AFP, published Wednesday 28 June 2023 at 20:44.
In the race for re-election in 2024, American President Joe Biden has bet everything on the solidity of the American economy and the revitalization of its industry, which he believes is the fruit of his “bidenomics”, as he calls them, Wednesday on his reforms during a speech in Chicago.
In addition, his reforms should make it possible to “restore the American dream”, assured the American President, for whom it was a question of investing “in our people”. “We are strengthening small and medium-sized enterprises and want growth that benefits everyone,” he said.
“For 40 years, trickle down theory has constrained that dream. Bidenomics is the future, it’s another way to recreate the American dream because it has worked in the past,” Biden said.
Joe Biden also sees this as the cause of the strong recovery in the American economy after the pandemic-related shutdown and the disruption of global supply chains.
“The +Bidenomics+ is a desire to completely rebuild the economy along three fundamental axes: make smart investments, empower the middle class through education, help small businesses to boost competition,” he added to describe his major reforms .
However, the decision to put the economy at the heart of his campaign is bold and potentially risky for Joe Biden, given that the world’s largest economy could still slide into recession in the second half of the year.
And to associate his name with it in this way is all the more important as he promotes his “Bidenomics”, a reference to “Reaganomics”, the economic boom of the 1980s under the presidency of Ronald Reagan, which is still the reference for Republicans today is.
Before leaving Washington for Chicago, the US President had already provoked and told the press that he had “heard every month that the recession is being forecast for the next one”, while now it was agreed “that we will not see the recession “.
– “Bidenomics” versus “Reaganomics”? –
Right now, the speech is struggling to get a hearing, especially given persistent inflationary pressures in a country accustomed to weak inflation for decades.
In fact, according to a May poll by ABC and the Washington Post, former President Donald Trump is 18 points ahead of Joe Biden when it comes to who manages the economy better.
On the contrary, for his predecessor, who also ran for the Republican primary, +binomics+ “caused the worst economic downfall since the Great Depression.”
“Joe Biden and the Democratic Congress have created the highest inflation in decades. […] “The inflation and high interest rates that Biden has caused have created a banking crisis, a disaster of historic proportions,” Trump said in a statement.
The White House emphasizes that inflation is coming down, albeit slowly but steadily, and that “bidenomics” are changing the game in favor of the middle class.
The major investments approved by Congress in the first two years of the President’s office flowed hundreds of billions of dollars into the energy transition, into semiconductors, but also into infrastructure, for which no less than 550 billion dollars have been budgeted.
According to Lael Brainard, director of the National Economic Council, Joe Biden is using public finances as a catalyst to “start a boom in private-sector spending on building factories,” while economic policies under Reagan had spurred industrial cities to abandon the effects of relocations and the abandonment of ambitious infrastructure projects.
In their opinion, the funding of broadband Internet throughout the territory is thus a reminder of the massive electrification effort undertaken under the presidency of Franklin D. Roosevelt to modernize the country in the 1930s.
Whether voters ultimately subscribe to the “bidenomics” argument will depend largely on whether they actually see the impact of spending near where they live, White House Deputy Speaker Olivia Dalton told the press.
“We see the excavators in action, private investment returns to our country, we see millions of jobs created. Now, all of those accomplishments are about getting the president’s message across and showing Americans that this is all the right thing to do.” Fruit of +Bidenomics,” she explained.
“And that’s just the beginning of its impact,” stressed Ms. Dalton.