The White House and President Joe Biden's 2024 reelection campaign are betting that a simple slogan will help carry the president to a second term.
"Bidenomics," the new catchphrase for the president's wide-ranging economic priorities, is a contrast with the"Reaganomics" of President Ronald Reagan, which Republicans associate with a sustained economic boom and U.S. victory in the Cold War but Biden characterizes as"trickle-down economics."Reagan, and his supporters, stressed the need to balance the federal budget, slow government spending, and lower taxes.
Bidenomics is also directly tied to the president’s green energy push. Biden has stated his desire to fully decarbonize the United States by 2050 and transition at least two-thirds of all cars on American roads to electric vehicles in the next decade.
Just months into Biden’s first year in office, prices across nearly all commercial goods skyrocketed. Much of that was attributed to the lagging effects of the coronavirus pandemic, but even some Democrats agree that Biden’s American Rescue Plan, which was passed on a strictly partisan vote and poured trillions into an already overheated economy, drove year-over-year inflation to levels not seen in decades.
And though the Federal Reserve still raised interest rates to 5.5% in July, the highest level in more than twenty years, Chairman Jerome Powell has also stated that the Fed no longer believes the economy will fall into a recession as it continues to recover from the COVID-19 pandemic.
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