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President Biden To Address U.S. Economy In Chicago

Speech to cover job growth, inflation, skills development, investments, and Biden administration's focus on key sectors

President Joe Biden is scheduled to deliver a major address on the U.S. economy in Chicago on Wednesday, the White House has stated. The president’s speech — described as “Bidenomics” by his top aides — is expected to touch upon a host of subjects including jobs, inflation, skill development, cost reductions, and investments.

“The President will outline three key areas, Biden administration’s focus on sectors like infrastructure, clean energy, and semiconductors, and the president will highlight the historic labor market recovery and what it’s meant for workers and families that were too often left behind in previous recoveries,” said Lael Brainard, National Economic Council Director at White House press briefing. 

“Biden will also talk about the steps his administration is taking to educate and empower American workers with a focus on developing skills for the jobs of the future,” said Brainard. 

“The president is going to talk about the importance of promoting competition, both to lower costs and to provide a level playing field for small businesses by doing things like getting rid of non-compete clauses, bringing down costs from insulin to hearing aids, and focusing on junk fees,’ said Brainard.

National Economic Council Director Lael Brainard talks to reporters during the daily news conference in the Brady Press Briefing Room at the White House on June 27, 2023, in Washington, DC. Brainard highlighted several economic indicators that she said showed that President Joe Biden’s plan, or “Bidenomics,” is working. CHIP SOMODEVILLA/GETTY IMAGES

Biden’s speech comes at a time when the U.S. is emerging from consecutive rate hikes aimed at tackling decades-high inflation. The year also witnessed a banking crisis with three lenders failing and a looming debt ceiling crisis that almost tipped the U.S. into default. On the upside, inflation has started easing while the latest economic data also support the case for limited rate hikes in the future.

“The U.S. economy has recovered faster than any major economy in the entire world. “We’re seeing shovels in the grounds. We’re seeing — we’re seeing private investment come back to our country. We’re seeing millions of jobs created,” said Olivia Dalton, the Principal Deputy Press Secretary during a press briefing.

 “Since the president has taken office, 13 million jobs have been created. “The unemployment rate is near historic lows — below 4 percent for the longest stretch in nearly 50 years. And we’ve received record low unemployment for groups that too frequently have been left behind,” said Brainard.

© 2023 Zenger Zenger News does not provide investment advice. All rights reserved.

Produced in association with Benzinga

Edited by Judy J. Rotich and Newsdesk Manager

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