President Joe Biden has said "Bidenomics"—a term encompassing his economic vision—is working.
In an op-ed for The Washington Post as the nation marks the 60th anniversary of Rev. Martin Luther King Jr.'s March on Washington for jobs and freedom, the Democratic president wrote that "we continue the march forward" every day of the Biden-Harris administration.
"That includes a fundamental break with trickle-down economics that promised prosperity but failed America, especially Black Americans, over the past several decades," he wrote.
The White House has said Biden's economic philosophy is the opposite of a Republican approach that favors broad tax cuts to spur growth, and is centered around three key pillars: making smart public investments in the country, empowering and educating workers to grow the middle class and promoting competition to lower costs and help entrepreneurs and businesses thrive.
Vice President Kamala Harris "and I came into office determined to grow the economy from the middle out and bottom up, not the top down," Biden wrote in the Post op-ed.
"Our plan—Bidenomics—is working. Because of the major laws and executive orders I've signed—from the American Rescue Plan, the bipartisan infrastructure law, the Chips and Science Act, the Inflation Reduction Act, my executive orders on racial equity and more—we're advancing equity in everything we do making unprecedented investments in all of America, including for Black Americans," he wrote.
Biden noted that Black unemployment fell to a historic low this spring and remains near that level.
"More Black small businesses are starting up than we've seen in over 25 years," Biden wrote. "More Black families have health insurance. We cut Black child poverty in half in my first year in office. We are delivering clean water and high-speed internet to homes across America. We're taking on Big Pharma to reduce prescription drug costs, such as making the cost of insulin for seniors $35 a month. We're taking the most significant action on climate ever, which is reducing pollution and creating jobs for Black Americans in the clean energy future."
Biden and Democrats have been making the pitch to voters that the U.S. economy is thriving under "Bidenomics," in the hope the term will stay in voters' minds ahead of the 2024 election. Black voters were the heart of Biden's base in 2020, and any dip in support could prove costly.
Republicans have been using the term as an insult, saying it's an economic philosophy that fueled a spike in inflation to a four-decade high last summer.
The public appears to remain skeptical about "Bidenonomics," with a recent poll from The Associated Press-NORC Center for Public Affairs Research finding that just 36 percent approve of Biden's handling of the economy—and just 42 percent approve of his performance as president. The same August poll found that only 34 percent of those surveyed would describe the economy as somewhat or very good.
Biden's economic approval rating has remained consistent in recent months despite the administration touting falling inflation and steady job growth as evidence that the president's policies are working. Just 34 percent approved of his handling of the economy in a June poll although that number climbed slightly to 37 percent in a July poll.
Update 8/28/23, 5:45 a.m. ET: This article has been updated to add a new picture.
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Khaleda Rahman is Newsweek's Senior News Reporter based in London, UK. Her focus is reporting on abortion rights, race, education, ... Read more
