What does “Bidenomics” mean?

Bidenomics is a significant change in the approach to trickle-down policies of the past. It is a much more aggressive approach to economic development and job creation than past presidents.

The program emphasizes long-term development and job creation. It also considers long-term energy security and national security, such as electronic chip manufacturing in this country. It is the idea around industrial policy and the power of fiscal policy to solve what needs solving. The idea is to stimulate solutions to present needs, such as rural broadband and infrastructure backlogs/modernization as President Biden did in his Infrastructure bill and future needs in the CHIPS bill that resulted in the electronic chips plant being built in Ohio. The secondary goal was to stimulate employment.

It is early to judge if it is working, since the expansions and new industrial plants are now being built, but we know from May 2022 to 2023 private investment in industrial plants rose $200 billion, which is triple the yearly average in the 2010s. Manufacturing employment has risen to nearly 13 million jobs, its highest level since 2008.

President Biden’s idea is working really well. The company QCell (after Biden’s CHIPS bill) is significantly expanding its solar panel plant in Georgia and said Biden’s Inflation Reduction Act gave them the market certainty to make the investment.

In short, Joe Biden’s administration in about two years did what the Trump’s administration failed to do in four.