Bidenomics focuses on workers and key industries, not just consumer benefits.
Biden aims to boost clean energy manufacturing and reverse the decline in manufacturing jobs.
Deep dives
Overview of Bidenomics
Bidenomics marks a shift in economic policy, aiming to focus on workers and key industries beyond just consumer benefits. Biden's approach includes expanding antitrust, fiscal, industrial, and labor policies. Lena Kahn's appointment illustrates a significant change in antitrust enforcement, challenging monopolistic practices. The fiscal policy under Biden saw a significant economic stimulus aimed at empowering workers and increasing wages.
Industrial Policy and Climate Change
Biden's industrial policy seeks to create a clean energy manufacturing sector, prioritizing domestic growth in clean energy industries. The administration aims to reverse the decline in manufacturing jobs and boost key industries for national security, challenging the outsourcing trend. By focusing on clean energy profitability, Bidenomics aims to position the US as a leader in climate action.
Public Perception and Economic Impact
Despite the administration's goals, public sentiment around Bidenomics has been mixed, influenced by rising inflation and economic indicators. Real wages have struggled to keep up with inflation, affecting middle-class workers disproportionately. While recent improvements in consumer sentiment and wages show positive signs, challenges remain in balancing economic policies with immediate concerns like inflation and gas prices.
A lot of Americans are still feeling iffy about the economy, but Joe Biden’s so proud of how things are going that he’s stuck his name on it. The Washington Post’s Jeff Stein explains “Bidenomics.”
This episode was produced by Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Michael Raphael, and hosted by Noel King.