President To Pitch Economic Plans In 'Bidenomics' Speech

President Joe Biden will deliver what is being billed as a major speech at 1300ET (1800BST, 1900CET) regarding his plans for the US economy, being branded by the White House as 'Bidenomics'. A livestream of the event from Chicago, IL can be found here.

• The intention of the speech is to pitch to American voters the idea of Republican-backed so-called 'trickle down economics' has not worked. Many Democrats say this ideology/theory has dominated conventional political discourse on the economy in the US in recent decades and has failed to enrich the country's middle classes, instead simply boosting the wealth of elites.
• Instead, Biden will argue that a more interventionist approach on behalf of the gov't, exemplified in his major projects such as the Bipartisan Infrastructure Deal, the Inflation Reduction Act, and the CHIPS and Science Act, is already garnering results in boosting employment.
• The advocating of a more interventionist gov't should not be a notable surprise given that Biden, who first entered the US Senate in 1973, has long been viewed as having close links to unions and supportive of 'industrial strategy' policies.
• Laying 'Bidenomics' as a major plank of his 2024 re-election campaign comes as something of a risk. The plans are unlikely to deliver rapid change to household finances, and indeed could be seen as working at odds with the Fed and its intentions to quell inflation by suppressing demand and cooling the hot jobs market.