White House urges Democrats to adopt ‘Bidenomics’ as president emphasizes economic agenda.

The White House Pushes for “Bidenomics” to Shape Economic Narrative

The White House is urging congressional Democrats to embrace the concept of “Bidenomics” as President Joe Biden takes charge of the economic messaging. In a memo sent to Hill Democrats, White House officials outlined talking points to establish Bidenomics as the driving force behind the administration’s policies. This strategic move comes in response to Republican criticism of the president’s economic approach, particularly regarding soaring inflation.

Highlighting Economic Growth and Benefits for Working-Class Families

The White House memo emphasizes the economic progress achieved under the Biden administration, asserting that working-class families are now in a better position than before the COVID-19 pandemic. The memo cites a decline in inflation rates over the past year, as well as reduced costs of living and prescription drugs. Notably, a chart demonstrates that the United States has experienced lower inflation rates compared to other countries, while also achieving a robust economic recovery.

The memo also highlights the impressive job creation numbers under Biden’s leadership, a point frequently emphasized by the president in his speeches. The White House points to a strengthened labor market, noting that Biden managed to bring the unemployment rate below 4% four years earlier than projected by experts, maintaining it at that level for the longest period in over 50 years.

Countering Republican Criticisms and Setting the Stage for the Next Election

The memo includes several attack lines to be used against Republicans in the upcoming election cycle, as Democrats aim to take control of the economic growth narrative. GOP candidates have often referred to “Bidenflation,” directly linking rising costs to the economic policies credited by Democrats with curbing inflation. The memo criticizes Republican plans for “massive tax cuts,” accusing the party of adding trillions of dollars to the deficit. It also condemns efforts to raise the retirement age for Social Security benefits, a key talking point during the midterm elections.

Shaping the Economic Narrative for the 2024 Election

This revised strategy aligns with the growing importance of the economy as a top concern for voters leading up to the 2024 election. This election cycle is crucial for Democrats as they strive to maintain control of the White House and Senate. According to an Associated Press survey conducted in May, only 31% of voters approve of Biden’s performance on economic matters.

The release of the Labor Department’s May inflation report coincides with the memo, revealing a 4% increase in consumer prices over the past year. While this annual rate falls short of the Federal Reserve’s desired 2% rate, it represents the slowest increase in over two years. Additionally, the producer price index for last month decreased to 1.1%, according to the Commerce Department.

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