Joe Biden Reelection Kicks Off with 'Bidenomics' Tag

President Joe Biden launched his economic initiative, dubbed "Bidenomics," in Chicago on Wednesday, strategically leveraging a strengthening economy over a year ahead of the next Election Day.

Highlighting the United States' remarkable economic growth among the world's leading nations since the onset of the pandemic, Biden emphasized the addition of over 13 million jobs, surpassing the job creation records of previous presidents within a shorter timeframe, per Chicago Sun-Times.

Delivered within the grandeur of the Old Post Office's lobby, his 37-minute speech illuminated the essence of "Bidenomics" in action.

Biden articulated his economic vision, which prioritizes fostering middle-class and bottom-up growth, diverging from the top-down approach of the past.

He asserted that such an approach benefits all segments of society, with the wealthy still prospering while affording an upward trajectory for the less privileged.

He says, "The poor have a ladder up, and the wealthy still do well. We all do well."

The event featured a backdrop adorned with blue banners proudly displaying the term "Bidenomics" alongside its foundational pillars.

Receiving applause from the audience, Biden expressed his satisfaction with the label, stating, "I'm happy to call it 'Bidenomics.'"

'Bidenomic' Origin

The Financial Times and the Wall Street Journal, known for their critical stance on Joe Biden's economic policies, initially introduced the term "Bidenomics" without intending it to be complimentary, Chicago Sun-Times noted.

However, recognizing the potential branding power associated with the term, the Biden team strategically decided to embrace it and prevent it from becoming a pejorative label.

This approach draws parallels to the term "Obamacare," coined by Republicans to express their disdain for President Barack Obama's landmark healthcare program, the Affordable Care Act, enacted in 2010.

Over time, Obama's advisors realized that allowing the opposition to define the term would be detrimental. As a result, Obama began using the term with pride, reclaiming it and reshaping its narrative.

Today, "Obamacare" is widely recognized as a nickname for the various programs related to health insurance coverage, healthcare costs, and preventive care.

Likewise, "Bidenomics" is poised to become a prominent slogan, a powerful shorthand promoting Joe Biden's economic policies.

Just as "Reaganomics" entered dictionaries as a term describing President Ronald Reagan's trickle-down economic agenda, Biden's enthusiastic adoption and promotion of "Bidenomics" represent a straightforward method of championing his vision.

General Public Remains Pessimistic About the Economy

Public sentiment regarding the national economy continues to reflect pessimism, with only 30% of adults describing it as good, according to NORC.

This figure remains relatively unchanged from the previous month when discussions between President Joe Biden and congressional Republicans focused on raising the country's debt ceiling, with 24% viewing the national economy favorably.

There has been slight variation regarding Biden's job performance, with 41% of the public expressing approval, a figure like the previous month.

In contrast, 58% disapprove of his performance. The economy remains a weak point for the president, as only 34% of the public approves of his handling of economic matters, while 64% express disapproval. Approximately 40% of respondents agree with Biden's healthcare and foreign policy approach.

Among Democrats, 72% approve of Biden's overall job performance, but only 60% approve of his handling of the economy. In contrast, only 10% of Republicans approve of Biden's job performance or economic policies.

There is a generational divide among Democrats, with those under 45 less likely to approve of the president's performance overall (65% compared to 78% among older Democrats) and his handling of the economy (47% compared to 70% among more senior Democrats).

Democrats are more likely to view the economy positively compared to Republicans. However, younger Democrats exhibit a more negative outlook toward the economy, with 68% considering it poor, compared to 39% among Democrats aged 45 and older.

This article is owned by Latin Post.

Written by: Bert Hoover

WATCH: Biden introduces 'Bidenomics' plan, focuses on middle class growth - From MSNBC