Biden's strategy to refocus the economic debate on Trump's legacy

As the general election campaign heats up, the Biden administration is redirecting the economic discourse from "Bidenomics" to "Trumpenomics." The new strategy aims to portray former President Donald Trump as the advocate for corporate tax cuts and position President Biden as a champion against the ultra-wealthy. In an attempt to overcome voter doubts about the economy, Biden's team is shifting the focus from a referendum on the current administration to a choice between the two main parties.

Framing the Economic Argument

The Biden campaign is pivoting to spotlight Trump's corporate tax cuts and their potential impact on the working class. They believe this approach will sway working-class voters and undermine Trump's appeal by suggesting that his policies primarily benefit the wealthy. The specifics of this messaging shift are still under discussion, with the White House leaning towards proposing an expanded slate of tax increases on corporations and individuals earning over $400,000. These proposed tax hikes would be presented as a means to fund Social Security benefits, emphasizing Biden's commitment to safeguarding the program.

Drawing a Clear Contrast

Key to the new strategy is highlighting Trump's 2017 law, which focused on reducing corporate tax rates, as a legislative accomplishment that primarily favored the wealthy. The Biden administration asserts that this move has become more unpopular over time, particularly among the populist-minded electorate. Tax policy expert Kimberly Clausing has criticized Trump's legislative record, characterizing it as "business as usual tax cuts for the rich" behind a veneer of populism.

Countering Biden's Economic Attacks

In response, the Trump campaign spokesperson, Steven Cheung, dismissed the notion of Biden being able to undermine Trump on economic issues. He labeled Biden's attacks as "nonsensical" and aimed at misleading the American people. According to Cheung, voters will remember Biden as the worst president in American history.

Biden's Increasing Criticisms of Trump

Biden has begun incorporating direct criticisms of Trump into his economic speeches, blaming the former president's pursuit of corporate tax breaks for contributing to the hollowing out of the middle class. Additionally, Biden has mocked Trump for presiding over job losses during his presidency.

Fighting Corporate "Price Gouging"

As part of the messaging shift, Biden is expected to escalate his rhetoric against corporate "price gouging," positioning himself as a bulwark against greedy companies. The White House has been actively pursuing policies to boost competition and clamp down on excessive fees in the lead-up to the State of the Union address.

Facing Voter Skepticism

Despite the positive trajectory of the U.S. economy, Biden has grappled with voter skepticism about his economic stewardship, evident in his approval ratings remaining stagnant. The Biden camp acknowledges the challenge of making the economy a winning issue, particularly considering Trump's fluid policy positions.

A Strategy of Class Warfare

Biden's new strategy of framing the economic debate in terms of class warfare allows him to characterize his agenda as pro-working class, with a focus on issues such as capping drug prices, supporting labor unions, and proposing limits on bank overdraft fees.

Neutralizing Voter Concerns

The Biden administration aims to assure voters that their policies will lead to a fairer future economy, countering concerns about the current state of the economy. The strategy revolves around portraying Biden as a leader who prioritizes people over corporations and the ultra-wealthy.

The Road Ahead

As the Biden administration retools its economic messaging, the campaign acknowledges the importance of neutralizing concerns about the current economy, particularly among swing voters. The aim is to steer the economic debate towards broader societal issues, such as abortion and threats to democracy, in the run-up to the election.