This week in Bidenomics: The campaign pitch begins
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This week in Bidenomics: The campaign pitch begins
The president will spend the next several months reminding voters what he's done for them so far.
President Joe Biden has finally embraced the popular moniker for his economic plan. "What the press has now called ‘Bidenomics,’” he said in a June 17 speech. “I don’t know what the hell that is. But it’s working."
Biden is being coy. He most certainly knows what Bidenomics is. The problem is, voters don’t. So Biden will be canvassing the country this summer and fall, telling voters what he has accomplished and trying to brighten the sour national mood. This is the start of Biden’s 2024 reelection campaign.
Voters seems to think Biden is doddering and ineffective. They’re wrong about that. Though his gaffes are legendary, Biden is moving the needle on issues that have stumped prior presidents. The overhyped standoff over raising the US borrowing limit ended up a non-event because Biden outmaneuvered the chaos wing of the Republican party that would have been content with a catastrophic default.
During his first two years in office, Biden negotiated and signed several major bills that will reshape the US energy, automotive and semiconductor industries for years. He did this with the smallest possible majority for his Democratic party in the Senate.
What is Bidenomics? It’s the use of government power to steer the economy in a new direction and address perceived market failures of the last 30 years. Globalization, for instance, has hollowed out America’s blue-collar workforce as a lot of manufacturing has moved overseas. So Biden’s Democrats have passed legislation with powerful incentives to bring key types of manufacturing back to the United States, with preferences for firms that employ unionized workers.
In the Biden view, capitalism is reacting too slowly to climate change and the need to slash carbon emissions. So the Inflation Reduction Act Biden signed last year will provide hundreds of billions of dollars in incentives for power producers and consumers to pivot to green energy. Again, there’s a preference for union workers.
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