President Biden used to be leery of the term “Bidenomics” and once joked: “I don’t know what the hell that is.”
As the president describes it, his philosophy is built on three pillars: massive public investments, from bridges to broadband; helping workers secure good-paying jobs by boosting unionization and requiring products to be made in the United States; and promoting competition by limiting noncompete agreements, junk fees and prescription drug costs — while vigorously enforcing antitrust laws.
With his approval rating underwater, Mr. Biden is understandably eager to claim credit for low unemployment, real wage growth and the economy’s better-than-expected resiliency. He has a good story to tell about making government work again. He can boast about significant legislative wins from his first two years.
Most Americans, however, perceive the economy to be worse than it is because of stubbornly persistent inflation. This was partially fueled by Mr. Biden unleashing too much spending with his $1.9 trillion coronavirus relief package during the opening months of his presidency, when the economy was already starting to overheat.