. It is now a question, with all these successes, of carrying the president’s message and showing the Americans that all this is the fruit of Bidenomics. And this is only the beginning of their effects.