Can Joe Biden convince Americans the economy is actually good? – By Emily Stewart (VOX) / Aug 1, 2023
Bidenomics, or the real story of a sort of made-up thing.
Joe Biden would like you to feel good about the economy — which, by the way, is actually pretty decent at the moment. He would also like you to associate those good feelings with him. Hence what the White House is calling “Bidenomics.”
The White House has spent much of the summer laying out its theory of the case on the economy in speeches, appearances, and memos, all looking ahead to Biden’s reelection bid in 2024. The president’s message is that Bidenomics is about growing the economy “from the middle out and bottom up” instead of the top down. It’s framed in opposition to the Reagan-era trickle-down economics, which held that cutting taxes and regulations for corporations and the wealthy would spur prosperity that eventually works its way down to everyone. (It’s an approach that’s left lots of people waiting on that trickle.) Bidenomics — a name the administration has adopted, not invented — is also a departure from standard Democratic fare, at least somewhat. On the whole, it’s greater in magnitude and has more of a supply-side bent to it, being more focused on increasing the amount of stuff than on redistributing stuff, than prior Democratic regimes.
Beyond its exact contours, Bidenomics is an attempt by the president to package his approach to the economy, much of which is quite complex, in a way that — he hopes — voters can appreciate and understand. But more than a specific set of economic principles, Bidenomics seeks to create a narrative around the economy and tell a story about what’s happening in order to counter the vague sense of negativity felt by many Americans. In economics and politics, perception can be as important as reality, and Biden is trying to shape that perception.
CONTINUE > https://www.vox.com/23815490/joe-biden-economy-bidenomics-jobs-inflation-2024-election
