President Biden on Wednesday used Chicago to kick off an economic pitch dubbed “Bidenomics” — as he continues to bank on an improving economy more than a year out from Election Day.
“Today, the U.S. has had the highest economic growth among the world’s leading economies since the pandemic. We’ve added over 13 million jobs, more jobs in two years than any President has added in a four-year term. And folks, that’s no accident. That’s Bidenomics in action,” Biden said in a 37-minute speech in the Old Post Office’s iconic lobby. “Bidenomics is about building the economy from the middle out and bottom up – not the top down by making three fundamental changes.”
The president said his plan includes “smart investments” in America, educating and empowering workers to grow the middle class and promoting competition to lower costs and help small businesses.”
White House advisers said the Chicago speech would kick off the president’s messaging for the weeks and months to come, with Biden taking on GOP critics by calling out “those who want to drag our country backward by returning to the failed trickle-down policies of the past.”
Biden’s plan is to show that his economic policies are working — largely with the passage of four key measures: the Bipartisan Infrastructure Law, the American Rescue Plan, the CHIPS and Science Act of 2022 and the Inflation Reduction Act.
“This is the moment we’re finally going to make a break and move away from an economy that has existed in a fundamentally different direction,” Biden said of 40 years of “trickle down economics.”
Biden also said he’s “determined to keep fighting” for universal pre-Kindergarten and free community colleges, while also trying to lower the cost of child care. The president also said “the next phase” is making the tax code “fair for everyone,” without raising taxes on the middle class.
President Joe Biden spoke at Chicago’s Old Post Office Wednesday before heading to two fundraisers in the city.
Charles Rex Arbogast/Associated Press
Prior to his address, Gov. J.B. Pritzker, Chicago Mayor Brandon Johnson, U.S. Sen. Dick Durbin, U.S. Sen. Tammy Duckworth and U.S. Rep. Danny Davis touted his legislative accomplishments.
“There’s no place more aligned with your vision than the city of Chicago,” Johnson said. “It’s the vision that speaks to the very soul of the city.”
And Davis touted Biden’s work with the child tax credit in reducing the child poverty rate, along with his support for infrastructure funding.
“We need you for four more years, four more years, four more years of President Joe Biden,” Davis said to cheers.
After the speech, Biden headed to two fundraisers at the J.W. Marriott hotel — the first hosted by Pritzker and Illinois first lady M.K. Pritzker. A minimum donation is set at $3,300, with up to 200 people expected. Donors who pay $25,000 qualify for a photo with the president.
The second event, also at the hotel, is being organized by a group of trial lawyers: Joe Power, Robert Clifford, Kevin Conway, Larry Rogers Jr. and Pat Salvi.
En route to Chicago, Biden was asked by a reporter whether the worst of inflation is over.
“Let me put it this way: I’ve been hearing every month there’s going to be a recession next month. The consensus is: Two thirds of the economists and the major leaders in the banks think we’re not going to have a recession,” Biden said, per a pool report. “I don’t think we will either.”
“Bidenomics” is what the White House has dubbed President Joe Biden’s economic policies.
Evan Vucci/Associated Press