US President Joe Biden made statements about his economic plan “Bidenomics” in Chicago, Illinois. In Biden’s economic plan, regulations that will increase the welfare of middle-class Americans come to the fore.
US President Joe Biden will focus on his economic plan in order to dispel the pessimistic view of the Americans about the economy and attract undecided voters to his side.
Biden, who witnessed a sharp recovery after the pandemic-led recession during his two-year presidency, is still seeing a decline in approval rates amid voters’ concerns about inflation and the knock-on effects of rising interest rates on the direction of the economy.
In his speech in Chicago, the US President sought to reintroduce the middle-class vision of American prosperity.
In this plan, called ‘bidenomics’, taxing the rich to invest in areas critical to national security, including chips; training of workers and the promotion of economic competitiveness.
According to a Reuters/Ipsos poll conducted earlier this month, more than half of Americans don’t seem happy with Biden as president, while only 35 percent of respondents support Biden’s economic policies. Voters consider the economy the most important problem.
White House advisers think inflation numbers are high but are heading in the right direction under the policies Biden has promoted, aimed at reducing deficit spending and cutting costs on a range of products.
“The president has pledged to implement a very different approach – one that grows the economy from the middle outward and from the bottom up,” says Lael Brainard, Director of Biden’s National Economic Council.