Biden delivered a major speech in Chicago as part of a White House push to take credit for the economy's post-pandemic recovery.
President Biden launched a new push Wednesday to sell his economic agenda and convince skeptical voters that the economy is thriving under his watch, showcasing a message that White House officials see as crucial to his 2024 election prospects.
He sought to contrast his plan with the trickle-down economics embraced by his predecessor and potential 2024 Republican opponent, former President Trump. The trickle-down theory, made famous by former President Reagan, focuses on cutting taxes and easing regulations.“This vision is a fundamental break from the economic theory that has failed America’s middle class for decades. ... called trickle-down economics,” he said in what the White House billed as a major speech.
The latest economic numbers give the White House reason to boast. Unemployment remains at 3.7% while inflation eased to 4% from its high of 9.1% last June. But fears of an impending recession continue to loom as prices slow their descent from previous highs.The president will appear with Gov. Gavin Newsom on Monday as he announces more than $600 million in federal funding for the nation’s power grid and communities affected by climate change.
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