President Biden’s Wednesday speech on the economy speech attempted to get the president more public credit for the country’s current economic progress—by branding it all as “Bidenomics.”
for 11 consecutive months. Biden’s speech contained little new policy substance. The significance was in its packaging, its push to get the president more public credit for the country’s current economic progress by branding it all as “Bidenomics.”about it—is also an insidery attempt to signal a contrast with a far more famous Republican presidential economic agenda.
Economies, though, are funny things—they have a tendency to change unpredictably, and not always in ways that politicians prefer. By putting his name on the state of jobs, prices, and the stock and real estate markets, among other volatile parts, the president risks owning any downturn that kicks in between now and November 5, 2024.
. “No one is predicting perfection between now and Election Day 2024. There are always risks that an economy is going to face challenges,” saysthe former deputy director of Biden’s National Economic Council. “But we’re now in a position where the fundamentals of jobs, growth, spending, and investment, both public and private, tell us that we are highly likely to remain in a very healthy place for the foreseeable future.
Biden’s advisers believe that—short of a serious future recession—identifying the president with the economy will make for a broader, more powerful big picture campaign contrast: that Biden is the responsible adult who cares about real-world issues and fights for regular folks, while the Republicans, regardless of whomever they might nominate, are obsessed with divisive, fringe cultural issues and protecting the wealthy.
The disconnect between the improving economic trends and the public’s ongoing disenchantment—71% of those polled bysaid the economy was in bad shape, and 50% said their own financial situation had worsened in the past year—means that Biden’s sales job has a long way to go. His campaign is gearing up for an expensive battle to tout the president’s successes. “His record will matter. People care about what you’ve done to make their lives better,” the adviser says.
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