President Biden is speaking in Chicago today about his economic vision designed to turn the page on the failed trickle-down policies of the past. President Biden and Vice President Harris remain laser-focused on building on the progress they’ve delivered for America’s hard working families by growing the economy from the middle out and the bottom up, lowering costs, and helping the American economy continue to create hundreds of thousands of jobs.
Meanwhile, the 2024 Republican field is pushing plans to cut Social Security and Medicare, hand out tax giveaways to the ultra-wealthy, and roll back the historic economic progress the Biden-Harris administration has delivered.
Democrats are growing the economy from the bottom up and the middle out, not the top down—and it’s working.
2024 Republicans are hellbent on cutting Social Security and Medicare.
- Donald Trump proposed slashing Medicare and Social Security programs EVERY SINGLE YEAR he was in office.
- Ron DeSantis has a long history of supporting cuts to Social Security and Medicare.
- Mike Pence has tripled down on his plans to gut Social Security and Medicare.
- Tim Scott supported Paul Ryan’s plans to end Social Security and Medicare as we know them.
- Nikki Haley is campaigning on slashing Social Security and Medicare.
- Chris Christie has unashamedly called for cuts to Social Security and Medicare.
The GOP presidential hopefuls also want to rig the economy for the ultra-wealthy and big corporations – leaving working families behind.
- Trump rigged the economy for the ultra-wealthy and big corporations, handing them billions in tax cuts – all while ballooning the deficit and leaving working families behind.
- As governor, DeSantis has helped the ultra-wealthy dodge paying their fair share of taxes.
- Pence is calling to make Trump’s tax giveaways for the ultra-wealthy permanent.
- Scott is a self-proclaimed “architect” of Trump’s tax cuts.
- Haley wants to extend Trump’s tax cuts for the rich.
MAGA Republicans are continuing to pursue the same failed trickle-down policies of Donald Trump and the Republicans before him. Meanwhile, President Biden and Vice President Harris are building the economy from the middle out and the bottom up – not the top down:
- While MAGA Republicans want to slash Social Security and Medicare, President Biden has vowed to protect hard working families’ essential benefits.
- While Trump promised – and failed – to deliver on infrastructure, President Biden is helping lead an infrastructure decade. This week, President Biden and Vice President Harris announced over $40 billion in funding to expand high-speed internet access from the Bipartisan Infrastructure Law.
- While Trump left office with the worst jobs record since the Great Depression, President Biden has presided over historic job creation. Under President Biden and Vice President Harris’s leadership, the economy has added more than 13 million jobs since they took office — including nearly 800,000 manufacturing jobs.
- During President Biden’s first two years in office, the deficit fell by $1.7 trillion—a larger reduction than under any other president in American history.
- The president’s economic strategy is working, and has powered the strongest recovery of any major economy in the world. Among leading economies, the United States has had the highest economic growth since the pandemic.
As President Biden is building an economy from the bottom up and the middle out, MAGA extremists are doubling down on the same failed trickle-down policies of the past. The 2024 GOP field is pushing plans that would give tax cuts for the wealthy, ship American jobs overseas, and undermine our global competitiveness – all at the expense of the middle class.
The Biden Economy: What You Need to Know
Dan Pfeiffer from The Message Box
1. Inflation is Down
Inflation has been coming down for 11 straight months. In May, prices rose at the slowest rate since March 2021 — driven largely by steep drops in the price of energy and food.
Here’s a CNN story on the most recent report from the Bureau of Labor Statistics. The below chart from the White House Council of Economic Advisors is perfect to share on social media to make the point about inflation.
2. Bidenomics = A Lot of Jobs
More than 13 million jobs have been created since President Biden and Vice President Harris were sworn into office. More jobs were created in the first 28 months of the Biden-Harris Administration than during the entire four-year term of any previous president. The unemployment rate is 3.7 percent — nearly the lowest rate since 1969. Look over this CNBC story on the most recent jobs report and this chart from the White House that emphasizes the point.
3. Manufacturing is Back… Thanks to Biden
President Biden has a long-term strategy to fight inflation, create jobs and raise wages by investing in manufacturing in the United States. This strategy is paying off. Axios recently wrote about the manufacturing “supercycle” taking place in the U.S.:
The 2010s were a period of chronic underinvestment. By contrast, now there are billions flooding into large, expensive megaprojects to manufacture batteries, solar cells, semiconductors and much more.
It is fueled by hundreds of billions of dollars allocated by the Biden administration’s signature legislation — the Inflation Reduction Act, Bipartisan Infrastructure Law, and CHIPS and Science Act — as well as pent-up demand.
None of this happens without the investments from President Biden’s legislative accomplishments.
The Center for American Progress put together a tracker of all of the investments from these new laws. Find the ones in your community and share the news with your neighbors.
