"Bidenomics" - Biden's vision for economic growth 'from the middle out and bottom up' aims to move beyond 'trickle down' economics

President Joe Biden will tout his economic agenda in remarks Wednesday as he campaigns for a second term amid low polling numbers on his job performance and the direction of the country.

The president’s plan, which the White House dubbed “Bidenomics,” aims to “move beyond” the “trickle down” economic theory that it says disproportionately benefits the wealthy and big corporations through tax cuts while reducing investment in priorities such as infrastructure and education, and failing to protect market competition.

CMLVI,
CMLVI avatar

Tying his name to it seems like a bad idea. People opposed Obamacare because of the name; half the country gets off on hating Democrats mostly because of the color of the ticket. Calling it Bidenomics will only make it easier for the talking heads to shit on it.

harky,

Is he/the White House doing it or is the press calling it that?
Obama consistently called it the affordable care act.

CMLVI,
CMLVI avatar

I don't know if he started it, but he was quoted as saying "Bidenomics is working", so he, at worst, is endorsing the name openly.

And yeah, but that sorta proves the point. Tying a Dems name to something is all it takes to mob it down; ignoring that it was incredibly similar to "Romneycare"

DreamerofDays,

To the contrary, if you embrace the name your opposition is going to try saddling it with anyway, you can focus on fighting for the substance of it, rather than what it's called.

Theoretically, at least.

yunggwailo,
yunggwailo avatar

Hes not black hell be fine. He should attach his name to it, its good marketing. Thats why we still call it Obamacare and Reagonomics

Cylusthevirus,
Cylusthevirus avatar

Meh. They'd do it regardless and it's not half, more like 25-30%. Rather a lot of the country doesn't vote.

In any case, I think the focus should be on the substance of the policy, not what the local baboon population happens to be screeching about today.

CMLVI,
CMLVI avatar

I was gonna say "I'd go to that zoo" but then I remembered I've been to Walmart in the last year, so I have already been to that zoo....

BigMcLargeHuge,

@CMLVI @kuontom

Republicans will shit on Dem progress, no matter what it's called and people influenced by racism are a complete waste of the air they fucking breath.

CMLVI,
CMLVI avatar

Don't disagree, but we can be realistic about about a large portion of the voting populace. Saying they're a waste of breath doesn't prevent that bloc from voting

BigMcLargeHuge,

@CMLVI @kuontom The problem with them is you can't find that level of stupid with facts.

They are a waste of breath, space and resources. In fact, they counter progress.

But, surely you understand, there is no way they would ever vote for a sane candidate.

CMLVI,
CMLVI avatar

Yeah, I get ya. Just sucks this is the reality within which we operate lol

BigMcLargeHuge,

@CMLVI @kuontom Agreed, its a shit timeline.

PostalDude,

And dems will shit on reps. Its just the way our stupid two party system works, if ya ain’t one, you’re the other and there’s no middle ground. Either an ally or enemy.

Cylusthevirus,
Cylusthevirus avatar

Sadly everything I know about implicit racism suggests that we're ALL influenced by it to some degree. You can't live in the ocean without getting wet.

But I figure you mean the people that embrace it, in which case, agreed.

ByDarwinsBeard,

The important part is being aware of this fact and striving to do better.

ritzylasagna,
ritzylasagna avatar

Republicans are actually responsible for calling the Affordable Care Act "Obamacare" so that they could blame healthcare issues on him. Obama ended up actually liking that name despite the Republican attempt to use it negatively.

knnltf,

If there were a singular Bidenomics bill, I would agree. In this case, running for reelection, he needs to anchor discussion around his accomplishments. Historically, name-onomics has been a successful positive campaign pitch for presidential reelections. The risk is having the name tied to a downturn, which is (thankfully) not entirely under the president's control.

CMLVI,
CMLVI avatar

I can see that. Plus by doing it himself, he has more control over the narrative. If it was bad, he wouldn't be openly touting it as his own.

Idk, tho. I have no faith that people can rationalize information on their own. Whatever Tucker or Alex Jones says is gospel, because only their chosen media doesn't lie.

Otome-chan,
Otome-chan avatar

If this economy is to be blamed on biden, then he's perhaps the worst president in history, because the economy is the worst it's ever been.

