Biden to Deliver Major Economic Address in Chicago Next Week – U.S. President Joe Biden is scheduled to give a significant economic policy speech on Wednesday, according to his aides. This speech is expected to set an important milestone for his re-election campaign. The White House advisory obtained by Reuters reveals plans for a speech in Chicago focused on “Bidenomics,” which had not been previously disclosed.
These plans align with Biden’s increased engagement in political events and travel, which began two months ago when he launched his re-election campaign. The upcoming 2024 election will serve as a significant evaluation of President Biden’s economic performance. The positive aspects include job creation and low unemployment rates, while concerns have been raised regarding high inflation and its impact on interest rates, leading to fears of a potential recession.
According to a recent Reuters/Ipsos poll conducted earlier this month, a majority of Americans—54%—expressed their disapproval of Biden’s handling of his job, while only 35% approved of his management of the economy. These statistics pose a worrisome sign for Biden and his fellow Democrats, particularly considering that voters prioritize the economy as their top concern. In the first quarter, the U.S. economy experienced a growth rate of 1.3% on an annualized basis, and unemployment stood at 3.7% in May. However, during the same period, inflation rose by 4% compared to the previous year.
While Biden’s aides view these figures as positive indications of a transition towards more stable growth levels following the sharp rebound from the COVID-19 recession, Federal Reserve officials have expressed their belief that there is still a long way to go in bringing inflation down to healthy levels. They may need to increase interest rates further, which poses a risk to Biden’s objective of maintaining economic growth at a level that encourages hiring by employers.
Former President Donald Trump, who is currently leading the race for the Republican Party’s nomination, has been heavily criticizing President Biden on the issue of inflation during the early months of the campaign. The term “Bidenomics” is used by Biden’s aides to encompass his economic vision, which involves increasing taxes on wealthy individuals and corporations to fund initiatives such as childcare, as well as support for advanced industries like semiconductors and electric vehicles.
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During his speech, Biden is anticipated to revisit familiar themes, including his opposition to Republican “trickle-down” economics, while presenting his policies and plans to reduce the deficit, invest in infrastructure, bring back manufacturing jobs from overseas, and implement higher taxes on the affluent. Additionally, it is expected that Biden will participate in a fundraising event during his visit to the Chicago area, which coincides with a deadline for federal fundraising records. It is unlikely that he will face significant competition for his party’s nomination.