Biden touts economic gains, pitches 'Bidenomics' in Chicago

CHICAGO - Close allies and Joe Biden himself are embracing a word originally intended as an insult to the president's economic policies.

"Now I'm being introduced to Bidenomics. And I like what I see," said Illinois Sen. Dick Durbin.

"Bidenomics" will apparently be a central focus of his campaign for re-election next year.

Although inflation has subsided to a rate of about 4%, and unemployment remains near an all-time low, only about one-third of Americans approve of President Biden's handling of the economy. He's trying to change that.

"More jobs in two years than any president has ever made in four, in two. And, folks, this is no accident. That's Bidenomics in action. Bidenomics is about building the economy from the middle out and bottom up. Not the top down," Biden said while making a stop in Chicago on Wednesday.

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While those numbers largely reflect recovery from pandemic-related shutdowns, the president says his policies accelerated it. Specifically, investments in education, infrastructure, manufacturing, and advanced technology, among others. He said Bidenomics aims to reverse the alleged effects of Republican policies that Democrats disparage as "trickle-down economics."

"Under trickle-down economics, it didn't matter whether you made things, as long as you helped the company's bottom line, even if that meant seeing jobs and industries go overseas for cheaper labor. Supply chains and key products moved overseas, like China and much of Asia. Entire towns and communities, from where I live all the way out here through the Midwest were shut down, hollowed out," Biden said.

Gov. JB Pritzker, Mayor Brandon Johnson, Sen. Dick Durbin and Sen. Tammy Duckworth were among those who introduced the President at the Old Post Office downtown.

In addition to the address, President Biden will attend a campaign reception hosted by Governor JB Pritzker and his wife.