President Biden‘s economic agenda, often referred to as Biden’s Bidenomics, is taking center stage this week as he embarks on visits to Arizona, New Mexico, and Utah. During his visits, the President aims to promote his economic policies, investments in clean energy, manufacturing, and the administration’s efforts to combat climate change.
Biden’s Bidenomics Promoted This Week
Speaking at an event in New Mexico, President Biden highlighted the positive outcomes of Biden’s Bidenomics, his economic approach, stating that more than 13 million jobs have been generated since he assumed office because of Biden’s Bidenomics. He underscored that his administration has outperformed historical norms by creating more jobs in just two years than any previous president did during a four-year term. Moreover, he pointed out that the unemployment rate has maintained a level below 4% for an extended period, which is the longest stretch in half a century.
Biden also emphasized that the nation has not only recovered all the jobs lost during the pandemic but has also exceeded pre-pandemic employment levels. He lauded the drop in inflation to its lowest point in two years and asserted that the United States holds the lowest inflation rate among major economies.
The President celebrated a surge in manufacturing investment, noting that factory construction’s contribution to the gross domestic product was the highest in 40 years during the last quarter.
Biden’s Bidenomics Impact
Furthermore, Biden highlighted the impact of his legislative actions on the economy, Biden’s Bidenomics. He cited over $166 billion in projects announced by companies to revitalize semiconductor manufacturing within the United States since the signing of the CHIPS and Science Act. Additionally, approximately $110 billion has been invested in clean energy projects following the Inflation Reduction Act‘s implementation.
The President’s visit and his enthusiastic endorsement of his economic policies are indicative of his commitment to restoring America’s industrial strength and promoting sustainable economic growth. As the country continues to grapple with various economic challenges, Biden seeks to demonstrate the resilience of the economy and the effectiveness of his policy initiatives. These efforts align with his broader goal of shaping a prosperous economic landscape and addressing the nation’s pressing concerns.