US President Joe Biden announced that his administration had succeeded in “turning the tables” on the US economy thanks to the passing of climate, healthcare and tax laws last year. He claimed that apart from investing in jobs in the green industry, the law would also give society “more breathing room” to deal with the price of basic necessities.
“We’re leaving no one behind,” Biden said in the East Room of the White House, which was packed with congressmen, activists and other beneficiaries of his economic policies. “We invest all over America – inland, from (east) coast to (west) coast.”
The speech on the one-year anniversary of the Reduced Inflation Act comes as the White House steps up efforts to describe the real impact of Biden’s economic plans.
At an event at the White House on Wednesday (16/8), Biden stood with a number of people, from union members, SME businesses to consumers, whom the White House said felt helped by the law.
The sweeping legislation, along with the infrastructure bill and the semiconductor chip production increase bill, are at the heart of “Bidenomics,” Biden’s economic concept. The White House has been heavily promoting the concept to bolster voter support ahead of his re-election next year.
The White House is trying hard to link its popular economic agenda with Biden who is unpopular in the eyes of voters, considering that most respondents in a number of surveys are dissatisfied with Biden’s performance in handling the economy, even though US economic conditions tend to improve.
The inflation rate has cooled over the past year to 3.2 percent annually, while employment growth has also remained solid. The US economy has also managed to avoid a recession, which analysts say is urgently needed to reduce prices. On Tuesday (15/8), the Census Bureau reported that retail sales figures rose 3.2 percent in the last 12 months.
However, the evidence of the strengthening of the US economy has not strengthened political support for Biden. Biden himself has been busy touring the US over the last few weeks. He stressed that investments worth around $500 billion by private companies were proof of the success of his policies. (rd/lt)