As President Joe Biden approaches the end of his term, he is making efforts to redefine the narrative surrounding his economic legacy. During his four years in office, factors such as strong demand, supply chain disruptions, and increased government spending have contributed to a rise in the cost of living not seen since the 1980s.
Prior to the recent election, the White House had touted the strength of the economy. However, concerns arose that the Biden-Harris administration risked appearing disconnected from voters' frustrations over inflation.
Despite highlighting investments in infrastructure, small businesses, and manufacturing that exceeded economists' expectations, Biden has expressed frustration that these achievements have been overshadowed by inflation concerns. The administration even engaged in light-hearted banter with economists who had predicted a recession that did not materialize.
A senior administration official described inflation as a significant political challenge for the administration. Biden's core belief, according to a longtime aide, is that he has been an effective president whose legacy will be viewed favorably by history, even if his current popularity ratings are not high.
In an effort to reshape public opinion, Biden's team launched a nationwide tour branded as 'Bidenomics' following the announcement of his re-election bid. While some officials believe that this messaging will resonate with voters as inflation eases, they also acknowledge that entrenched negative perceptions may persist due to the country's polarized political climate.
During the campaign, former President Trump's team capitalized on the term 'Bidenomics,' using it in ads that featured Vice President Kamala Harris praising the economic policies. Despite exit polls showing that a significant portion of voters trusted Harris more than Trump on economic matters, Biden's team remains steadfast in their belief that they are leaving behind a robust economy for the incoming administration.
Acting Labor Secretary Julie Su emphasized that the current administration is handing over what they consider to be the strongest economy in history to their successors. President Biden is expected to deliver a speech on his economic legacy as his term draws to a close, highlighting key issues that have defined his presidency.
