Biden’s Election Strategy: Focused on Economy

President Joe Biden​ took his economic message to Philadelphia, touting his administration’s progress in rebuilding the ‌middle class by ⁤stimulating American manufacturing, ⁢upgrading infrastructure, and increasing wages. The stop was‍ the latest in a ⁣string of appearances by ⁤Mr. Biden aimed at selling his economic record to voters in the run-up to the 2024 election.

The crux of Mr. Biden’s message is that his approach to stimulating economic growth⁤ benefits Americans across the economic spectrum‌ while the corporate ⁤tax and federal spending cuts advocated by his ⁣opponents benefit only the wealthy.

Though the president claims his policies have reduced inflation and positioned the‌ U.S. for long-term growth, that message has been ​a tough‍ sell to many Americans who tend to judge the economy based on kitchen-table issues like interest ​rates and the price of gasoline.

‘Bidenomics’ Defined

Mr. Biden delivered his message to‌ a ⁤crowd of union workers at Philly Shipyard,‌ a leading manufacturer of large ocean-going vessels, on July 19. The appearance marked his third economic speech in ⁤the last four weeks, following stops in South Carolina ⁤and Chicago.

Mr. Biden announced the start of work on a vessel called the Acadia, which will assist‍ in the construction of⁤ sea-based wind turbines. The ship will be the first of its kind and be constructed with American-made steel and engines and crewed by Americans, he ​said.

The project⁤ illustrates the⁤ president’s strategy, dubbed Bidenomics, which focuses on manufacturing with an emphasis on⁢ green energy and infrastructure projects. Referring to the Inflation Reduction Act, which includes $368 billion in climate-related projects, Mr. Biden said, “When ⁣I think climate, I think jobs. I think union jobs … This law is creating millions of good-paying clean-energy manufacturing jobs, including offshore wind.“

The term Bidenomics was coined by journalists to describe Mr. Biden’s policies. He has since ‍embraced the term,‌ as have his ⁢political opponents, ‌who use it derisively. The president often contrasts​ his philosophy with so-called trickle-down economics, the economic strategy employed by President Ronald Reagan ‍in the 1980s, also known as Reaganomics.

That strategy focused on increasing defense spending, balancing the federal budget, ⁤reducing federal income and capital gains taxes, and government deregulation. The idea was that by removing constraints ⁣on business,‍ the economy ⁢would grow, and prosperity would “trickle down” to the middle class.

“I watched my dad growing up, and not a whole lot of benefit⁢ trickled down on his kitchen table,” Mr. Biden said.

He then described Bidenomics in a nutshell.

“I don’t think the problem in America is [that] too many people are working or the people are making too much money. Instead, we focused‌ on getting Americans into the workforce by fixing ⁢a broken supply chain, lowering the cost of products, everything​ from health care to the products we purchase,” he added, noting that corporations have benefited also, as profits reached record highs⁢ during the pandemic.

The shipbuilders received Mr. Biden’s message enthusiastically. Others remain skeptical.

Perception Problem

The public overwhelmingly disapproves‍ of the president’s handling of the economy, according ‍to recent opinion polls. A poll released July 19 by Monmouth University indicates that 62 ‌percent of respondents ​disapprove of Mr. Biden’s handling of inflation,⁢ and opinion is evenly split on his handling of jobs and unemployment. Even transportation and energy infrastructure, key​ components of‍ Bidenomics, received a 51 percent disapproval rate.

That disapproval comes despite the ​fact that consumer confidence in June ​reached the highest level since January 2022, inflation has fallen to 3 percent from its ⁣high of 9.1 percent just over a year ago, and unemployment remains under 4 percent, where it has been‍ for 17 months.

In follow-up interviews to ​a ‍June public opinion poll conducted by the Associated Press, respondents were more​ aware⁢ of fuel and food prices ‍than of​ Mr. Biden’s economic initiatives. Few were able to name the⁣ Inflation Reduction Act or the ⁢CHIPS and Science ‌Act, indicating that these large-scale investments in manufacturing have yet to impact everyday life.

It may be possible ​that many people suspect what some economists believe, that inflation has not yet ⁢been whipped, and Mr. Biden may be overselling the impact ​of his initiatives.

“The best we⁢ can say is that [inflation] has diminished of late,” Robert ‌S. Kravchuk, emeritus professor of public affairs at Indiana ‌University told The Epoch⁣ Times.

“If the question is ‘can inflation​ return?’⁣ the answer ​is yes,”⁣ Mr. Kravchuk added, “But probably not right away.”

Inflation is diminishing but cannot be said to be​ under control according to⁣ economist ⁢Peter C.‌ Earle of the American Institut