A word once a badge of honor for President Joe Biden might have turned into a political liability. “Bidenomics,” a term used to describe his economic doctrine, is being used less, and the press is beginning to take notice.
In recent weeks, President Biden has refrained from uttering “Bidenomics.” It has been absent in nearly all of his public appearances this month, from his prepared remarks in Colorado, where he touted the Inflation Reduction Act, to his speeches at the Asia-Pacific Economic Cooperation (APEC) in California.
The last time President Biden touted the term was in a Nov. 1 speech in Minnesota, where he mentioned it four times and compared it to the American Dream.
“Folks, Bidenomics is just another way of saying ’the American Dream,'” President Biden said then.
But it has not entirely disappeared. Instead, President Biden’s re-election campaign has used the “Bidenomics” branding in subtler forms. During the Colorado event, there were signs with the label. The term is also inserted into the title of President Biden’s events or speeches. His team has used it in social media messages.
“In Colorado, [Biden] highlighted how Bidenomics is creating jobs and opportunities – unleashing over $7 billion in new investments across the state,” the White House wrote on X (previously Twitter) on Nov. 30.
A chorus of prominent Democrats and many of President Biden’s allies and supporters have warned that the “Bidenomics” branding would backfire because many Americans are still financially struggling and might link their challenges with the economic message.
A plethora of polls have highlighted the same thing: A majority of U.S. voters do not like “Bidenomics.”
“With less than a year to go until the presidential election, Biden continues to receive tepid ratings from the American public. His overall job approval rating is still at his personal low and is in historically dangerous territory for an incumbent seeking reelection,” Gallup wrote in its summary of the latest polling data.
“In addition, political independents’ record-low rating of Biden is striking. Biden’s even weaker ratings on the economy, foreign affairs and the Middle East suggest that his performance in these areas is dragging down his overall job performance rating.”
The White House insists that the U.S. economy is heading on the right track, alluding to various data points to support these claims.
“So my hope is that Americans gradually will see that things are getting better,” Ms. Yellen said.
The headline numbers have pointed to a robust economic landscape.
Despite the Federal Reserve’s rising interest rates, the labor market remains solid, with an unemployment rate below 4 percent and millions of new jobs in 2023.
However, the higher cost of living continues to affect voters’ perception of the economy.
The headline inflation rate remains above 3 percent, down from the June 2022 peak of 9.1 percent. However, cumulative inflation since January 2021 has been more than 17 percent. Plus, there have been many other factors pointing to a struggling population.
President Biden acknowledged that families are still enduring a rough environment.
“We know that prices are still too high for too many things, that times are still too tough for too many families,” President Biden said on Nov 27. “But we’ve made progress.”