Karine Jean-Pierre says Biden admin rebuilding economy with ‘equity at the center’

Various studies have concluded that Biden's signature legislation, the Inflation Reduction Act, won't actually reduce inflation

White House press secretary Karine Jean-Pierre argued that President Biden’s policies are overhauling the U.S. economy by putting "equity at the center." 

The comments came during an exchange with a reporter who asked whether Biden’s economic policies, or "Bidenomics," should be viewed as the opposite of "Reaganomics," a catch-all term to describe President Reagan’s policies of low taxation and cutting spending during the 1980s. 

White House Press Secretary Karine Jean-Pierre

White House Press Secretary Karine Jean-Pierre speaks at the daily press briefing at the White House on June 26, 2023 in Washington, DC.  (Kevin Dietsch/Getty Images / Getty Images)

Jean-Pierre argued that "trickle-down economics" – a pejorative used for Reaganomics – "has not worked." 

"Building an economy from the middle out and the bottom up, that’s what we want to do," Jean-Pierre said, pointing to key legislation that she says has encouraged investment in the United States. 

President Biden, Jean-Pierre said, was "transforming how an economy should look like for the better so that we do not leave anybody behind."

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When the reporter noted Reagan’s enduring popularity among some historians, Jean-Pierre reiterated the administration’s belief that "trickle-down economics does not work." 

She argued that the legacy of trickle-down economics has been increased debt, outsourced jobs, increased debt, and hand-outs to special interests and big corporations.  

But Biden’s economic agenda, she argued, was bringing back jobs to the United States, thanks to the Inflation Reduction Act – legislation which, despite its name, likely won’t reduce inflation, per certain studies. 

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"All of those things is building an economy, transforming the way we see the economy in a different way – in a way … that has equity at the center of it, that leaves no one behind," Jean-Pierre said.