As the 2024 presidential race unfolds, economic performance continues to be a key issue. Both major party candidates, including incumbent President Joe Biden, have demonstrable economic track records. Biden’s team is aware that their economic policies are still unfolding and are taking proactive steps to highlight positive developments and even make last-minute adjustments to attract votes. In preparation for the upcoming debate against former President Donald Trump, Biden’s Cabinet has gone on a two-week tour to promote the administration’s economic achievements.
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This extensive campaign involved 29 public events across 15 states, including key battlegrounds like Georgia, Nevada, Pennsylvania, and Michigan. A White House official noted that the tour aims to showcase Biden’s economic agenda and accomplishments.
Prominent figures such as Treasury Secretary Janet Yellen, National Economic Council Director Lael Brainard, and Transportation Secretary Pete Buttigieg participated in this roadshow. Additionally, 15 other Cabinet members and senior officials are involved, reinforcing the administration’s economic message.
Policy Announcements
During the tour, officials made several significant policy announcements. Domestic Policy Advisor Neera Tanden unveiled a plan to temporarily lower out-of-pocket costs for some prescription medications for seniors by penalizing pharmaceutical companies that raised prices faster than inflation. “Seniors were completely exposed to Big Pharma’s price hikes. Not anymore,” Tanden stated.
Lael Brainard, the Director of the National Economic Council (NEC), spoke at an event hosted by The Urban Institute. Brainard explained, “The president has called out big corporations” by telling them they need to “pass along savings to consumers.” The NEC director is also touting the president as having secured historic cost-lowering legislation, directing his Cabinet to use every tool to lower costs and eliminate “hidden junk fees in nearly every area of a family’s budget.”
In addition, Earlier in the week, Yellen announced a new $100 million affordable housing fund while visiting Minnesota. “Thanks to President Biden’s economic plan, the American economy is strong and resilient,” she said, pointing to “robust economic growth in recent quarters.” As proof, she cited the healthy labor market, low unemployment, rising real wages, and increased workforce participation.
Avoiding Direct Attacks
While the administration has been vocal about the positive impacts of Biden’s economic policies, they have avoided direct mentions of Donald Trump or other Republican candidates. The task of contrasting Biden’s policies with Trump’s record is left to the campaign. On Wednesday, the Biden campaign released a new ad highlighting the “dueling economic visions” of Biden and Trump, accusing the former president of lacking a plan to support working families.
Economic Indicators and Voter Sentiment
The latest efforts to emphasize Biden’s economic achievements have come as consumer confidence has slightly declined. According to The Conference Board, the June index reading dipped to 100.4 from 101.3 in May, indicating a slight decrease in household optimism about the economy. New home sales have also plummeted.
This coming Friday could be a blessing or a curse for the administration’s campaign, as key economic data can further influence voter perceptions. The Bureau of Economic Analysis (BEA) will release May data from the Federal Reserve’s preferred inflation gauge, the personal consumption expenditure (PCE) index.
Prior to the debate on Thursday, the Department of Labor’s (DOL) weekly jobless claims data could shake things up and find its way into the debate’s economic picture painting. Additionally, an updated estimate of U.S. Gross Domestic Product (GDP) will be released on Friday,
Key Takeaway – Economic Performance Remains a Crucial Talking Point
The Biden administration is making a concerted effort to showcase its economic accomplishments ahead of the 2024 presidential election. Through a sweeping promotional tour and strategic policy announcements, Biden’s team aims to bolster voter support for their economic stewardship. As the election race heats up, perceived economic performance will remain a crucial talking point for all presidential candidates.
