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. “Folks, let me say as clearly as I can, the trickle-down approach failed the middle class. It failed America, blew up the deficit, increased inequity and weakened our infrastructure,” President Biden said. He vowed to continue pressing for tax increases on the wealthy and expanding childcare and education access.
- 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.