Biden: Future Is 'Bidenomics,' Not Trickle-Down

White House has embraced term used by president's critics
By Rob Quinn,  Newser Staff
Posted Jun 28, 2023 6:35 PM CDT
Biden: Future Is 'Bidenomics,' Not Trickle-Down
President Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago.   (AP Photo/Evan Vucci)

The term "Bidenomics" has a history of being used to criticize President Biden's policies, but the White House has decided to embrace it. The president used the term in a speech in Chicago on Wednesday, contrasting it with trickle-down economics, which he said "didn't represent the best of American capitalism, let alone America," the Hill reports. "Bidenomics is about the future," he told supporters. "Bidenomics is just another way of saying: Restore the American dream." Under 40 years of trickle-down economics, he said, public investment in industries declined, and "industries that we invented started to move overseas, like semiconductors."

The Republican approach, he said, was "good for big business, bad for everybody else. It's not even that good for big business anymore." He spoke surrounded by Bidenomics banners, though the Washington Post reports that he seemed lukewarm about the term earlier in the day. "The first time I heard it used was by you guys in the press," he told reporters before boarding Marine One. "You guys branded it. I didn't. I never called it 'Bidenomics.'"

White House press secretary Karine Jean-Pierre said Tuesday that Bidenomics, which she described as an effort to help middle-class Americans, as "the word of the day, word of the week, word of the month, word of the year here at the White House," the Post reports. Asked whether embracing the term could help change public perceptions of Biden's economic policies, she said, "We're going to try." The AP reports that a recent survey found that only 34% of Americans approve of Biden's leadership, despite strong employment figures and falling inflation. (More President Biden stories.)

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