Harris on Bidenomics: 'As the Name Suggests, Community Banks Are in the Community' (August 4, 2023)

Vice President Kamala Harris came to a small-business village in Southeast Washington to sell “Bidenomics,” and she explained how community banks got their name. “And as the name suggests, community banks are in the community. They understand the needs of the people they serve,” Harris said on Aug. 4, 2023, according to the official White House transcript [1].

“They understand the capacity and the opportunity, such as the capacity and the opportunity of this community, that big banks often overlook or just don’t get,” she said [1].

Earlier, she had told the crowd when to cheer. “Last month, we created 187,000 new jobs. That means today — yeah, go ahead and clap. (Applause.) I don’t want to step on the applause,” Harris said [1].

The video above shows Harris at Sycamore & Oak in Washington on Aug. 4, 2023. Quotes are from the official White House transcript and the vice presidential pool reports [1][2].

”The Two Dons”

Harris opened with her love of small businesses. “I love our small-business owners. I really do. (Applause.) You know?” she said [1].

She told the crowd about the woman who helped raise her. “And we had a second mother who lived two doors down, Ms. Shelton. And we lived in the apartment above the nursery school that Ms. Shelton ran. She was a small-business owner,” Harris said [1].

She skipped the usual list of dignitaries. “I could spend all afternoon mentioning who you are, but I will not do that in case I overlook anybody in particular,” Harris said. Then she thanked two Commerce Department officials: “So, I thank the two Dons for all that you do.” [1]

She also explained the program she was funding. “So, basically, a small-business accelerator is a one-stop shop for small businesses to succeed,” Harris said [1].

”That Is Called Bidenomics”

Harris laid out the administration’s agenda and gave it a name. “All that, ladies and gentlemen and everyone else — that is called ‘Bidenomics.’ (Applause.) That is called Bidenomics, and we are very proud of Bidenomics,” she said [1].

“In two and a half years, we have created more jobs — more new jobs than any other administration has created in four,” Harris said. “Wages are up. Inflation has fallen 12 months in a row.” [1]

“Trickle-down economics — well, it benefitted big corporations and the wealthiest of Americans but not a lot of regular folks,” she said [1].

She closed the thought with a promise: “All of this to say: America’s economic future looks bright.” [1]

“A Clean Enemy — Energy Economy”

Harris stumbled while touting the green spending. “And so, consider: Since taking office, President Biden and I have invested about a trillion dollars — a trillion dollars to build a clean enemy — energy economy. A trillion dollars to build and grow a new economy, a clean energy economy,” she said [1].

She offered other examples, too. “This investment, for example, could allow a veteran who owns a auto repair shop in Milwaukee to access the capital he needs to buy equipment to repair electric vehicles,” Harris said [1].

She described the kinds of people who could benefit. “It could allow, let’s say, a mother of two in Tempe, Arizona, who has a business plan to install solar panels, but she needs the technical support to learn how to turn that plan into a reality,” Harris said [1].

”You Mean Mechanics?”

Then she told a story about a young entrepreneur working on electric vehicles. “And I said, ‘Well, tell me about the people who are working with you.’ And he said, ‘Well, they are — we — we refer to them as technicians.’ I said, ‘You mean mechanics?’ (Laughs.)” Harris said [1].

“That’s what we’re talking about. We’re talking about skills that exist but what we’re doing to upgrade those skills to meet the demands of new economies,” she said [1].

The Setting

The stage was built for the message. “The stage is set with a banner that reads ‘INVESTING IN AMERICA’ with President Joe Biden and Vice President Kamala Harris framing it,” the pool reported. “The podium is framed on three sides with a ‘Bidenomics’ sign.” [2]

“There’s roughly 150 seats in the pavilion that are filled,” the pooler wrote [2].

The money traced back to the American Rescue Plan. “The grants are part of the $125 million Capitol Readiness Program, funded by a program reauthorized in the American Rescue Plan,” the pool reported. “Officials said Thursday they received 1,000 applications. 43 organizations were selected to receive funding.” [2]

“And so, today, I am proud to announce that we will invest $125 million in 43 small-business accelerators,” Harris said [1].

”I Take My Cheese Seriously”

After the speech, Harris went shopping on Capitol Hill. At Eastern Market, “She stopped at Bowers Fancy Dairy Products,” the pool reported. “She ordered some cheddar cheese. ‘Is it from Wisconsin?’ She asked.” [2]

“I take my cheese seriously,” she said. “I got cheese curds yesterday in Wisconsin. I love cheese curds! I wanted to get some cheddar but I didn’t have time.” [2]

Reporters tried to ask questions, but “She didn’t engage,” the pooler wrote. “Sadly, we didn’t get any cheese.” [2]

By the Numbers

187,000: jobs Harris said were added the month before [1].
$125 million: for 43 small-business accelerators [1].
About $1 trillion: what Harris said was invested in a “clean energy economy” [1].
15 minutes: her remarks ran from 12:29 to 12:44 p.m. [1].

What Happened Next

Voters weighed in. A year later, Harris was the Democratic nominee. She lost to Donald Trump, 312 electoral votes to 226, according to the National Archives [3].

For Jean-Pierre calling a car-charging venture “Bidenomics in action” nine days earlier, see HYGO News’ page on July 26, 2023. For Harris on heating and electricity bills, see the page on Feb. 22, 2023.