Are you new with the “Bidenomics”, Here is Your Guide to “Bidenomics” 101

Are you new with the “Bidenomics”, Here is Your Guide to “Bidenomics” 101

President Biden and his team have embarked on a nationwide tour to promote his strong economic record. As they travel across the country, they are actively highlighting the positive impact of his economic policies and engaging with communities. Through this outreach, they aim to inform the public about the achievements under Biden’s leadership and build trust by emphasizing the tangible benefits of his approach, which they have coined as “Bidenomics.”

With a clear focus on transparency and open communication, the tour serves as an opportunity to connect with diverse audiences and understand their unique economic challenges. By actively engaging with citizens and sharing success stories, the administration aims to foster a sense of shared purpose and demonstrate their commitment to prioritizing the interests and well-being of the American people.

The introduction of the slogan “Bidenomics” plays a strategic role in summarizing the comprehensive vision behind President Biden’s economic strategies. During his June speech in Chicago, President Joe Biden said, “I came into office determined to change the economic direction of this country, moving from trickle-down economics to what everyone in the Wall Street Journal, the Financial Times, began to call Bidenomics. I didn’t come up with the name. I really didn’t. I now claim it, but they’re the ones who used it first.”

This concise and memorable phrase acts as a unifying message, allowing supporters and the public to easily identify and align with the core principles and goals of the administration’s economic agenda. By presenting a clear branding message, the tour and the slogan contribute to creating a cohesive narrative that reinforces trust and encourages public participation in building a prosperous economic future under the “Bidenomics” framework.

What is “Bidenomics”?

According to the White House release dated on 28 June 2023 “Bidenomics” is an economic program that has three key pillars.

• Making smart public investments
• Empowering and educating workers
• Promoting competition to lower costs

“Bidenomics” pillar #1: Making smart public investments.

The Biden administration has placed a strong focus on infrastructure, clean energy, and semiconductors, which has resulted in an impressive influx of nearly $500 billion in private-sector commitments since Biden assumed office in 2021.

For instance, investment in manufacturing facilities construction has doubled since 2021, largely due to initiatives such as the Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS Act. These legislative measures have provided direct funding and tax incentives for both public and private manufacturing construction, driving substantial growth in the sector.

In a recent announcement, President Biden outlined the allocation of over $42 billion in federal funding to states for the expansion of high-speed internet service. This initiative, part of the 2021 infrastructure law, aims to improve connectivity for more Americans and bridge the digital divide. Drawing a parallel to President Franklin Delano Roosevelt’s Rural Electrification Act, which brought electricity to homes across the nation, the Biden administration emphasizes the transformative impact of this investment.

Furthermore, the bipartisan infrastructure law has enabled the funding of approximately 35,000 new projects, encompassing essential areas such as roads, bridges, and ports. These investments not only bolster infrastructure development but also contribute to job creation, economic growth, and enhancing the global competitiveness of the United States.

“Bidenomics” pillar #2: Empowering and educating workers.

Under the Biden administration, significant efforts have been made to equip workers for the future job market, recognizing that not all positions require traditional four-year college degrees. President Biden has actively supported unions, established apprenticeship programs, and in July  2023, he engaged with a North Carolina community college to discuss advanced manufacturing job training opportunities.

The administration proudly attributes the creation of 13 million jobs since Biden took office, accompanied by an extended period of near historically low unemployment rates. Furthermore, the labor force participation rate among working-age Americans has reached its highest point in over two decades.

The administration emphasizes that these jobs offer improved wages, better benefits, and more favorable schedules as employers strive to attract and retain skilled workers in a competitive labor market. These measures demonstrate the administration’s commitment to fostering an inclusive workforce and ensuring that individuals have access to quality employment opportunities that meet their needs and contribute to their overall well-being.

“Bidenomics” pillar #3: Promoting competition.

With a focus on promoting fair competition and reducing costs, the Biden administration has implemented various measures to support small businesses.

In 2021, President Biden signed an executive order aimed at limiting or banning non-compete clauses. In line with this, the Federal Trade Commission (FTC) proposed a rule to prohibit employers from imposing such agreements on workers and to nullify existing ones. This move aims to level the playing field for workers, granting them greater freedom to transition between jobs without the fear of legal repercussions from former employers.

Another notable effort by the administration is the emphasis on the Inflation Reduction Act provision that significantly reduces insulin costs for Medicare enrollees to a monthly maximum of $35. This measure aims to alleviate financial burdens for millions of Americans who depend on insulin to manage their diabetes.

Additionally, President Biden has put forth proposals to address “junk fees,” which often remain hidden in contracts and can accumulate substantial costs over time. The administration’s proposal requires companies to disclose these fees upfront and offers consumers the choice to opt out. By increasing transparency and empowering consumers, this initiative seeks to ensure fairer practices and protect individuals from unnecessary financial burdens.

Through these actions, the Biden administration demonstrates its commitment to fostering fair competition, reducing costs, and empowering individuals and small businesses alike. These measures aim to create a more equitable economic landscape and improve the financial well-being of American workers and consumers.

The Biden administration’s nationwide tour aims to promote the economic vision of “Bidenomics.” Through transparent communication, the tour engages diverse audiences and highlights the pillars of making smart public investments, empowering workers, and promoting competition. By focusing on infrastructure, job creation, worker empowerment, and fair business practices, “Bidenomics” seeks to build a more equitable and prosperous economic future for all Americans.