ICYMI: Bidenomics

Ahead of the President's major address on Bidenomics on Wednesday and as part of the launch of the second Investing in America tour today, Senior Advisors Anita Dunn and Mike Donilon released a memo highlighting how Bidenomics is growing the economy from the middle out and bottom up—not the top down.

As the memo details, the President's plan marks a fundamental shift away from failed trickle down economic policies—and it's working. Under the President's leadership, the United States has seen the strongest economic growth since the pandemic of any major economy, we have added 13 million jobs, and the unemployment rate fell below 4% by the end of the President's first year in office—four years earlier than experts were predicting.

The memo also underscores that the core pillars of the President's economic plan are not only delivering results all across the country – they are also strongly supported by the American people.

See coverage below:

Politico Playbook: The White House goes macro on 'Bidenomics'
[Rachael Bade, Eugene Daniels, Ryan Lizza, 6/26/23]

Today at the White House, President Joe Biden and VP Kamala Harris kick off Part II of the administration's "Investing in America" tour by announcing a more than $40 billion investment in high-speed internet infrastructure. More broadly, though, it's a pivot into a new campaign message centered on "Bidenomics" — shorthand for the administration's economic strategy of boosting the middle class through government investments rather than stimulative tax cuts focused on the wealthy. "Implementing that economic vision and plan — and decisively turning the page on the era of trickle-down economics — has been the defining project of the Biden presidency," senior Biden advisers ANITA DUNN and MIKE DONILON write in a new memo this morning. The pair make clear we'll be hearing about "Bidenomics" a lot as the president and other members of his administration fan out across the country this summer and beyond.

Reuters: Biden administration details plans for $42 bln investment in US internet access
[Jarrett Renshaw, 6/26/23]

[…] Biden is also set to give what White House officials describe as a major economic speech on Wednesday in Chicago, laying out so-called "Bidenomics," according to a memo from senior advisers Anita Dunn and Mike Donilon to congressional Democrats and other allies. The speech will focus on Biden's attempts to build the economy by focusing on the middle class and not the wealthy. The advisers noted the economy has added more than 13 million jobs since Biden took office, including nearly 800,000 manufacturing jobs.

Washington Post (Newsletter): The Early 2022
[Tobi Raji, Theodoric Meyer, Leigh Ann Caldwell, 6/26/23]

The president will give a speech in Chicago on Wednesday on his economic philosophy, which his aides call "Bidenomics." Two top White House aides, Anita Dunn and Mike Donilon, indulged in an FDR comparison this morning in a memo in which they described the internet investment as part of the "Bidenomics" agenda. "Just like Franklin Delano Roosevelt delivered electricity to every home in America through his Rural Electrification Act, the announcement is part of President Biden's broader effort to deliver investments, jobs, and opportunities directly to working and middle-class families across the country," Dunn and Donilon wrote. Biden will also headline fundraisers in Chevy Chase, Md., on Tuesday, in Chicago on Wednesday and in New York on Thursday.

ABC News: Biden announces how $40 billion for high-speed internet will be used, as he pitches 'Bidenomics'
[Ben Gittleson, 6/26/23]

The president will take his economic message on the road Wednesday, when he travels to Chicago to talk more broadly about how the economy under his watch by many metrics, particularly job growth and low unemployment rates. "Bidenomics is rooted in the simple idea that we need to grow the economy from the middle out and the bottom up—not the top down," two of his senior advisers, Anita Dunn and Mike Donilon, wrote in a memorandum released Monday. […] His advisers argue he has a lot to talk about: a transformative infrastructure law; the CHIPS and Science Act, which they say will jumpstart domestic manufacturing; and various other investments through the coronavirus relief package. "If 'Reaganomics' was based on the idea that if you cut taxes for the wealthiest corporations, the wealthiest people in the society, and then at some point the remnants of those will trickle down to the middle class and the working class, Bidenomics is the exact opposite," Dunn said during a Monday interview with MSNBC. "Bidenomics says that the way you grow the economy in this economy is you grow the middle class."

Scripps:Biden touts economic plan with 'internet for all' pitch
[Justin Boggs, 6/26/23]

Using funds from the Infrastructure Investment and Jobs Act of 2021, the Biden administration announced Monday it is allocating $40 billion in broadband internet investments. The announcement comes as Biden plans to embark on an "Investing in America" tour to promote his economic plan the White House is dubbing "Bidenomics." The White House's goal is to provide access to broadband internet to an estimated 8.5 million locations that lack broadband service through the Broadband Equity Access and Development Program.

Semafor: Principals
[Steve Clemons, 6/26/23]

White House: President Biden will use an event at the White House to launch the second phase of his "Investing in America" tour where he'll announce $40 billion from the bipartisan infrastructure law that will go towards expanding access to high speed broadband. The White House sent a memo to congressional Democrats arguing that Biden's economic agenda — "Bidenomics" — helped spawn a strong recovery and a manufacturing boom. "'Made In America' is no longer empty rhetoric. It's a reality," it states.

HuffPost: White House Launches 'Bidenomics' Push With $40 Billion In High-Speed Internet Funding
[Kevin Robillard, 6/26/23]

President Joe Biden and Vice President Kamala Harris are set to unveil $40 billion in funding for high-speed internet projects across the country on Monday, the start of a White House push to convince voters "Bidenomics" is working. Biden is set to deliver a major address on his economic vision on Wednesday in Chicago, though two of his top White House advisers began the pitch with a memo to reporters released Monday morning. They're aiming to contrast Biden's focus on the middle class with four decades of trickle-down economics inspired by former President Ronald Reagan, and convince voters to give Biden some credit for an improving economy. […] Much of the memo and an accompanying slide deck is built around comparing the post-pandemic economic recovery of the U.S. with the recovery in other nations, highlighting the United States' higher rate of economic growth than other countries whose economies have actually shrunk, including the U.K. and Germany.

Daily Mail: The 'Bidenomics' push: White House launches major plan to convince voters Joe's economic policies ARE working - and compares $40 BILLION high-speed internet plan to FDR giving every American home electricity
[Emily Goodin, 6/26/23]

President Joe Biden on Monday will announce a $40 billion plan to put high-speed internet in place throughout the country, a proposal the White House compares to Franklin Delano Roosevelt giving every American home electricity. The new plan, which Biden will unveil at the White House, comes as he pursues a second term in the White House. As part of his re-election campaign, he's pushing 'Bidenomics' - his economic for the nation. 'Just like Franklin Delano Roosevelt delivered electricity to every home in America through his Rural Electrification Act, the announcement is part of President Biden's broader effort to deliver investments, jobs, and opportunities directly to working and middle-class families across the country,' wrote Biden advisers Anita Dunn and Mike Donilon in a memo released by the White House.