The Biden administration has also taken steps to prepare workers for the jobs of the future, including those that don’t need four-year college degrees, Brainard said. The administration is comparing it to President Franklin Delano Roosevelt’s Rural Electrification Act, which brought electricity to homes throughout the country.Īnd 35,000 new projects – including roads, bridges and ports – have received funding through the bipartisan infrastructure law, the White House said.Įmpowering and educating American workers It is aimed at bringing connectivity to more Americans and closing the digital divide. This surge is not happening in other advanced economies, it notes.Īlso, earlier this week, Biden outlined how states will receive more than $42 billion in federal funding for high-speed internet service, which was part of the 2021 infrastructure law. The Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS Act each included direct funding and tax incentives for public and private manufacturing construction.
One example: The administration is touting the fact that construction spending on manufacturing facilities has doubled since 2021. Since Biden took office in 2021 they have already spurred nearly $500 billion in private-sector commitments. The efforts aim to attract private investment, according to the fact sheet. The Biden administration has focused on infrastructure, clean energy and semiconductors, Lael Brainard, director of the National Economic Council, said at Tuesday’s White House press briefing. Here are three key principles of Bidenomics: A fact sheet distributed by the White House lists the president’s efforts to date but does not include any new initiatives. The administration and several officials have provided an outline of what Bidenomics entails. Two-thirds of Americans disapprove of how he’s handled the economy and just over three-quarters feel the economy is in poor shape, according to a CNN poll conducted by SSRS in May. To fund Bidenomics, the president once again calls for ensuring the wealthy and large corporations pay their fair share of taxes.īiden, however, is still struggling to sell his economic agenda to the public. “Folks, let me say it as clearly as I can: (The) trickle-down approach failed the middle class and failed America,” said Biden. He has long focused on that group of Americans, serving as chair of the Middle Class Task Force when he was vice president in the Obama administration. But many experts dispute the effectiveness of this practice at lifting all boats.īiden argues that supply-side, trickle-down economics has cost jobs and hollowed out the middle class. Supporters say the benefits flow down to middle-class and working Americans, boosting economic growth more broadly. Trickle-down economics, which was at the heart of President Ronald Reagan’s policies and continues to be the guiding light of Republican lawmakers, typically revolves around tax cuts for the wealthy and large companies. “This vision is a fundamental break from the economic theories that failed America’s middle class for decades now.” The wealthy still do, everybody does well,” Biden said, noting that the media came up with the name Bidenomics. Growing the economy from the middle out and the bottom up – not the top down – is Biden’s mantra. The president highlighted the achievements he’s attributing to Bidenomics in a major speech in Chicago on Wednesday.
This economic theory – which rejects the idea of “trickle-down” policies in favor of focusing on the middle class – will be a centerpiece of Biden’s 2024 reelection campaign. President Joe Biden is attempting to usher in the era of “ Bidenomics.”
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