Bidenomics: A Make or Break for Biden's Reelection Campaign
As Joe Biden prepares for the 2024 Presidential Election season, much hinges on the success of the economic plan he has labeled "Bidenomics" (The White House, Wikimedia Commons)
What Exactly is Bidenomics?
Bidenomics refers to President Joe Biden’s plan for the United States economic come-back following the COVID-19 recession, multiple failed policies, and rising inequality within communities across the nation. The economic recovery plan was specifically organized to challenge the country’s economic trends through three central ideas: making smart investments in America, empowering and educating workers to grow the middle class, and promoting competition within the economy to lower costs.
Key Policies Within Bidenomics
Bideonomics has overseen numerous laws to kick-start the quest to heal America’s economic climate. Current policies include Biden’s $1.9 trillion pandemic rescue package, which upon being introduced in 2021, aided in providing money for unemployment insurance and payments to families, as well as financed the development of COVID-19 vaccines. Other notable policies include the Inflation Reduction Act, which provided $739 billion towards Medicare and allowed for negotiation on prescription drug prices, restricting taxation for familial incomes of $400,000 or less as well as small businesses, and enacting a deficit reduction plan to fight inflation. The Chips and Science Act, although minor, invested in the National Science Foundation, which will help ensure that the United States remains a leader in innovation. Finally, the Infrastructure Investment and Jobs Acts, a primarily bipartisan policy, authorizes $1.2 trillion for transportation and infrastructure spending, intending to enhance and ensure the safe transportation of people, energy, and hazardous materials.
Controversy Surrounding the Plan
While some view the economic plan as the ideal solution to fluctuating economic trends, many have begun to voice their criticism for not only the plan itself but also the White House’s branding of the plan. Several of Biden’s party members expressed dissatisfaction with the term “Bidenomics.” They argue that the term centralizes the president himself, rather than focusing on the American people.
Regarding the population, many economic indicators have delineated a positive trend in the American economy, although areas that hit citizens the most, including the price of living, are still far above pre-pandemic levels. Since Bidenomics focuses on sustained economic vitality and the re-growth of small businesses, the effects can be slow to appear, meaning that many of the substantial victories from the implemented policies may be overshadowed by consistencies in the continued rise in interest rates and prices.
Will Bidenomics Sway Voters?
With the 2024 presidential election working its way through the minds of citizens and into the buildings of Capitol Hill, Bidenomics will surely find itself being pushed into the spotlight of multiple debate forums. President Biden’s strategy for reelection relies heavily on the economic plan, meaning the plan’s benefits and victories will be publicized as his campaign hits the road. However, it will also rest heavily on the minds of voters, whose lives have remained relatively unaffected.
Other aspects of Bidenomics may also hurt Biden’s campaign in the long run. Many voters and government officials consider the plan to be Biden’s reelection tool. They believe the economic plan includes few incentives and tax breaks for many families impacted by COVID, painting Bidenomics in an awkward light. Some even believe a better course of action would be to focus on supporting middle and lower classes, rather than focusing on a long-term benefit. Thus, Bidenomics can be seen as exceptionally controversial, and as a plethora of Republican candidates have begun blazing the election trail—fighting to compete against Biden—it is likely that Bidenomics will become a hot issue that either makes or breaks Biden’s plans for reelection.
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