'Bidenomics' is being used to tout the country's economic progress — but Americans are still waiting for key Democratic priorities like a higher minimum wage and paid leave

• President Biden on Wednesday delivered an address about his economic plan, which has been termed "Bidenomics."
• The remarks touted the US's strong economic data, and the fact that there's more to be done.

President Joe Biden is going all in on "Bidenomics," a term used to encapsulate the economic progress the country has made since he took office. But with all the talk on the president's accomplishments, it's hard not to notice key items still on Democrats' to-do list.

On Wednesday, Biden delivered an address in Chicago touting what his administration has done so far to stimulate economic recovery, along with his vision to keep the momentum going.

"Today, the US has the highest economic growth rate, leading the world economies since the pandemic. The highest in the world," Biden said during his remarks. "Folks, it's no accident," he continued: "That's Bidenomics in action. Bidenomics is about building an economy from the middle out the bottom up, not the top down."

And if you're going off signs of economic recovery and labor-market health, Bidenomics seems to be working. The country regained all of the jobs shed during the pandemic by July 2022, and the unemployment rate remains low; in January 2023, it reached its lowest since 1969. The US added 339,000 jobs in May alone, and all sorts of different data shows a strong economy.

Further, while inflation remains high by historical standards, it has steadily declined since Biden took office. Most recently, the Consumer Price Index — which measures inflation — rose 4.0% over the 12 months ended in May, well below the 4.9% year-over-year increase in April. And while 2023 began with fears of recession, National Economic Council Director Lael Brainard said during a Tuesday press briefing that "what we've seen in the actual data has been a lot of resilience."

But, even so, people aren't feeling good about the economy. Gallup polling finds that 76% of Americans think economic conditions are getting worse, even as data continually shows a robust labor market. That chasm might come down to the major legislative priorities that Bidenomics is unable to touch — and the ones that have been stymied by Republicans and conservative Democrats alike.

The data alone has given Biden a lot to tout. But during his Wednesday remarks, it was evident there are still campaign promises — and Democratic priorities — that many Americans are still banking on. From free community college to a higher minimum wage, Biden's agenda has already run into hurdles, and it remains to be seen what he can accomplish should he secure a second term in the White House.

Where Biden's agenda can go from here

Biden has often tried to position himself in conversation with FDR, a fellow president who had to pull the country out of unthinkable economic depths. One similarity is that Biden's push to inject trillions of dollars into economic recovery — which cities and states are still spending — rivals the size of the New Deal. But Biden does not have the same strong coalition that backed FDR.

While Biden has yet to accomplish some of his campaign promises, it's not for a lack of trying. Democratic lawmakers attempted to include universal pre-K and two years of free community college in the president's American Rescue Plan, but the policies ended up getting nixed in the final version of the bill due to opposition from centrist Democrat Joe Manchin. Similarly, a push for a $15 minimum wage to be included in the American Rescue Plan was infamously voted down by eight Democrats, alongside all 50 Republicans. And the sweeping Build Back Better Act, which would have guaranteed federal paid leave, was also stymied by conservative Democrats alongside all Republicans.

Still, Biden promised he would enact free community college before he leaves the White House.

"I'm going to get it done," Biden said during a 2021 CNN town hall with Anderson Cooper. "And if I don't, I'll be sleeping alone for a long time," he said, likely referring to his wife, Dr. Jill Biden, who is a community college teacher.

Other major policies Biden championed, like student-loan forgiveness, have also been halted by conservative efforts. While he announced up to $20,000 in debt relief in August, two lawsuits blocked the relief, and an upcoming Supreme Court decision will determine if the president can fulfill that campaign promise. It's unclear if he will take an additional route for relief in the event of an adverse ruling.

That's not to say the Biden administration has been twiddling their thumbs on major policy issues. Instead, they've been forced to take a more circuitous route — like mandating affordable childcare at new tech hubs, or a $15 minimum wage for federal contractors. What will be decided in 2024 is if those swings were big enough for voters.

"I'm not here to declare victory on the economy," Biden said. "I'm here to say, we have a plan that is turning things around incredibly quickly. And we have more work to do."