Three key things to know about ‘Bidenomics’ as Biden celebrates economy ‘boom’

Joe Biden has hailed ‘Bidenomics’ for bolstering the US economy and causing a ‘boom’ in the manufacturing sector today. The President made this statement while visiting Auburn Manufacturing Inc. (AMI), a textile manufacturer in Auburn, Maine, that has reportedly benefited from Biden’s economic policies and experienced double-digit growth. Ahead of the 2024 Presidential Election, Biden is touting his economic record following an easing of inflation and GDP growth. Yesterday, the Department of Commerce confirmed that the world’s largest economy grew by 2.4 percent between April and June and inflation slowed to three percent last month. Speaking in Auburn, Biden said: ‘Earlier this week the Washington Post suggested Republicans may have to find something else to criticize me for, now that inflation is coming down. Maybe they’ll decide to impeach me because it’s coming down.’ He added: ‘Bidenomics is just another way of saying restore the American Dream’. President Biden speaking in Auburn, Maine (Image: CNBC) Previously, the White House described Bidenomics as the administration’s plan to strengthen the US economy ‘from the middle up and the bottom up’. This is in direct contrast to former President Ronald Regan’s ‘Reagnomics’ which popularised the trickle-down economics model of tax cuts for the wealthy to assist in stimulating the economy. As part of the Bidenomics agenda, President Biden has touted the Covid-era American Rescue Plan and the Inflation Reduction Act. In a statement, the White House started: ‘Bidenomics is mobilising historic levels of private sector investment in the United States, supporting American innovation and research and development, strengthening domestic manufacturing after decades of offshoring, and creating new, good-paying jobs, including union jobs and jobs that don’t require a college degree.’ Biden touted his economic record to workers in Maine (Image: CNBC) During today’s visit to Maine, Biden also signed an executive order to further cement his economic agenda, The order prioritises the administration’s manufacturing policy of ‘invent it here, make it here’. According to the White House, this will primarily benefit American workers and communities, as well as ensure global supply chain resilience. The Biden administration says the order will incentivise companies to manufacture inventions in the US by offering taxpayer dollars to pay for their development. In his speech earlier today, Biden cited that this policy will lead to the creation of more jobs for American workers. Ahead of the President’s trip, White House press secretary Karine Jean-Pierre said: ‘We’re talking about bringing manufacturing back to the country and creating jobs – good-paying jobs.’ But not everyone agrees. Conversely, Republican Maine state Rep. Joshua Morris claimed: ‘Bidenomics is hurting working people in my district. ‘The cost of groceries, heating oil, gas, health care, and electricity have gone up as a result of Joe Biden ‘s policies. He should be apologising to us while he’s here, not bragging.’