Joe Biden is taking a big chance with “Bidenomics.” However, approximately two months in, it appears that his efforts to promote his comprehensive economic programme are failing.
Voter scepticism about the economy is high, and the Republicans are making a concerted effort to reclaim the term by painting it as synonymous with tax increases and inflation.
White House staffers have adopted Wayne Gretzky’s “skate to where the puck is going, not where it is now” philosophy in the hopes of ensuring the bet pays off.
A White House official who requested anonymity in order to discuss strategy predicted that one year from now, inflation would be declining and the name “Bidenomics” would come to symbolise… Vice President Biden is making plans. More factories, more employment, and lower prices for prescription drugs are all part of that plan, even if they can’t name them all.
When asked about Republicans who continue to criticise Biden for rising costs, the official said, “they’re skating right around where the puck was yesterday.”
Some members of the Democratic Party have long held the view that candidates shouldn’t talk up the economy while it’s recovering for fear of alienating those who are still struggling.
Vice President Biden and his staff haven’t completely given up on prudence. But they aren’t actually following it either.
With dropping inflation, consistent job growth, and lessened talk of an impending recession, the administration has worked aggressively to not only take ownership of the economy, but also promote how wonderful the news is around it. They believe that the Inflation Reduction Act, the bipartisan infrastructure package, and the CHIPs and Science Act will lead to a surge of positive news. They think that when the economy improves more, people will give them credit for “Bidenomics'” most popular policies and the uptick in the economy as a whole.
Cabinet members and other high-ranking White House officials have been making the rounds to promote initiatives made possible by funding secured during the Biden administration. This week, the president will also be travelling. The tour, which will focus on conservation and climate resilience, will kick off in Arizona on Tuesday. He will be in Salt Lake City, Utah on Thursday to discuss the PACT Act, which gives benefits to veterans exposed to fire pits or other dangerous chemicals, and on Wednesday he will be in Albuquerque, New Mexico, to discuss the clean energy manufacturing components of the Inflation Reduction Act.
In addition to the president, several administration officials will be travelling this week. Energy Secretary Jennifer Granholm is scheduled to travel to Ohio on Monday for the groundbreaking of a lithium-ion processing facility before continuing on to Missouri for the launching of a manufacturing factory. Vice President Kamala Harris and Acting Labour Secretary Julie Su will travel to Philadelphia to discuss “Bidenomics'” positive stance towards union workers. Doug Emhoff, the second guy, will travel to Jackson, Wyoming, and Grand Teton National Park to discuss “Bidenomics” and its environmental initiatives.
This latest drive is timed to coincide with this month’s commemoration of the one-year anniversaries of the enactment of the IRA, PACT Act, and CHIPs laws. Multiple administration officials will regularly highlight the success of “Bidenomics” in order to drive home the point that the White House intends to keep repeating. They want to set themselves apart from the Republican Party, which has been promoting the laws without disclosing its opposition to them.
There is danger in pursuing the hockey tactic. The underlying assumption is that the current economy is weaker than the government would prefer. The White House is currently at war with Republicans over how to define it; if the economy doesn’t improve, or if people don’t begin to feel it, the Republicans will undoubtedly prevail.
Putting Joe Biden’s name on the economy is risky, Democrats concede, since it may go in the wrong direction.
Rep. Tony Cárdenas (D-Calif.), a member of the House’s Regional Leadership Council, which coordinates with the White House to discuss implementation of the laws, said, “It’s very brave of any elected official, especially the president of the United States, to make that bet — to say we have put so many things in motion, that I’m confident that month after month, over this year, people are feeling better this year than they did two years ago.” To paraphrase: “He’s betting, and I agree with him.”
For that wager to pay off, the White House and Democrats will need to convince more Americans that the economy is doing well, despite the fact that the data suggests otherwise.
Businesses are investing, consumers’ confidence is at a two-year high, and the jobless rate dropped to 3.5% in July while pay growth surged. A CBS poll conducted at the end of last month found that only 34% of respondents approved of Biden’s handling of the economy, down from 60% in March of 2021.
About 41% of people polled had heard of “Bidenomics,” and of them, half thought it meant more inflation and tax rises. Investment in infrastructure or the development of new jobs was mentioned by one-third of respondents.
Fifty-one percent of respondents to a CNN poll issued this week agreed that the economy is currently in a downturn and getting worse. Sixty-three percent of those polled are unsatisfied with Biden’s economic leadership.
Sen. Angus King, an Independent who caucuses with Democrats and is up for reelection in Maine next year, said, “There’s a disconnect between the data and the way people are feeling.” Last week, he attended a “Bidenomics” event in his state alongside the president.
King blamed the “hangover” from high inflation last year for the lack of improvement. He explained that the public needs some time to “sort of absorb the fact that we’re in very good shape.” That’s not to say that everything is fine, but if I were president right now, I’d be very pleased with the state of the economy.
The United States government recognises the discrepancy and attributes it to inflation caused by Russia’s war in Ukraine and the prolonged pandemic.
According to Deputy Chief of Staff Natalie Quillian, who oversaw the rollout, “Inflation remains higher than we want, which is why the president has been so steadfast in focusing on lower costs.” Although “polls don’t always tell the full story.”
According to a White House official, the administration is confident that the inflation-fueled hangover will subside as people start to see the drumbeat of great news from “Bidenomics” announcements.
Workforce training centres will soon appear. The official remarked, “We are rebuilding bridges and ports.” That’s not just a clever PR ploy. Those are the decreasing pricing and the “now hiring” placards. While Republicans talk about cutting off those benefits and eliminating jobs, the opposite is happening.
The Democratic Party as a whole, including the White House, is sceptical of the reliability of polls when it comes to measuring public opinion. Rep. Madeleine Dean (D-Pa.) thinks the record numbers of individuals coming to her office for passport appointments (indicating travel) and going to see the Barbie and Oppenheimer films are more reliable indicators.
Individuals are taking trips. She added, “They can afford to be picky.” And so, ‘Bidenomics’ is robust and beneficial. And I’ll pay more attention to the polls as November 2024 approaches.
