President Joe Biden pointed to federal investments in clean energy and climate technologies as key components of his economic agenda during a speech in Chicago on Wednesday.
The White House billed Biden’s appearance in downtown Chicago’s Old Post Office as a “major address” laying out his vision for “growing the economy from the middle out and the bottom up, not the top down.”
The president and top White House officials are referring to Biden’s plans as “Bidenomics,” which they’re contrasting with the approach of “trickle-down economics” that encourages tax breaks for corporations.
With the 2024 presidential election looming, Biden used the platform to accuse former President Donald Trump and other Republicans of pushing tax cuts for large corporations and the wealthy.
“Bidenomics,” Biden said, involves “strengthening America’s economic security, our national security, energy security and our climate security.”
The president touted investments in “key industries of the future,” pointing to domestic production of semiconductors, batteries, electric cars and clean energy.
“Under a trickle-down economic theory,” Biden said, “public investment would discourage private investment. Give me a break.”
U.S. investments in clean energy are helping to drive down emissions and lower technology costs, Biden said.
“Wind and solar are already significantly cheaper than coal and oil,” he said. “You’re not gonna see anybody building a new coal-fired plant in America,” he added. “It’s too expensive. It doesn’t work anymore.”
The United States used to be at the center of solar panel production, Biden added. “We’re coming back and doing it again. America’s gonna lead again.”