President Biden delivered remarks on “Bidenomics” in Chicago on Wednesday, contrasting his economic strategy with “Reaganomics” and its trickle-down approach.
Biden has frequently characterized his approach as rebuilding the economy “from the middle out and the bottom up.”
On Wednesday, the president criticized the idea that public investment discourages private investment, saying, “Overwhelmingly, they had it backward.”
Biden also said most industries “were moving to diminish competition” under the trickle-down approach.
On the term itself, Biden told reporters while leaving for Chicago, “Everyone from Wall Street Journal and Financial Times began to call it ‘Bidenomics.’ I didn’t come up with the name. … I now claim it but they’re the ones who used it first.”
The remarks come as the White House continues another stretch of its “Investing in America” tour, in which administration officials are traveling the country highlighting impacts of legislation Biden has signed into law, including the Inflation Reduction Act and the Infrastructure Investment and Jobs Act.
MEANWHILE… A new poll from The Associated Press-NORC Center for Public Affairs Research shows 34 percent of adults approve of how Biden has handled the economy.
Read more from The Hill’s Alex Gangitano here.
