BIDENOMICS

Advised and edited by DNC/White House staff

 

• President Biden’s plan to grow the economy from the middle out and bottom up marks a fundamental break with trickle-down economics — a failed theory that has failed the middle class.

  • Tax cuts for the rich and big corporations blew up the deficit and never trickled down.

  • Shrunken public investments undermined priorities like infrastructure and education.

  • Good jobs were shipped overseas and entire communities were stripped of hope.

 

• President Biden believes that the best way to grow the economy is to grow the middle class. He took office with a theory and a plan to move from trickle-down economics to Bidenomics—and that plan is working.

  • The U.S. has seen some of the strongest growth since the pandemic of any leading economy.

  • The American economy has added 13M jobs since President Biden took office — including nearly 800,000 manufacturing jobs.

  • Unemployment fell below 4% by the end of the president’s first year in office — beating CBO expectations by 4 years—and has stayed at or below 4% ever since.

  • Unemployment rates for African Americans, Hispanic Americans, and people with disabilities have reached historic lows.

  • There were 10.5M applications for new small business in 2021 and 2022 — the strongest 2 years on record.

  • The annual inflation rate is now less than half of what it was one year ago.

 

• Bidenomics is about building the economy from the middle out and the bottom up — not the top down — by making three fundamental changes from where we’ve been.

 

• First, we’re making smart investments in America.

  • Rebuilding America’s crumbling infrastructure — with 35,000 projects already funded — and requiring construction materials used in federal infrastructure projects be made in America.

  • Promoting domestic production of semiconductors, batteries, electric cars, and clean energy, and more — with more than $490B in private investment already committed — while reducing carbon emissions and clean energy costs.

  • Powering a resurgence in American manufacturing — construction of manufacturing facilities in the U.S. has grown nearly 100% in 2 years.

 

• Second, we’re educating and empowering American workers.

  • Real incomes and household net worth are up since the president took office, and pay for low-wage workers has grown at the fastest pace in over two decades.

  • Share of prime working-age Americans in the workforce is higher than at any time in the last 15 years — including during every single day under President Trump.

  • Ensuring workers can get the education and training they need to get good-paying jobs — including jobs that don’t require a 4-year degree.

  • Working to make it easier to join a union and reverse the 40-year decline in unionization.

 

• Third, we’re promoting competition to lower costs and help small businesses.

  • Proposing a rule to ban non-compete agreements.

  • Fighting to end junk fees that can add up to hundreds of dollars a month for families.

  • Providing support and capital to small businesses.

 

• Bidenomics is proving that we can invest in the American people while reducing the deficit.

  • The deficit fell by $1.7 trillion during the president’s first 2 years in office — a record.

  • Bills POTUS signed into law are expected to additionally cut the deficit by more than $1 trillion over 10 years.

  • Gave Medicare the power to negotiate lower prescription drug prices and capped insulin at $35 per month for seniors.

  • The president’s budget plan will cut the deficit even more by closing loopholes for Big Oil, crypto traders, and hedge fund managers — and making billionaires pay a minimum tax.

 

• Bidenomics is about the future — but it’s rooted in what’s always worked best in our country.

  • When we invest in our people and strengthen the middle class, we see economic growth that benefits all Americans in all of America.

 

• Click here to see the White House fact sheet on Bidenomics.

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