What's 'Bidenomics'? The president hopes a dubious nation embraces his ideas condensed into the term
President Joe Biden has long struggled to neatly summarize his sprawling economic vision
WASHINGTON — President Joe Biden has long struggled to neatly summarize his sprawling economic vision.
It’s been hard for voters to digest the mix of roads-and-bridges spending, tax hikes on big companies, tax credits for parents, tax breaks for renewable energy, grants to build computer chip factories, insulin price caps and slogans like “Build Back Better.”
And that barely covers the full breadth of what the administration is doing and trying to do.
Last week, the president gave a speech on “Bidenomics” in hopes that the term will lodge in voters’ minds ahead of the 2024 elections. But what is Bidenomics? Let’s just say the White House definition is different from the Republican one — evidence that catchphrases can be double-edged.
Biden says his economic philosophy is the opposite of a Republican approach that favors broad tax cuts to spur growth. He sees the government as using the tax code in a more targeted fashion and fashioning other programs to foster investment in new technologies, create jobs and boost upward mobility. He wants to do more to educate workers and foster competition within the U.S. economy in hopes of reducing prices.
“I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone in The Wall Street Journal and Financial Times began to call 'Bidenomics,'” the president said. “I didn't come up with the name. I really didn't.”
But to Republicans, “Bidenomics” is a slur they can deploy. It's a philosophy of government spending and anti-oil policies that they say fueled a spike in inflation last summer to a four-decade high. High prices have
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