President Joe Biden touted his economic record amid continuing dissatisfaction among Americans with the state of the US economy by saying his policies have proven effective.
Mr Biden delivered a fiery speech on Wednesday in Chicago where he sought to flip a term that the Wall Street Journal outlets have used against him--Bidenomics--into a plus.
“I didn’t come up with the name,” he said. “I think it’s a plan I’m happy to call Bidenomics.”
The president, who is seeking re-election in 2024, said that the US economy has largely recovered from the recession caused by the Covid-19 pandemic and had sought to refute Republican economics.
“Guess what? Bidenomics is working,” he said to applause. “When I took office, the pandemic was raging and the economy was reeling. Supply chains were broken. Millions of people were unemployed.”
Despite low unemployment, many Americans continue to see inflation as a top priority. A survey from the Pew Research Center last week showed that 52 per cent of Democrats and 77 per cent of Republicans say inflation is still a “very big problem.” Mr Biden sought to soothe those concerns by saying he continues to prioritise lowering prices and noted how inflation is less than half of what it was one year ago.
“Bringing down inflation remains one of my top priorities today,” he said. Mr Biden also mentioned the progress that his signature Inflation Reduction Act has made, such as allowing Medicare to negotiate drug prices.
“We’ve been trying to get this done for decades and this time we finally beat big pharma for the first time,” he said.
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