Biden embraces 'Bidenomics' in 2024 re-election campaign

President talks up US economy but voters remain sceptical

US President Joe Biden in Chicago on June 28. Bloomberg

US President Joe Biden used a speaking event in Chicago on Wednesday to highlight his administration's accomplishments in a pitch to voters that he has delivered a strong economy.

"Today, the US has had the highest economic growth among the world’s leading economies since the pandemic," Mr Biden said,

"We’ve added over 13 million jobs, more jobs in two years than any president has added in a four-year term.

"And folks, that’s no accident. That’s Bidenomics in action."

Although he said he did not coin the term, the president said "Bidenomics" is a different approach to the trickle-down theory made famous by former president Ronald Reagan and cherished by Republicans.

"Bidenomics is about the future. Bidenomics is just another way of saying restore the American dream," Mr Biden said.

He has remained upbeat about the state of the economy and the chances that the US will not enter a recession.

"I’ve been hearing every month there’s going to be a recession next month," Mr Biden told reporters.

The consensus now is "we're not going to have a recession", he said.

Updated projections released by the Federal Reserve this month showed that the US is not expected to enter a recession this year.

Mr Biden has also been buoyed by a still-low unemployment rate of 3.7 per cent.

But while inflation has cooled from 9.1 per cent last year to its current 4 per cent level, prices are still running too high.

Voters remain unconvinced by Mr Biden's economic record.

A survey from The Associated Press-NORC Centre for Public Affairs Research found that only one in three US adults approve of his economic leadership.