The White House is warning against so-called MAGAnomics, referring to former President Trump’s economic agenda, to tout President Biden’s economic agenda.
The president is traveling to Maryland on Thursday to give a speech on the so-called Bidenomics, and the White House shared in a memo ahead of it to argue that the president and former president’s differing economic agendas will “define the fall budget debates.”
Biden in Maryland will “hold House Republicans accountable for the full MAGAnomics agenda and contrast MAGAnomics with his economic vision,” senior adviser Anita Dunn wrote in the memo Thursday.
“With the House now back from August recess—and with fiscal and budget debates poised to take center stage in the weeks ahead—the President will deliver another major economic address today laying out the next chapter of the Bidenomics vs. MAGAnomics contrast: what’s at stake for the American people in debates about the federal budget,” Dunn said.
Biden will attempt to explain Thursday how cuts that House Republicans want in appropriations bills would harm hardworking families, she said.
“Today, the President will explain how these harmful cuts fit into the larger Republican budget plan…and what that plan would mean for the American people. And he will contrast that with his plans for Social Security, Medicare, and Medicaid, tax fairness, and fiscal responsibility—areas where Bidenomics and MAGAnomics couldn’t be more different,” Dunn said.
Dunn outlined that Biden called on House Republicans to release a budget detailing their full economic and fiscal vision earlier this year, ahead of Biden and Speaker Kevin McCarthy (R-Calif.) negotiating a debt limit deal in May.
Since then, inflation has improved, and Biden, as well as White House officials, have traversed the country to discuss economic policies that lowered inflation and created jobs. But, Dunn argued Thursday, Republicans have taken credit for these policies that were part of legislation that only received Democratic votes, such as the Inflation Reduction Act.
“Despite spending the months since then crisscrossing the country claiming credit for Bidenomics projects they voted to block, House Republicans have remained conspicuously quiet about their MAGAnomics Budget—and it’s no mystery why,” she said.
She argued that the “core pillars” of MAGAnomics are slashing taxes for the wealthy; cutting social security, Medicare, Medicaid, and other programs; and raising costs for families.
And she said that House Republicans are “putting forward a series of reckless, partisan bills that would gut programs millions of hardworking families count on.”
Biden has recently stepped up his attacks against Trump about the economy. The president has increasingly been criticizing his predecessor on the job creation under his administration to build up his own accomplishments since taking office.