{"id":1978884,"date":"2023-07-20T18:56:02","date_gmt":"2023-07-20T22:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-biden-bets-on-economy-as-election-strategy\/"},"modified":"2023-07-20T18:58:08","modified_gmt":"2023-07-20T22:58:08","slug":"in-depth-biden-bets-on-economy-as-election-strategy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-biden-bets-on-economy-as-election-strategy\/","title":{"rendered":"Biden&#8217;s Election Strategy: Focused on Economy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fin-depth-biden-bets-on-economy-as-election-strategy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1978884&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0720\/84949db2-e498-4782-b2bf-c9cc00848830\/audio.mp3?length=6554061&#038;duration=546\"><\/div>\n<\/p>\n<p>President Joe Biden\u200b took his economic message to Philadelphia, touting his administration\u2019s progress in rebuilding the \u200cmiddle class by \u2064stimulating American manufacturing, \u2062upgrading infrastructure, and increasing wages. The stop was\u200d the latest in a \u2063string of appearances by \u2064Mr. Biden aimed at selling his economic record to voters in the run-up to the 2024 election.<\/p>\n<p>The crux of Mr. Biden\u2019s message is that his approach to stimulating economic growth\u2064 benefits Americans across the economic spectrum\u200c while the corporate \u2064tax and federal spending cuts advocated by his \u2063opponents benefit only the wealthy.<\/p>\n<p>Though the president claims his policies have reduced inflation and positioned the\u200c U.S. for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank\/\" title=\"China to leapfrog U.S. as world\u2019s biggest economy by 2028 \u2013 think tank\">long-term growth<\/a>, that message has been \u200ba tough\u200d sell to many Americans who tend to judge the economy based on kitchen-table issues like interest \u200brates and the price of gasoline.<\/p>\n<h2>\u2018Bidenomics\u2019 Defined<\/h2>\n<p>Mr. Biden delivered his message to\u200c a \u2064crowd of union workers at Philly Shipyard,\u200c a leading manufacturer of large ocean-going vessels, on July 19. The appearance marked his third economic speech in \u2064the last four weeks, following stops in South Carolina \u2064and Chicago.<\/p>\n<p>Mr. Biden announced the start of work on a vessel called the Acadia, which will assist\u200d in the construction of\u2064 sea-based wind turbines. The ship will be the first of its kind and be constructed with American-made steel and engines and crewed by Americans, he \u200bsaid.<\/p>\n<p>The project\u2064 illustrates the\u2064 president\u2019s strategy, dubbed Bidenomics, which focuses on manufacturing with an emphasis on\u2062 green energy and infrastructure projects. Referring to the Inflation Reduction Act, which includes $368 billion in climate-related projects, Mr. Biden said, &#8220;<strong>When \u2063I think climate, I think jobs. I think union jobs \u2026 This law is creating millions of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-biden-bets-on-economy-as-election-strategy\/\" title=\"Biden's Election Strategy: Focused on Economy\">good-paying clean-energy manufacturing jobs<\/a>, including offshore wind.<\/strong>&#8220;<\/p>\n<p>The term Bidenomics was coined by journalists to describe Mr. Biden\u2019s policies. He has since \u200dembraced the term,\u200c as have his \u2062political opponents, \u200cwho use it derisively. The president often contrasts\u200b his philosophy with so-called trickle-down economics, the economic strategy employed by President Ronald Reagan \u200din the 1980s, also known as Reaganomics.<\/p>\n<figure id=\"attachment_5412605\" style=\"width: 640px\" class=\"wp-caption alignnone\">\n    <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/07\/20\/id5412605-AP23201611968118.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><\/p>\n<p>    \u2063 \u2063  President Joe Biden tours a shipyard with Megan\u200b Heileman, \u200cManager, PSI \u2063Apprentice Program (L) and Emily \u200bAndrewson (R), apprentice welder, in Philadelphia, Thursday, July 20, 2023. (AP\u200b Photo\/Susan Walsh)<br \/>\n \u2063<br \/>\n  <\/figure>\n<p>That strategy focused on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-ukraine-crisis-is-a-wake-up-call-for-taiwan-and-japan\/\" title=\"The Ukraine Crisis Is A Wake-up Call For Taiwan And Japan\">increasing defense spending<\/a>, balancing the federal budget, \u2064reducing federal income and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-propose-massive-new-legislative-package-cost-to-be-borne-by-taxpayers\/\" title=\"Biden to propose massive new legislative package, cost to be borne by taxpayers\">capital gains taxes<\/a>, and government deregulation. The idea was that by removing constraints \u2063on business,\u200d the economy \u2062would grow, and prosperity would \u201ctrickle down\u201d to the middle class.