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U.S. NEWS Tuesday 4 July 2023

What’s ‘Bidenomics’? The president hopes a dubious nation

embraces his ideas condensed into the term

By JOSH BOAK pessimistic about the econ-
Associated Press omy, with just 34% approv-
WASHINGTON (AP) — Presi- ing of Biden’s leadership
dent Joe Biden has long on the issue, according to
struggled to neatly summa- a new poll from The Asso-
rize his sprawling economic ciated Press-NORC Center
vision. for Public Affairs.
It’s been hard for voters Based on follow-up inter-
to digest the mix of roads- views with poll respon-
and-bridges spending, tax dents, they’re far more
hikes on big companies, aware of gasoline and
tax credits for parents, tax grocery store prices than
breaks for renewable en- the details of Biden’s poli-
ergy, grants to build com- cies. When asked over the
puter chip factories, insulin course of multiple polls, a
price caps and slogans like few could cite the biparti-
“Build Back Better.” san infrastructure package
And that barely covers the that Biden signed into law.
full breadth of what the But the Inflation Reduction
administration is doing and Act as well as the CHIPS
trying to do. and Science Act have yet
Last week, the president to fully surface on the pub-
gave a speech on “Bide- lic radar, despite outreach
nomics” in hopes that the by the administration and
term will lodge in voters’ President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post news coverage.
Office in Chicago
minds ahead of the 2024 Associated Press GOP lawmakers were fast-
elections. But what is Bide- er to embrace the catch-
nomics? Let’s just say the government as using the prices. up with the name. I really term than the president.
White House definition is dif- tax code in a more target- “I came into office de- didn’t.” “Instead of priming the
ferent from the Republican ed fashion and fashioning termined to change the But to Republicans, “Bide- pump, Bidenomics has
one evidence that catch- other programs to foster in- economic direction of nomics” is a slur they can emptied the tank,” future
phrases can be double- vestment in new technolo- this country, to move from deploy. It’s a philosophy of House Speaker Kevin Mc-
edged. gies, create jobs and boost trickle-down economics to government spending and Carthy, R-Calif., said in a
Biden says his economic upward mobility. He wants what everyone in The Wall anti-oil policies that they 2021 floor speech. “From
philosophy is the opposite to do more to educate Street Journal and Finan- say fueled a spike in infla- inflation to gas lines, the
of a Republican approach workers and foster compe- cial Times began to call tion last summer to a four- American economy today
that favors broad tax cuts tition within the U.S. econ- ‘Bidenomics,’” the presi- decade high. High prices looks more like it did in 1979
to spur growth. He sees the omy in hopes of reducing dent said. “I didn’t come have left U.S. adults deeply than 2019.”q

Price of a U.S. stamp rises to 66 cents, the second hike this year

The Associated Press of the first-class “forever” increases in recent years. ters are both set to move to in forever stamp prices
NEW YORK (AP) — Stamps stamps will jump from 63 to When announcing its inten- $1.50. seen since the start of 2019,
prices are on the rise, again 66 cents. The latest price tion to raise forever stamp The Postal Service will when the postage cost 50
— one of several changes comes just months after for- prices to 66 cents earlier also launch a new pack- cents apiece. When ad-
the U.S. Postal Service is roll- ever stamps climbed from this year, the USPS cited ris- age shipping service, USPS justed for inflation, 50 cents
ing out this month. 60 to 63 cents in January, ing “operating expenses Ground Advantage, on in January 2019 equates to
Starting Sunday, the cost following a series of similar fueled by inflation” and the Sunday to replace and about 60 cents in the spring
impacts of “a previously combine previous plans. of 2023, according to the
defective pricing model” Ground Advantage pricing Bureau of Labor Statistics’

noting that changes to mail will reflect a 3.2% decline CPI inflation calculator.
service costs “are needed in retail prices and a 0.7% For the first quarter of 2023,
to provide the Postal Ser- drop for commercial, the the Postal Service’s oper-
vice with much needed Postal Service says. ating revenue was $21.5
revenue.” The Postal Regulatory Com- billion an increase of $206
Beyond forever stamps, a mission approved both the million, even though vol-
handful of other mail ser- price changes and the ume declined by 1.7 billion
vices will also see price in- implementation of Ground pieces, or 4.8%, compared
creases starting Sunday. Advantage ahead of this with the same period last
The cost of sending a first- month’s changes. The year. All told, the Postal Ser-
class one-ounce metered price changes had also vice reported a net loss of
letter, for example, will rise been approved by the $1 billion for the first quarter,
to 63 cents and domestic Governors of the U.S. Postal but that was a $519 million
postcards will jump to 51 Service as of the Postal Ser- improvement over the $1.5
A mailman wears a face mask while completing his route on cents. International post- vice’s April notice. billion net loss during the
May 23, 2020, in downtown Littleton, Colo.
Associated Press cards and one-ounce let- Sunday marks the fifth jump same period last year.q