Gray,
@Gray@lemmy.ca avatar

Regardless of whether you believe the economy is good or bad right now, saying it’s the “worst it’s ever been” is blatantly hyperbolic and untrue. The Great Depression and the 2008 Recession are two incidents we all still talk about. Today’s economic situation can’t hold a flame to how bad those periods of time were. I hope you’re using exaggerated language without ill intent, but it certainly comes off as disingeuous and manipulatively partisan to use language like that when it’s so clearly untrue.

Otome-chan,
Otome-chan avatar

I would say what we have now in 2023 is worse than 2008. I didn't live through the great depression so can't comment there. The older I get, the worse things become in both an economic and social sense. My comment indeed was a bit hyperbolic but the point stands. In 2008 we had large movements clearly pushing against the 1%. Nowadays such a thing really doesn't exist. Similarly there were far more mom&pops back in 2008 than today.

I think one thing is that people talking about "recessions" or "gdp" and other such nonsense are really only looking at the rich. Which for them? yeah things are probably better than ever. But for regular people? No.

Burp, (edited )
Burp avatar

I never wanted Joe Biden to win, but he has completely won me over. He has been an absolute class act. Americans are very fortunate to have a president who has experience with the Cold War right now. I can’t think of any major criticism, besides his age.
The economic policy has been effective, unemployment is low, inflation is under control, working class wages have risen, foreign relations are stronger, the deficit spending has been dropping, and the country feels much less hostile then it did 2-4 years ago.
I seriously was upset he won, but he’s impressed me.

danbob,

I'm the same. I really wasn't wanting him to be the Dem nominee, but he's done so much to win me over. For a bit, I was quite unhappy with him over his resolution of the railroad worker strike since I'm pro-worker, pro-union-action. But that strike was over sick days and now I'm seeing railroads set up their employees with sick days. I don't know what Biden's involvement is in any of these resolutions, but it's given me a good feeling that he's really aware of the situations he's approaching.

Heresy_generator,
Heresy_generator avatar

According to the IBEW, Biden's involvement was significant.

http://www.ibew.org/media-center/Articles/23Daily/2306/230620_IBEWandPaid

“We’re thankful that the Biden administration played the long game on sick days and stuck with us for months after Congress imposed our updated national agreement,” [IBEW Railroad Department Director] Russo said. “Without making a big show of it, Joe Biden and members of his administration in the Transportation and Labor departments have been working continuously to get guaranteed paid sick days for all railroad workers.

“We know that many of our members weren’t happy with our original agreement,” Russo said, “but through it all, we had faith that our friends in the White House and Congress would keep up the pressure on our railroad employers to get us the sick day benefits we deserve. Until we negotiated these new individual agreements with these carriers, an IBEW member who called out sick was not compensated.”

Otome-chan,
Otome-chan avatar

personally I can't see a single thing to like about biden. Literally everything he's done is either bad or just not impactful.

blazera,
blazera avatar

how about that policy where no federal land can be used for wind or solar power unless even more land is leased for oil and gas extraction?

Burp,
Burp avatar

Source? I can’t find anything about this requirement.

blazera,
blazera avatar

https://grist.org/energy/inflation-reduction-act-oil-gas-leases-federal-land/

Atom,

I mean, you picked a great source because that spells out why the administration made that agreement. Oil and gas doesn't want the land. It is not profitable for them to use and they already leased more than they'll ever need.

What you're talking about is politics. The headline says "OIL FIRST!" And it gives the conservatives something to take home to their voters. They can go say "yea, so Biden got the IRA with climate spending, but we got oil first pick baby!!!"

Meanwhile, it's nothing of substance and the emission reductions as a whole are far more impsctful. It makes no difference because the land leases aren't going to oil anyway, they don't want it. The article you link has multiple experts saying that....

blazera,
blazera avatar

I think youre misunderstanding, its not just that the bill requires land be auctioned for oil and gas, but that leasing land for renewable energy is not allowed until more land is auctioned to oil and gas first. That means energy demand will still be met with oil and gas energy, regardless of where its from.

Atom,

He won me being the most Climate Progressive president in history. I did not expect that at all when he was nominated or elected. Is everything a win? Of course not, but he's racked up more wins on climate than anyone else.

