President Joe Biden is giving an address on his economic vision for the United States, which he calls "Bidenomics."

On Monday, Biden announced his intention to "fundamentally change the economic direction of our country" by building the economy "from the middle out and the bottom up."

He listed three pillars of his plan: making smart public investments in America, empowering and educating workers to grow the middle class, and promoting competition to lower costs and help entrepreneurs and small businesses thrive.

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A White House memo pointed to the economic growth during the Biden administration, arguing the president has put working-class families in a better position than they were before the COVID-19 pandemic.

Biden is scheduled to begin speaking around 1 p.m. Eastern time.