Will Bidenomics reset the American Dream?
As we edge closer to the 2024 US presidential election, President Biden is upping the ante on his agenda for a second term at the helm. In a speech in Chicago, he declared: “Today, the US has had the highest economic growth among the world’s leading economies since the pandemic. We’ve added over 13 million jobs. More jobs in two years than any president has added in a four-year term,” he said. “And folks, that’s no accident. That’s ‘Bidenomics’ in action.” Bidenomics comes amid continuing economic uncertainty in the US, a state of affairs that is impacting the national mood – only 19% of Americans are satisfied with the country's current situation, while 80% say they’re dissatisfied. Around six in ten (58%) also say that life in America is worse today than it was 50 years ago. Bidenomics certainly signals a shift away from trickle-down economics, with active investments in nurturing and developing the American middle class. But can it counter the frustration people are feeling about the status quo?
This promise to reset the American Dream may resonate with the two-thirds of American adults aged 50 and older who have confidence in the future of the US, with 56% of those aged 35 to 49 and 53% of those aged 18 to 34 expressing at least some confidence in their future outlook. And as 87% of American consumers plan to celebrate Independence Day this year, with 32% planning to purchase additional patriotic items, Biden’s campaigning is well timed – leveraging the power of national celebration while championing the complexity and diversity of the modern American experience.
