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Biden pointed out that this economic growth took place against the backdrop of challenges, including global inflation spurred by the COVID-19 pandemic and the war in Ukraine. He emphasized how the administration had acted quickly to bring inflation back down while simultaneously managing to increase wages for workers.
The Economic Philosophy
The President expressed his disagreement with "trickle-down economics," a philosophy he claimed had benefitted only the wealthy. Instead, he promoted a "middle-out" and "bottom-up" approach to economic growth, arguing that investing in all Americans—particularly the middle and working classes—would eventually yield better results for everyone.