1 of 3 | President Joe Biden will visit Chicago on Wednesday to deliver what the White House calls a “major address” on his new economic plan dubbed “Bidenomics,” which aims to grow the economy by growing the middle class. Photo by Ken Cedeno/UPI |
June 27 (UPI) -- President Joe Biden will visit Chicago on Wednesday to deliver what the White House calls a "major address" on his new economic plan dubbed "Bidenomics," which aims to grow the economy by growing the middle class.
The goal of Biden's speech is to convince voters that the U.S. economy, which has seen record-high inflation, is not heading for a recession. According to the White House, Bidenomics focuses on "growing the middle class and empowering workers, investing in America and lower costs."
"[Biden] rejected trickle-down economics, the theory that tax cuts at the top would trickle down, that all we needed was for government to get out of the way," Lael Brainard, director of the National Economic Council, told reporters at the White House Tuesday during a preview of the plan.
"The president vowed to put in place a very different approach -- an approach that grows the economy from the middle out and the bottom up and that is very focused on growing our middle class," Brainard added.
On Wednesday, the president is expected to outline three key areas that make up Bidenomics.
The first is making "smart investments in America" by catalyzing more private investment in infrastructure, clean energy and semiconductors.
The second is to "empower and educate American workers" through the development of job skills, including those skills that do not require four years of college.
The third area of Bidenomics will promote competition to lower costs through various means, including getting rid of noncompete clauses, and provide a "level playing field for small businesses."
Biden will continue to tout his Bidenomics plan at a campaign fundraising reception, hosted by billionaire Illinois Gov. J.B. Pritzker, as the president seeks a second term. Biden is one of three Democrats who have formally announced their candidacies in 2024, including Robert F. Kennedy Jr. and Marianne Williamson.
Republicans currently have 14 presidential candidates, including former President Donald Trump, Florida Gov. Ron DeSantis and former Vice President Mike Pence.