White House press secretary Karine Jean-Pierre argued that President Biden’s policies are overhauling the U.S. economy by putting “equity at the center.”
The comments came during an exchange with a reporter who asked whether Biden’s economic policies, or “Bidenomics,” should be viewed as the opposite of “Reaganomics,” a catch-all term to describe President Reagan’s policies of low taxation and cutting spending during the 1980s.
Jean-Pierre argued that “trickle-down economics” – a pejorative used for Reaganomics – “has not worked.”
“Building an economy from the middle out and the bottom up, that’s what we want to do,” Jean-Pierre said, pointing to key legislation that she says has encouraged investment in the United States.
President Biden, Jean-Pierre said, was “transforming how an economy should look like for the better so that we do not leave anybody behind.”
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When the reporter noted Reagan’s enduring popularity among some historians, Jean-Pierre reiterated the administration’s belief that “trickle-down economics does not work.”
She argued that the legacy of trickle-down economics has been increased debt, outsourced jobs, increased debt, and hand-outs to special interests and big corporations.
But Biden’s economic agenda, she argued, was bringing back jobs to the United States, thanks to the Inflation Reduction Act – legislation which, despite its name, likely won’t reduce inflation, per certain studies.
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“All of those things is building an economy, transforming the way we see the economy in a different way – in a way … that has equity at the center of it, that leaves no one behind,” Jean-Pierre said.