Unpacking ‘Bidenomics’: As the Nation Expresses Skepticism, the President Hopes for Their Embrace of His Economic Vision

The complexity and expansive nature of President Joe Biden’s economic outlook has often made it challenging to communicate succinctly to voters. The plan, a blend of infrastructure investment, corporate tax increases, tax credits for parents, renewable energy tax incentives, grants for computer chip manufacturing, insulin pricing regulations, and slogans such as “Build Back Better,” barely scratches the surface of the administration’s active and planned initiatives.

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Hoping to plant the term “Bidenomics” in voters’ minds before the 2024 elections, the president recently delivered a speech on the topic. However, interpretations of “Bidenomics” vary, with the White House and Republican definitions contrasting sharply, underlining the double-edged nature of catchy terms.

Biden defines his economic strategy as a pivot from Republican approaches that typically endorse widespread tax cuts to stimulate growth. Instead, he proposes more strategic use of the tax code and other programs to promote investment in new technologies, job creation, and upward mobility. His plan includes educational initiatives for workers and increased competition within the U.S. economy to help lower prices.

“I took office with a commitment to shift this country’s economic direction, transitioning from trickle-down economics to what is now being referred to as ‘Bidenomics’ by outlets such as The Wall Street Journal and Financial Times,” the president stated. “The label wasn’t my idea. Truly, it wasn’t.”

Yet Republicans perceive “Bidenomics” as a derogatory term symbolizing government spending and anti-oil policies that they believe caused last summer’s inflation to reach its highest point in four decades. Consequently, public sentiment about the economy is decidedly pessimistic, with only 34% of U.S. adults approving of Biden’s economic leadership, as reported in a recent Big Big News-NORC Center for Public Affairs poll.

Based on subsequent interviews with poll participants, most are more aware of rising gasoline and grocery prices than the specifics of Biden’s policies. Only a few could recall the bipartisan infrastructure bill that Biden signed into law when asked in numerous polls. Other initiatives like the Inflation Reduction Act and the CHIPS and Science Act have not yet fully registered on the public’s radar, despite efforts to communicate these initiatives by the administration and media.

Republicans were quicker to adopt the term than the president. Future House Speaker Kevin McCarthy, R-Calif., criticized in a 2021 speech, saying, “Bidenomics has drained the reservoir, rather than priming the pump. Today’s American economy resembles that of 1979 more than 2019, with inflation and gas lines.”

McCarthy’s critique refers to the inflated prices during the presidency of Jimmy Carter, who was defeated by Republican Ronald Reagan in the 1980 election.

A White House official, who preferred to remain anonymous, confirmed that “Bidenomics” was not influenced by poll-testing. The term first appeared in media outlets such as The New York Times, National Public Radio, Bloomberg News, The Economist, and even AP before Biden was inaugurated.

“Bidenomics” is just one in a series of presidential economic strategies nicknamed by commentators, including Nixonomics, Carternomics, Reaganomics, Clintonomics, Bushonomics, and Obamanomics. Conservative economists Arthur Laffer and Stephen Moore even titled a book detailing then-President Donald Trump’s policies, “Trumponomics: Inside the America First Plan to Revive Our Economy.”

President Gerald Ford coined “Whip Inflation Now,” or WIN, in the mid-1970s. The launch of Bidenomics with the president’s recent speech at the Old Chicago Main Post Office had a more muted reception compared to Ford’s initiative.

For Ford’s campaign, famed musical composer Meredith Willson penned a tune titled “WIN!” In 1974, The New York Times published the lyrics: “Win! Win! Win! We’ll win together, Win together, that’s the true American way, today. Who needs inflation? Not this nation.”

However, Biden aims to provide the nation with an ideological framework, not just a catchy tune.

According to Democratic strategist Jesse Ferguson, the president aims to reassure voters that he has tangible plans to alleviate their economic woes, even if not all issues have been resolved.

“For four decades, the call for an economy that prioritizes the working-class over the wealthy has been resounding. This is what Biden is striving to provide,” Ferguson said. “He has a unique economic approach, and the results will validate his strategies. Moreover, his genuine dedication to making the economy work for the working class is evident and resonates with the people.”

AP White House Correspondent Zeke Miller contributed to this report.

Frequently Asked Questions (FAQs) about Bidenomics

More about Bidenomics

• Bidenomics Explained
• President Biden’s Economic Plan
• Republicans’ Response to Bidenomics
• Public Opinion on Biden’s Economic Policy
• Understanding the Role of Government in Bidenomics