Biden promoted his policy of extensive investments. "When we invest in our people, we strengthen the middle class and see economic growth that benefits all Americans," said the Democratic Party politician. "This is the American Dream." In contrast, 40 years of "trickle down" would have hindered the American dream. The so-called trickle-down theory basically says that the wealth of the richest "trickles down" to poorer strata over time.
Since taking office in January 2021, Biden has been on a course of massive investments in areas such as climate protection, infrastructure and the production of microchips. The 80-year-old has always emphasized that economic growth must come from the middle class.
The term "Bidenomics" is based on and at the same time a distinction from the term "Reaganomics", which describes the neoliberal economic policy pursued under Republican President Ronald Reagan (1981 to 1989). Biden accuses the Republicans of serving the rich with their policies, while he himself supports the working and middle classes.
Economic policy is likely to be a key campaign issue in the race for the White House next year. However, Biden is in a difficult position: According to a survey in May, his predecessor Donald Trump scored 18 percentage points better than Biden when assessing economic policy.
The President claims to have led the US economy out of the corona pandemic crisis. He can point to unemployment that has been very low for months. However, the USA has been suffering from high inflation since last year, even if it has fallen significantly in recent months. In addition, the US economy could slip into a slight recession over the course of the year.