Biden takes ownership of 'Bidenomics' label while touting economic recovery

Addressing a crowd in Chicago on Wednesday, President Biden detailed the impact of his administration's economic policies, which he referred to as "Bidenomics," though he insisted that financial reporters came up with the term. "When I took office, the pandemic was raging and the economy was reeling," he said, adding, "Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic."

Video Transcript

JOE BIDEN: I knew we couldn't go back to the same failed policies when I ran, so I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone on "Wall Street Journal" and "Financial Times" began to call Bidenomics. I didn't come up with the name. I really didn't. I now claim it.

But Bidenomics is about the future. Bidenomics is just another way of saying restore the American dream, because it worked before. It's rooted in what we've always worked best at in this country-- investing in America, investing in Americans. Because when we invest in our people, we strengthen the middle class. We see the economy grow. That benefits all Americans. That's the American dream.

When I took office, the pandemic was raging, and our economy was reeling. Supply chains were broken, millions of people unemployed, hundreds of thousands of small businesses on the verge of closing after so many had already closed-- literally, hundreds of thousands on the verge of closing. Today, the US has the highest economic growth rate, leading the world economies since the pandemic-- the highest in the world.