President Biden Challenges Republicans on Economy as Polls Indicate Growing Concerns

President Joe Biden launched a robust offensive on Thursday, taking aim at Republicans while confronting concerns among Americans about the rising cost of living, as surveys show that more Americans trust former President Donald Trump over Biden on the economy.

During his speech in Largo, Maryland, Biden accused Trump and Republicans of advocating tax cuts for the wealthiest Americans and corporations, dismantling Social Security and Medicare, and eliminating cost-saving measures for the middle class. He labeled this economic plan “MAGAnomics” and cautioned that it was “more extreme than anything America has ever seen before.”

Notably absent from Biden’s address was any mention of the surging grocery bills and housing costs that have contributed to high inflation, as this week’s Labor Department consumer price index data indicated. It revealed that goods had risen more than expected for the second consecutive month.

A recent poll by the Suffolk University Sawyer Business School further underscored Biden’s challenge on the economic front. The poll revealed that 46% of Americans trust Trump on the economy, while only 37% place their trust in Biden. Additionally, the poll found that 70% of Americans believe the economy is deteriorating, with just 22% expressing optimism that it is improving. Only 34% of Americans approve of Biden’s handling of the economy, compared to 59% who disapprove.

Biden stated, “The country should know the facts. They should know the choice between Bidenomics and MAGAnomics.”

This disconnect between economic indicators and public anxieties highlights the challenges Biden faces in addressing the concerns of Americans who are grappling with soaring prices, particularly for groceries. Meanwhile, the White House is striving to obtain recognition for a near 50-year low unemployment rate, a robust job market, and annual inflation that, according to the Consumer Price Index, has decreased to 3.7% from a 40-year high of 9.1% in June 2022.

Biden’s speech coincided with a looming threat of auto workers walking off the job, potentially further complicating the nation’s economic outlook. Additionally, his son, Hunter Biden, was indicted on federal gun charges earlier in the day. House Speaker Kevin McCarthy initiated an impeachment inquiry against Biden earlier this week over his son’s foreign business dealings. Neither of these topics was addressed during Biden’s speech.

Biden condemned Republicans for endorsing “trickle-down economics,” seeking to repeal the Inflation Reduction Act, aiming to drastically reduce government spending, and threatening a government shutdown if their demands were not met. He called for Congress to adopt a short-term funding measure before the end of the month to avert a shutdown when the current fiscal year concludes.

Furthermore, Biden criticized Republicans for opposing his plan to cancel student loan debt, proposing cuts to Pell grants, and resisting an extension of child tax credits that aided in reducing child poverty during the pandemic.

To contrast these policies, Biden presented “Bidenomics,” an economic agenda centered on the middle class. He emphasized efforts to bolster domestic manufacturing, advance historic infrastructure investments, and collaborate with congressional Democrats to cap insulin prices and lower drug costs through Medicare.

Explaining “Bidenomics,” Biden stated, “It’s about investing in America and investing in Americans.”

Conversely, he characterized Republican policies as “MAGAnomics,” an extension of the term “MAGA Republicans” that he began using last year to portray Republicans as increasingly extreme and aligned with the Trump-led Make America Great Again movement. Prior to his speech, the White House distributed a pamphlet highlighting “MAGAnomics” alongside images of three prominent Republicans: Rep. Marjorie Taylor Greene, Lauren Boebert, and Matt Gaetz.

Biden concluded, “America is not failing. America’s winning.”