Opinion | How Joe Biden can embrace ‘Bidenomics’ without sowing division

As the president describes it, his philosophy is built on three pillars: massive public investments, from bridges to broadband; helping workers secure good-paying jobs by boosting unionization and requiring products to be made in the United States; and promoting competition by limiting noncompete agreements, junk fees and prescription drug costs — while vigorously enforcing antitrust laws.

With his approval rating underwater, Mr. Biden is understandably eager to claim credit for low unemployment, real wage growth and the economy’s better-than-expected resiliency. He has a good story to tell about making government work again. He can boast about significant legislative wins from his first two years.

E.J. Dionne Jr.: If ‘Bidenomics’ works, it will be a very big deal

Most Americans, however, perceive the economy to be worse than it is because of stubbornly persistent inflation. This was partially fueled by Mr. Biden unleashing too much spending with his $1.9 trillion coronavirus relief package during the opening months of his presidency, when the economy was already starting to overheat.

Polls often prod politicians to look for villains to blame as elections approach. Last week, Mr. Biden criticized banks, oil companies, pharmaceutical manufacturers, cryptocurrency traders, hedge fund managers, airlines and hotels. During a recent speech to the AFL-CIO, the president said no one would notice if investment bankers went on strike but that the country would grind to a halt if union members did.

But, as he sharpens his economic pitch, Mr. Biden should resist the temptation to score political points with populism that is likely to sound inauthentic coming from someone first elected to the Senate 50 years ago, and who represented the most corporate-friendly state in the union.

Mr. Biden says he wants everyone to pay their fair share, but hastens to add that he doesn’t want to tax the well-to-do out of existence. “I’m not talking about the old, old days of 70 percent tax,” he said in Chicago, adding that he wants to build an economy in which “the poor have a ladder up and the wealthy still do well.”

This president, as most do, yearns to go down in history as transformational. He compares his efforts to finally get every American connected to high-speed internet to Franklin D. Roosevelt’s rural electrification and Dwight D. Eisenhower’s interstate highways. Most Republicans, who disproportionately represent the rural areas reaping the greatest benefits, voted against the legislation that will make universal broadband possible. Yet they now tout the money pouring into their states.

Mr. Biden won in 2020 by promising to be a president for all Americans, and that’s how he’s governing. He’s delivering results for red, blue and purple states. For the health of the nation’s civic culture, this is also how he should campaign.