<\/p>\n<p>\u201cI watched my dad growing up, and not a whole lot of benefit\u2062 trickled down on his kitchen table,\u201d Mr. Biden said.<\/p>\n<p>He then described Bidenomics in a nutshell.<\/p>\n<p>\u201cI don\u2019t think the problem in America is [that] too many people are working or the people are making too much money. Instead, we focused\u200c on getting Americans into the workforce by fixing \u2062a broken supply chain, lowering the cost of products, everything\u200b from health care to the products we purchase,\u201d he added, noting that corporations have benefited also, as profits reached record highs\u2062 during the pandemic.<\/p>\n<p>The shipbuilders received Mr. Biden\u2019s message enthusiastically. Others remain skeptical.<\/p>\n<h2>Perception Problem<\/h2>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mcconnell-mocks-bidens-sotu-the-president-only-mentioned-iran-one-time-and-it-was-literally-by-accident\/\" title=\"McConnell Mocks Biden\u2019s SOTU: \u2018The President Only Mentioned Iran One Time, And It Was Literally By Accident\u2019\">public overwhelmingly disapproves<\/a>\u200d of the president\u2019s handling of the economy, according \u200dto recent opinion polls. A poll released July 19 by Monmouth University indicates that 62 \u200cpercent of respondents \u200bdisapprove of Mr. Biden\u2019s handling of inflation,\u2062 and opinion is evenly split on his handling of jobs and unemployment. Even transportation and energy infrastructure, key\u200b components of\u200d Bidenomics, received a 51 percent disapproval rate.<\/p>\n<p>That disapproval comes despite the \u200bfact that consumer confidence in June \u200breached the highest level since January 2022, inflation has fallen to 3 percent from its \u2063high of 9.1 percent just over a year ago, and unemployment remains under 4 percent, where it has been\u200d for 17 months.<\/p>\n<p>In follow-up interviews to \u200ba \u200dJune public opinion poll conducted by the Associated Press, respondents were more\u200b aware\u2062 of fuel and food prices \u200dthan of\u200b Mr. Biden\u2019s economic initiatives. Few were able to name the\u2063 Inflation Reduction Act or the \u2062CHIPS and Science \u200cAct, indicating that these large-scale investments in manufacturing have yet to impact everyday life.<\/p>\n<figure id=\"attachment_1890459\" style=\"width: 640px\" class=\"wp-caption alignnone\">\n    <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2015\/11\/03\/GettyImages-465175874-1200x804.jpg\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><\/p>\n<p>    \u200c   A customer pumps gasoline into his\u2064 car at an Arco gas station in Mill Valley, \u200dCalif., on March 3,\u200b 2015. (Photo by Justin Sullivan\/Getty Images)<br \/>\n  <\/figure>\n<p>It may be possible \u200bthat many people suspect what some economists believe, that inflation has not yet \u2062been whipped, and Mr. Biden may be overselling the impact \u200bof his initiatives.<\/p>\n<p>\u201cThe best we\u2062 can say is that [inflation] has diminished of late,\u201d Robert \u200cS. Kravchuk, emeritus professor of public affairs at Indiana \u200cUniversity told The Epoch\u2063 Times.<\/p>\n<p>\u201cIf the question is \u2018can inflation\u200b return?\u2019\u2063 the answer \u200bis yes,\u201d\u2063 Mr. Kravchuk added, \u201cBut probably not right away.\u201d<\/p>\n<p>Inflation is diminishing but cannot be said to be\u200b under control according to\u2063 economist \u2062Peter C.\u200c Earle of the American Institut<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden brought his economic message to Philadelphia, highlighting his administration&#8217;s efforts to revive the middle class through initiatives like boosting American manufacturing, enhancing infrastructure, and raising wages. This visit is part of a series of appearances by Biden, as he seeks to persuade voters about his economic achievements ahead of the 2024 election.<\/p>\n","protected":false},"author":1793,"featured_media":1978885,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-1978884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1978884"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1978885"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1978884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1978884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1978884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}