Here's Why 'Bidenomics' is the White House’s ‘Word of the Year'
President Joe Biden has made some very noteworthy changes since he assumed the office of POTUS. Even at the near-completion of his term, Biden hopes to snag yet another hopeful and resounding victory by securing the role of President once more in the upcoming 2024 presidential elections. However, this is a mammoth task given the cut-throat competition he’s up against from members of the left and right performing equally well alongside him. At the same time, Biden's economic policies have also come under the spotlight in recent times, and a huge focus has been placed on ‘Bidenomics,’ which has reportedly become known as the White House’s ‘word for the year,' too.
According to the Chicago Sun Times, as per Principal Deputy Press Secretary Olivia Dalton, Bidenomics “is the word of the day, word of the week, word of the month, word of the year here at the White House.” Dalton made this statement back in June, right before the President made an official address about Bidenomics. While this is more or less an umbrella term for Biden's economic policies, let’s get a deeper understanding of what exactly Bidenomics entails.
Last quarter, our economy grew at the highest rate since the end of 2021.— Vice President Kamala Harris (@VP) October 28, 2023
This is Bidenomics. pic.twitter.com/5Za6OMuhoP
To begin with, the term was reportedly coined by a White House source and two publications—The Financial Times and The Wall Street Journal. As per the report by Chicago Sun Times, neither of the three intended for it to be used as a 'compliment.' Nonetheless, Biden’s campaign team decided to flip the script and thought that there was some room for improvisation and creativity to boost his campaign.
Slowly but surely, it eventually got picked up by the public as a 'key slogan' and was used to discuss the various economic policies put forth by the President. Another source claimed that this now-iconic ‘slogan’ is possibly Biden’s way of sharing his vision for “growing the economy from the middle out and the bottom up, not the top down.”
Bidenomics is an economic strategy that puts the American people first. pic.twitter.com/YfKquUX5ao— Secretary Pete Buttigieg (@SecretaryPete) October 30, 2023
There are four major primary measures that the ‘Bidenomics’ package constitutes in close accordance with American law. These include the Massive Bipartisan Infrastructure Law, the American Rescue Plan (which came after the COVID-19 pandemic), the CHIPS and Science Act of 2022 (which has to do with manufacturing, supply chains, and research and development investments), and the Inflation Reduction Act, which will allow Medicare to negotiate lower prescription drug prices.
I was raised in a household where it made a difference when food prices went up.— President Biden (@POTUS) October 27, 2023
Fighting inflation has been my top economic priority – and it’s working.
Under Bidenomics, the inflation rate has gone down by more than half since last Summer.
While these are the major policies Biden is diligently focusing on, three pillars are reportedly at 'the heart' of Bidenomics, as per a press release by the White House: "Making smart public investments in America," "Empowering and educating workers to grow the middle class," and "Promoting competition to lower costs and help entrepreneurs and small businesses thrive." As per the same press release, Biden's policies led to a reduction of more than $1.7 trillion in the federal budget deficit, and he also seeks to promote further tax cuts for families by $800 billion in the next ten years. As of recently, Bidenomics has managed to gain quite a lot of momentum, but only time will tell how successful his economic policies have actually been.
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