4. Consumer Confidence is Up
People have mixed feelings about the economy. Majorities disapprove of the state of the economy and the President’s leadership of that economy (hence this speech). The Right Track/Wrong Track numbers are historically bad. But those numbers — while quite real — do not paint the full picture of how people feel after the pandemic and ensuing spike in inflation. One of the most important and forward-looking economic measures is consumer confidence, which essentially gauges economic optimism.
Well, guess what?
Consumer confidence is at its highest level in 17 months. Check out this report in Reuters:
The Conference Board said its consumer confidence index rose to 109.7 this month, the highest reading since January 2022, from 102.5 in May. Economists polled by Reuters had expected the index to climb to 104.0.
5. MAGA Republicans Want More Tax Cuts for the Wealthy
Joe Biden always says “Don’t compare me to the Almighty; compare me to the alternative.” Well, what is the alternative to Bidenomics?
The Republicans want to cut Social Security and Medicare, repeal the Inflation Reduction Act leading to tens of thousands of layoffs, and cut taxes for corporations and the rich. The House Republicans rolled out a new tax plan that overwhelmingly benefits the wealthy. According to The Center for American Progress’ analysis: the richest 1% would receive $16,550 in tax cuts, while the bottom 20 percent would receive only $40. This MAGA tax plan would also force huge cuts for important priorities. This graphic illustrates the devastation their plan would wreak:
Of course, the economy is imperfect; and there is more work to do. People have legitimate concerns that need to be addressed. But the true story of the Biden economy is obscured. If we don’t tell the story, no one else will.
DNC Bidenomics Talking Points
- President Biden Boosts America’s Economy, While MAGA Republicans’ Agenda Could Trash It: President Biden and Vice President Harris are laser-focused on growing the economy from the middle-out and the bottom-up – vowing to protect essential programs such as Social Security and Medicare, overseeing historic investments to update our nation’s infrastructure, and helping to create hundreds of thousands of good-paying jobs. Meanwhile, MAGA Republicans are running for president to end Social Security and Medicare as we know it and rig the economy for the ultra-wealthy and corporations against the middle class – all after Trump and the GOP sent the national debt soaring and presided over the worst jobs record since the Great Depression. Read more from the DNC War Room
- IN ALL 50 STATES: President Biden’s Historic Broadband Investment is Getting Americans Connected: On Monday, the White House announced a historic new investment in affordable, accessible high-speed internet. Thanks to President Biden’s leadership and once-in-a-generation investments in American communities, the Bipartisan Infrastructure Law’s BEAD (Broadband Equity, Access, and Deployment) program will provide all 50 states, Washington, D.C., and U.S. territories with additional funding to help bring reliable high-speed internet to communities across the country. Read more about what Americans from coast to coast are reading about the Biden-Harris administration’s investments in high-speed internet for their communities.
- DeSantis in New Hampshire: Four Trips, ZERO Abortion Mentions: “For the fourth straight time, Ron DeSantis purposefully left out of his New Hampshire stump that he signed one of the most restrictive abortion bans in the country, ripping away reproductive health care freedoms from Floridians.” Read the full statement from DNC National Press Secretary Ammar Moussa.
Bidenomics Talking Points
- 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 cut the deficit an additional more than $1T 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.
Internet for All Announcement Topline Points:
- High-speed internet service is no longer a luxury—it’s a necessity. It is necessary for Americans to do their jobs, to participate equally in school learning, health care, and to stay connected. Yet, we know that more than 8.3 million households and businesses are in places where there is no high-speed internet infrastructure. And many more American families go without high-speed internet because of the cost.
- Through investments in the president’s Investing in America agenda, the Biden-Harris administration is working to bring affordable, reliable high-speed internet to ALL Americans.
- Today, President Biden and Vice President Harris are kicking off the administration-wide Investing in America tour by announcing over $40 billion in funding allocations that will go to every U.S. state, territory, and D.C. for high-speed internet infrastructure.
- The funding comes from the Department of Commerce’s $42.45 billion BEAD (Broadband Equity Access and Deployment) Program, which represents the largest single investment in high-speed internet in history.
- With these allocations, all states and territories received a minimum of $107 million and $27 million respectively, and 19 states received allocations over $1 billion.
- In addition to helping connect everyone in America to high-speed internet, this new funding will support good paying jobs. In total, a third-party analysis estimated the overall investment would create upwards of 150,000 good-paying jobs laying fiber optic cable and building out networks.
- As a result of once-in-a-generation funding in the president’s Investing in America agenda, the Biden-Harris administration has embarked on a whole-of-country effort to bring affordable, reliable, high-speed internet to every American. The BEAD allocations that the president will announce on Monday, together with the other investments from the oresident’s Bipartisan Infrastructure Law and the American Rescue Plan, the administration is confident that the US will meet the president’s goal of Internet for all.