Otome-chan,
Otome-chan avatar

What has biden done for climate? I haven't heard shit lol. AFAIK walkability is still a problem, rail is basically dead, agriculture is still animal-focused, energy is still not on sane renewables (tidal/geothermal/nuclear), production/consumption is still all time high.

Burp,
Burp avatar

The thing you got to realize is that the executive branch does not have free reign to pass whatever they want. To me, the mark of a good executive is their ability to pass legislation. The Biden administration has done a fantastic job in light of such a polarized political system in the United States. Not everybody is going to want the same things that we want. In order to get things passed, sometimes we have to make compromises.

Furthermore, the Biden administrations passing of the Inflation Reduction Act specifically invested 70+ billion into public transportation (specifically rail), and far more into renewable energy production.

Biden has been able to move the meter to the left while still working with conservatives on certain issues. If you’re looking at it from a progressive standpoint, and you might not think they’re doing as much as they can. But please keep in mind that they also have to represent moderates and conservatives of the democratic branch.

Also, walkability would be state/local issue lol.

Otome-chan,
Otome-chan avatar

I can think of many legislation things that'd get bipartisan support. Biden has done none of them lol. You talk about compromises, but biden has not once compromised to allow some portion of leftist economics or true traditionalist social policy. where is the compromise? I haven't seen it.

You say biden has poured 70+ billion into rail, yet rail here has had literally no difference. In california we have 2 HSR projects that have been stuck for years now. Biden's presidency hasn't changed that at all. Instead we got.... more roads which are the opposite of what should be done.

In terms of renewable energy, I don't see much there either. AFAIK geothermal and tidal aren't mentioned at all. And biden's attempt to help renewables pushed moreso coal/oil making things worse off, rather than better.

Biden has been able to move the meter to the left while still working with conservatives on certain issues. If you’re looking at it from a progressive standpoint, and you might not think they’re doing as much as they can.

The opposite, really. Biden has pushed plenty of progressive ideas which I am deeply opposed to. yet has not moved things left at all, but rather more towards the right.

But please keep in mind that they also have to represent moderates and conservatives of the democratic branch.

I'd identify myself as conservative, yet biden has failed here too. Just today he's crying about the supreme court's decision to block the racist affirmative action policies. If he's trying to support or compromise with conservatives, his actions here do not make sense. Similarly, Biden and the other democrats in his group have recently pushed here in california to repeal racial equality in order to discriminate against whites/asians. This is boldly progressive, and not even attempting to compromise with conservatives.

Also, walkability would be state/local issue lol.

I don't think so. If electric cars, roads/infrastructure, etc. are able to be "federal", then surely walkability is related to that? if all federal government can do is push harmful legislation, then surely we should just abolish it entirely?

Sneptaur,
@Sneptaur@pawb.social avatar

Do you think rail gets built overnight? We won’t see the effects of this funding for a decade or more. Walkability has to do with local zoning laws above all else. The federal government doesn’t have the jurisdiction to force that into law, and it would be detrimental to blanket that across everywhere in the US. Walkability needs to be focused upon in cities, which is already happening.

I think you’re quite biased here and you should really take a step back and look at the facts.

Otome-chan,
Otome-chan avatar

I'm looking at rail infrastructure projects in other countries and they move quite quickly; not "decades". If you can fund road infrastructure, you can fund walkable infastructure. I don't think I'm being unreasonable. It's not like Biden is simply incapable of working with various state governments.

And if the federal government is unable to do anything we actually need, then why does it exist at all?

Sneptaur,
@Sneptaur@pawb.social avatar

I don’t think I’d be able to have a productive discussion with you about this subject.

Otome-chan,
Otome-chan avatar

Can you share what you think biden has done that's good, and why those things are good? If you think I'm being unfair, then perhaps explain why you like Biden?

I'm not an unreasonable person, I'm just not seeing any reason to like biden whatsoever, regardless of the scope of the position he has.

Sneptaur,
@Sneptaur@pawb.social avatar

I’m honestly a bit exhausted by the topic, and that’s the main reason I mentioned kinda stepping back from it. But, you want to know where I’m coming from, and I respect that, so I’ll give you a bit.

I’m very pleased with many of the things he has managed to do even while limited by a very partisan congress and supreme court. He’s gotten infrastructure funding, the “build back better” plan that got whittled down to the inflation reduction act, and pushing the envelope for student debt forgiveness. That last thing is a great example as to why he can’t do the things you’re referring to, because when he tries to do things using presidential power, there are thousands of vultures ready to swoop in and sue it out of existence.

