US President Joe Biden worked to lift Americans' dour mood about the economy with what his aides billed as a major speech, in an effort to shore up a top political weakness as he seeks re-election
"This vision is a fundamental break with an economic theory that has failed America's middle class for decades now," Biden said.
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. Aides are using the term "Bidenomics" to capture the Democratic president's approach, drawing a contrast with the tax-cutting ethos once called "Reaganomics" for its affiliation with Republican former President Ronald Reagan, who left office in 1989.
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