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[[Here comes “Bidenomics,” President Joe Biden’s self-named plan to forge an economic future “for families and communities that have long been written off and left behind.” On Wednesday, he visited Chicago — a legendary city in the nation’s once-booming industrial and agricultural heartland — to introduce Bidenomics to the world. VOA’s Anita Powell reports from Washington. ]]
Content TypePackage
LanguageEnglish
Transcript/ScriptUS – BIDEN ECONOMY
HEADLINE: Biden Refutes Top-Down Economic Policy with ‘Bidenomics’
TEASER: With ‘Bidenomics,’ White House sells their economic plan for those ‘left behind’
PUBLISHED AT: Thursday, 6/29/2023 at 00:01
BYLINE: Anita Powell
CONTRIBUTOR: Patsy Widakuswara
DATELINE: Washington
VIDEOGRAPHER: AP, AFP, Zoom, Skype
VIDEO EDITOR: Bakhtiyar Zaminov
SCRIPT EDITORS: Jepsen, Mia Bush DJone (bal)
VIDEO SOURCES: AP, AFP, Zoom
PLATFORMS: WEB __ TV _X_ RADIO _x_
TRT: 2:35
VID APPROVED BY: pcd
TYPE: TVPKG
EDITOR NOTES:))
((INTRO: ))
[[Here comes “Bidenomics,” President Joe Biden’s self-named plan to forge an economic future “for families and communities that have long been written off and left behind.” On Wednesday, he visited Chicago — a legendary city in the nation’s once-booming industrial and agricultural heartland — to introduce Bidenomics to the world. VOA’s Anita Powell reports from Washington. ]]
((NARRATOR))
So what, exactly, is Bidenomics?
Here’s President Joe Biden, launching the economic policy in Chicago on Wednesday:
((Joe Biden, US President)) ((male in English))
“Bidenomics is about building the economy from the middle out and bottom up – not the top down, And there are three fundamental changes we’ve decided to make, and we had the help of Congress to do it. First, making smart investments in America. Second, educating and empowering American workers to grow the middle class. And third, promoting competition to lower costs and help small businesses.”
((NARRATOR))
The name is meant to evoke – and contrast with – Reaganomics. That’s the theory, spearheaded by Republican former President Ronald Reagan in the 1980s, that prosperity among the wealthy “trickles down” to the poor.
Bidenomics, instead, starts low, something Biden touted this week when he announced a more-than-$40-billion investment for high-speed internet in rural areas. He likened that push to progressive former President Franklin Delano Roosevelt’s move to electrify rural America nearly a century ago.
Republicans mostly criticize the plan for what they say is excessive taxes, regulation and spending, which they believe increases inflation and the national debt.
Hours before Biden spoke, Senate Republicans released a lengthy refutation of
Bidenomics.
Polls show that only about one-third of Americans approve of Biden’s handling of the economy.
[[Radio: Chris Jackson is senior vice president of public affairs at U.S. pollster Ipsos. He spoke to VOA via Skype.]]
((Chris Jackson, Ipsos)) ((male in English)) ((mandatory cg: Skype))
“So the bad news, everyone knows about. The good news, very few Americans know about. In an environment like that, it’s hard to make a compelling case that you’re doing a good job when nobody knows anything’s good.”
((NARRATOR))
And analysts say the rest of the world is closely watching the world’s largest economy – amid recession in Europe and sluggish economic growth in China.
[[Radio: Desmond Lachman researches global economic issues at the American Enterprise Institute.]]
((Desmond Lachman, American Enterprise Institute)) ((male in English)) ((Mandatory cg: Zoom))
“What occurs in the United States, those conditions get spread to the rest of the world. So, you know, the United States has to keep raising interest rates – that can cause real problems for emerging market economies who've got to repay debt in dollars. It can cause financial strains in the world financial markets.”
((NARRATOR))
Biden recently began campaigning in earnest. He says he’s running for reelection to “finish the job” on his policy goals.
The economy is consistently among the top three concerns of American voters. But the lag between policy implementation and results – and the lag for economists to recognize what has happened – is often measured in years.
Biden has 18 months to make his case.
((Anita Powell, VOA News, Washington))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)
Washington D. C.
Embargo DateJune 28, 2023 23:15 EDT
Byline
Anita Powell, VOA News
Brand / Language ServiceVoice of America - English
