Biden tries to flip skeptical Americans on his economic plan
U.S. President Joe Biden will use what aides are billing as a major speech on Wednesday to lift Americans' dour mood about the economy, hoping to shore up his key political weakness as he seeks re-election.
Biden, whose two-year term as president has witnessed a sharp rebound from the COVID-19 induced recession, has nonetheless watched his public approval ratings sag under the weight of voter anxieties about inflation and the knock-on effects of spiking interest rates on the direction of the economy.
The U.S. president will attempt to re-introduce his vision of middle-class American prosperity during a speech in Chicago.
The philosophy includes taxing the wealthy to invest in areas critical to national security, including semiconductors; educating workers; and improving economic competition, according to aides who previewed the speech for reporters.
More than half - 54% - of Americans disapprove of how Biden is handing his job, while just 35% of respondents approved of his stewardship of the economy, according to a Reuters/Ipsos poll conducted earlier this month. Voters rate the economy as their top issue.
The U.S. economy grew at a 1.3% annualized rate in the first quarter and unemployment was at 3.7% in May, when inflation rose at a 4% year-over-year rate.
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