President Joe Biden spent much of his third year in the White House trying to brag about what he’d done for the American economy.
In February, speaking to a chapter of the International Brotherhood of Electrical Workers in Maryland, he declared, “For the past two years, we’ve been carrying out my economic plan that grows the economy from the bottom up and the middle out, not the top down.” Biden then recited a laundry list of economic indicators. The unemployment rate was 3.4 percent. Gas prices had dropped by $1.60 per gallon. In his first two years in office, he said, “we created 800,000 new manufacturing jobs.” Inflation was down from its peak, and take-home pay was up. “We’ve got more to do, but I’m telling you, the Biden economic plan is working because of you all,” he said, pausing for applause. “And I really mean it.”
This was typical of Biden’s prepared public remarks. In at least a dozen speeches and statements in 2022 and 2023, the president referred to either “my economic plan” or “the Biden economic plan,” crediting himself and his administration with the state of the economy. “My economic plan is showing results,” he said in a prepared statement in November 2022. “My economic plan is working,” he said in July 2023.
In summer 2023, Biden finally gave that plan a name. Or rather, he adopted the name his critics had already used to describe his policies: Bidenomics.
The term had begun as a derisive label for the president’s economic foibles. An unsigned July 2022 editorial in The Wall Street Journal bore the headline “Bidenomics 101.” It took issue with Biden’s public demand that “companies running gas stations and setting prices at the pump” bring down their prices—a sort of Nixonian jawboning where you respond to inflation by trying to bully companies into keeping prices low. The president, the editorial charged, “doesn’t appear to know anything about how the private economy works.”
Nearly a year later, in a speech in Chicago, Biden set out to claim Bidenomics as his own. The president framed his approach as “a fundamental break from the economic theory that has failed America’s middle class for decades now.”
Rather than “trickle-down economics” that helped only the already well-off, Biden said, he was pursuing an economic agenda that rejected the “belief that we should shrink public investment in infrastructure and public education.” He touted his record,crediting three major laws he’d signed—the American Rescue Plan (ARP), the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act—with helping to set the U.S. economy on a better track. “Guess what?” he said. “Bidenomics is working.”
Biden’s speeches were defensive in tone, and for a reason: Voters have consistently reported broad unhappiness with the economy. Surveys find low support for Biden’s handling of economic policy across nearly every demographic, including the younger voters and minorities who are typically Democratic stalwarts. The president’s embrace of Bidenomics was an attempt to convert skeptics into believers by arguing, more or less, that the economy was actually pretty great and that this was because of him and his policies.
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