Bidenomics, the economic vision of President Biden, has proven to be successful in growing the economy from the middle out and bottom up, rather than relying on a top-down approach. The strategy was implemented to address longstanding challenges in the American economy, including rising inequality and disinvestment from communities.

The key pillars of Bidenomics include making smart public investments in America, empowering and educating workers to grow the middle class, and promoting competition to lower costs and support entrepreneurs and small businesses.

Under Bidenomics, the American economy has experienced significant progress. More than 13 million jobs have been added, including nearly 800,000 manufacturing jobs, and there has been a manufacturing and clean energy boom. The country has seen the strongest economic growth among leading economies since the pandemic, while inflation has fallen for 11 consecutive months. All this has been achieved while responsibly reducing the deficit.

To rebuild the economy, President Biden has focused on making smart public investments in infrastructure, clean energy, and key industries critical for national security. The Bipartisan Infrastructure Law has funded 35,000 projects across the country, while also prioritizing the use of Made-in-America products to support domestic manufacturing.

Bidenomics also emphasizes empowering and educating workers. The unemployment rate has fallen below 4%, and there have been record low unemployment rates for African Americans, Hispanic Americans, people with disabilities, and women. Investments in registered apprenticeships, career technical education, and efforts to support unionization have contributed to these positive outcomes.

Promoting competition is another crucial aspect of Bidenomics. The President signed an Executive Order on Competition to enforce antitrust laws and increase competition across sectors. Measures have been taken to lower prices, protect workers, and create opportunities for innovative products. Examples include making hearing aids available over-the-counter and lowering prescription drug costs for seniors through Medicare negotiation.

President Biden has pursued this economic vision in a fiscally responsible manner. Deficit reduction of $1.7 trillion has been achieved during the first two years of his administration, the largest reduction under any President. Efforts to ensure the wealthy and large corporations pay their fair share in taxes, close loopholes, and reduce wasteful spending have contributed to deficit reduction.

In contrast, the Congressional Republican approach has focused on tax cuts for large corporations and the wealthiest Americans, while proposing cuts to programs that many Americans rely on. President Biden's approach is to make smart investments in the American people while ensuring fairness in the tax system and reducing wasteful spending.

The President's proposed tax cuts for working individuals and families, including the expansion of the Child Tax Credit and Earned Income Tax Credit, demonstrate his commitment to supporting working-class families. These tax cuts would provide significant relief for millions of families and individuals.