Biden rips trickle-down economics in Chicago economy speech

(NewsNation) — As candidates hit the campaign trail ahead of the 2024 elections, President Joe Biden appeared in Chicago for an address on the economy, touting his administration’s economic success stories.

In Chicago, the president focused on the success of what the White House is calling “Bidenomics” as a direct rebuke to the trickle-down economic theory of “Reaganomics,” with a focus on the middle class and growing the economy from the bottom up.

“Trickle-down approach failed the middle class, it failed America, it blew up the deficit, it increased inequity,” he said.

The economy has seen job growth under the Biden administration, along with low unemployment. It’s also experienced roller coaster inflation, which has slowed in recent months. The administration has, so far, also avoided a predicted recession though many experts continue to predict the possibility of one in the coming months.

However, Americans still say inflation is the top issue, with many feeling the pain of rising costs despite the overall economic outlook being positive. More than half of Americans disapprove of how the president is handling the economy, according to polling from Real Clear Politics.

Biden talked up his administration’s investments in infrastructure, rules to eliminate junk fees, efforts to bring manufacturing in critical industries and clean energy jobs. He pledged to do more to bring critical manufacturing jobs back to the U.S., specifically mentioning the semiconductor industry, where offshoring jobs has national security implications.

“America invented these chips, small computer chips the size of your finger that affect everything in your life,” Biden said, noting they are used in everything from cell phones to weapons systems.

Calling himself the most pro-union president in history, Biden promoted his administration’s efforts to enforce antitrust laws and crack down on non-compete agreements, as well as job creation. The economy has added 13.4 million new jobs in two years, with unemployment falling below 4% and hitting record lows for women, Hispanic and African-American workers.

Some of Biden’s economic efforts, however, have fallen flat as the administration has not yet achieved the goal of free community college and free pre-K for all students. The president’s student loan forgiveness plan is also currently on hold as the Supreme Court determines whether he has the authority to enact it.

House Republicans have opposed those programs and are introducing their own economic initiatives, including tax cuts for corporations and wealthy Americans. After a conservative revolt, House Speaker Kevin McCarthy has also pushed for spending cuts to programs like Medicaid, nutrition assistance and Pell Grants. That’s led some Democrats to suggest he’s backing out of the debt ceiling agreement negotiated with the White House.

Biden’s own budget proposal focuses on building on investments in infrastructure and education, among other things, as well as cutting taxes for working Americans and expanding the child tax credit.

In his address, Biden railed against GOP tax policy, reiterating his campaign promise not to raise taxes for Americans making less than $400,000 while promising to close loopholes, noting that if corporations and the wealthy paid at the top tax rate that currently exists, the federal government would be able to greatly reduce the deficit.