STORY: U.S. President Joe Biden on Wednesday rolled out what will likely be a centerpiece of his re-election bid: Bidenomics.
“Bidenomics is working. When I took office, the pandemic was raging and our economy was reeling. [FLASH] Today ,the U.S. has the highest economic growth rate, leading the world economy since the pandemic, the highest in the world.”
Biden is betting that he can turn around Americans’ lukewarm views on his economic stewardship, highlighting investments in infrastructure, semiconductors, and plans to expand high-speed internet.
Biden: “I’m not here to declare victory on the economy. I’m here to say we have a plan that’s turning things around incredibly quickly. We have more work to do.”
It’s a gamble for the Democratic president. Job creation and low unemployment are the positives of Biden’s first two years in office, while elevated inflation and the knock-on effects of spiking interest rates over the past year in areas such as the housing market have stoked fears of recession.
But he’s committed to winning over skeptics, and on Wednesday cited what he suggested was one example: Alabama Republican Senator Tommy Tuberville, who opposed Biden’s $1 trillion bipartisan infrastructure plan.
Biden: “People strenuously opposed. Voting against it when we had this going on. [FLASH] Well, there’s a guy named Tuberville from Alabama, a senator from Alabama, who announced that he strongly opposed the legislation. Now, he’s hailing its passage. Here’s what he said (quote): It’s great to see Alabama receive critical funds to boost ongoing broadband efforts”
Biden added that the next phase would include making the federal tax system fair by eliminating loopholes for the wealthy.
Whether Biden’s message Wednesday will break through is an open question.
The summertime speech came ahead of the July Fourth holiday, 16 months before voters head to the polls and as Republicans sort through a large field of possible candidates led by former President Donald Trump – who has attacked Biden on inflation in the early months of the race.
