President's 'Bidenomics' Agenda Takes Center Stage In Chicago Address Today: Jobs, Inflation And Investments In Focus

President Joe Biden is scheduled to deliver a major address on the U.S. economy in Chicago on Wednesday, the White House has stated. The president's speech — described as "Bidenomics" by his top aides — is expected to touch upon a host of subjects including jobs, inflation, skill development, cost reductions, and investments.

National Economic Council Director Lael Brainard stated during a White House press briefing that the president will outline three key areas. Brainard talked about the Biden administration's focus on sectors like infrastructure, clean energy and semiconductors and added that the president will highlight the historic labor market recovery and what it's meant for workers and families that were too often left behind in previous recoveries.

Also Read: How To Invest In Startups

Brainard said Biden will also talk about the steps his administration is taking to educate and empower American workers with a focus on developing skills for the jobs of the future.

"The president is going to talk about the importance of promoting competition, both to lower costs and to provide a level playing field for small businesses by doing things like getting rid of non-compete clauses, bringing down costs from insulin to hearing aids, and focusing on junk fees,' Brainard said.

Ups And Downs: Biden's speech comes at a time when the U.S. is emerging from consecutive rate hikes aimed at tackling decades-high inflation. The year also witnessed a banking crisis with three lenders failing and a looming debt ceiling crisis that almost tipped the U.S. into default. On the upside, inflation has started easing while the latest economic data also support the case for limited rate hikes in the future.

Principal Deputy Press Secretary Olivia Dalton pointed out the U.S. economy has recovered faster than any major economy in the entire world. "We're seeing shovels in the grounds. We're seeing — we're seeing private investment come back to our country. We're seeing millions of jobs created," she said during a press briefing.

Brainard further pointed out that since the president has taken office, 13 million jobs have been created. "The unemployment rate is near historic lows — below 4 percent for the longest stretch in nearly 50 years. And we've received record low unemployment for groups that too frequently have been left behind," she said.

Read Next: Fidelity’s Jurrien Timmer Explains The Importance Of Upcoming Earnings Season: ‘If This Is An Aspiring New Bull Market…’