The man’s not perfect, he’s not even great, but damn the bar has been so low for so long it’s refreshing to see someone who actually has shared goals with me in office. That’s really where I’m coming from. I also feel a lot safer as a trans person in this country with him at the helm than I would with any republican and a lot of other democrats!

Otome-chan,
Otome-chan avatar

I see. I have to say that student loan forgiveness hasn't happened, I'm still in debt. Infrastructure hasn't seemed to change at all really. And biden has been disastrous for trans rights, which are the worst they've ever been (and he hasn't done a simple thing that'd improve the healthcare for many trans people: legalizing cyproterone acetate or even just vocally mentioning this issue).

We'll agree to disagree I guess. None of the things you listed really makes me interested in seeing another biden term.

sensibilidades,

middle out

the Silicon Valley-based memes already write themselves

taigaman,
taigaman avatar

What's the mean jerk time of America on Bidenomics?

sensibilidades,

it's a tough question, for sure. I mean, the Silicon Valley joke was about one person jerking off everybody instead of a massive circle jerk. I have no doubt linear algebra is required for a circle jerk of that magnitude.

sudo,

I’d have to imagine bottoms up will reduce the MJT. Being trickled down on may increase MJT for some but drastically reduce it for others.

jeebus,
jeebus avatar

As fast as it takes Biden to fall asleep at nap time, 20 secs.

sudo,

For those unfamiliar with middle out

argv_minus_one,

"Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic — the highest in the world."

Talk like this infuriates me.

  • The streets are crawling with homeless people.
  • Homeownership is completely unattainable.
  • Even rental apartments are the subject of bidding wars.
  • Living with your parents in your 30s is the new normal.
  • Middle-class stay-at-home parents exist only in history books.
  • Prices for food and other consumer goods have more than doubled in price since the pandemic began.
  • Working only 40 hours a week is considered a luxurious privilege.
  • Most major industries are dominated by a handful of megacorporations with no meaningful competition.

The economy is in no shape to be bragged about.

Can we fill the government with some actual progressives, please?

HotDogFingies,
HotDogFingies avatar

Thank you. It's like everyone has Stolkholm syndrome. Biden is a centrist. Fascists should not be allowed to define our baseline.

Otome-chan,
Otome-chan avatar

those things are correlated with high gdp. Because all high gdp means is high profits. and high profits comes with harming people's quality of life, underpaying them, etc.

danc4498,

Lots of people hating the name, but Reaganomics has been disastrous for our country, and republicans love the hell out of it.

Otome-chan,
Otome-chan avatar

I think republicans don't actually understand reaganomics. Because almost always you hear them complain about it, but they call it "coporatism" and other such things. They don't realize that reagan is the one responsible for that "corporatism" that they despise. They just know they like reagan (couldn't tell you why though), and that he's responsible for "reaganomics". But ask them about benefiting the large franchises and corporations and opposing mom&pops? republicans agree that it was awful. it's kinda like how they like the affordable care act, but despise obamacare, despite those being the exact same thing.

Otome-chan,
Otome-chan avatar

So where's the "bottom up" part? All the poor and unemployed people I know are still poor and unemployed. And nothing in that quote seems to address the issue?

Infrastructure is still also really bad with no signs of improvement; if anything it's getting worse. I just saw another road be built/opened up here. Still no sidewalks, no public transit, no regulations to encourage more dense construction.

Education still seems to have issues, many still have massive student loan debt with no cancellation in sight.

Honestly the only effects I've seen biden actually cause are: sending money to ukraine, passing a "stimulus" which lead to massive inflation and increased prices of things, and.... that's about it?

Trickle down is awful, but biden hasn't seem to done anything to move away from that model.

blazera,
blazera avatar

Remember when Biden undermined the foundations of unions by forbidding them from collectively bargaining? How about overseeing the longest span of no minimum wage increase in US history? What are you gonna do Joe, spend even more on climate change accelerating road projects and leasing more federal land for oil?

jerome,
jerome avatar

lol 5 people want trickle down bs.

anthoniix,
anthoniix avatar

Name is cringe, but the policies behind it are decent

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