Biden’s Economic Tour: Reassuring Americans ‘Bidenomics’ Works

President Biden’s “Investing in America” Tour Highlights Economic Plan

President Joe Biden has embarked on his second “Investing in America” tour, engaging with Americans to explain how his economic plan is driving investments and job growth. With the economy remaining a top concern for many, Biden aims to showcase the impact of his policies.

The week started with a significant announcement from the administration: over $40 billion will be invested in infrastructure to provide affordable, high-speed internet in areas where it is currently unavailable or inadequate. This move is reminiscent of President Franklin D. Roosevelt’s efforts to bring electricity to every American home and farm through the Rural Electrification Act.

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

Biden emphasized the magnitude of this investment, stating that it is the largest ever made in high-speed internet. By combining this funding with other federal investments, the goal is to connect every person in America to reliable high-speed internet by 2030.

A White House fact sheet reveals that more than 8.5 million homes and small businesses lack access to high-speed internet, while millions more struggle with limited or unreliable connectivity.

Bidenomics: A New Term for Economic Progress

During his three-week Investing in America tour, President Biden will deliver a speech on Bidenomics in Chicago. This term, coined by the press, refers to his economic plan for the 2024 campaign.

“We decided to replace this [trickle-down economics] theory with what the press has now called ‘Bidenomics,'” the president shared during his first reelection campaign rally in Philadelphia. “I don’t know what the hell that is. But it’s working.”

The White House has embraced the term Bidenomics to distinguish the president’s economic plan from former President Ronald Reagan’s Reaganomics. Biden’s focus is on rebuilding the economy from the bottom up and the middle out, with a strong emphasis on supporting the middle class.

Reaganomics, characterized as trickle-down economics by its opponents, aimed to stimulate economic activity by reducing government intervention and lowering taxes for companies and the wealthy. Biden’s approach represents a departure from this ideology.

Economic Vision: Pro-Union and Inflation Concerns

Biden has positioned himself as the most pro-union president in American history. However, concerns have arisen regarding his handling of the economy, particularly among blue-collar workers who have experienced excessive inflation outpacing wage increases.

During his campaign speech in Philadelphia, Biden highlighted his economic vision, citing the creation of 13 million new jobs and 800,000 manufacturing jobs since taking office. He also noted that the rate of inflation has slowed by more than half compared to 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 emphasized. He expressed his unwavering optimism about America’s future.

However, various polls indicate that voters remain skeptical of Biden’s positive economic message. Concerns about inflation and overall dissatisfaction with the economy persist across political affiliations.

According to a May poll by ABC News/Washington Post, a majority of Americans believe that former President Trump managed the economy better than Biden has thus far.