--- title: Biden's Best Defense Is Offense in the Presidential Debate description: Bidenomics has worked and the U.S. President should embrace it while pointing out Trump's record of failure—and his dangerous promises. canonical: https://time.com/6992208/bidenomics-biden-trump-presidential-debate/ author: Jeffrey Sonnenfeld article:opinion: true article:content_tier: free article:published_time: 2024-06-26T16:40:07.000Z article:modified_time: 2026-03-30T13:24:23.355Z article:section: Ideas og:title: Biden's Best Defense Is Offense in the Presidential Debate og:description: Bidenomics has worked and the U.S. President should embrace it while pointing out Trump's record of failure—and his dangerous promises. og:url: https://time.com/6992208/bidenomics-biden-trump-presidential-debate/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt0058d0a7dbaadf47/698a582b096a944dbe6b0a8c/GettyImages-1229229798.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 og:image:width: 1024 og:image:height: 576 og:image:alt: TOPSHOT-US-VOTE-DEBATE og:type: article twitter:card: summary_large_image twitter:title: Biden's Best Defense Is Offense in the Presidential Debate twitter:description: Bidenomics has worked and the U.S. President should embrace it while pointing out Trump's record of failure—and his dangerous promises. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt0058d0a7dbaadf47/698a582b096a944dbe6b0a8c/GettyImages-1229229798.jpg?branch=production&width=1024&quality=75&auto=webp&crop=16:9 ---  # Why Biden’s Best Defense Is a Good Offense for the Presidential Debate > Sponsored content. 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It explains how TIME's journalism is made, from the first pitch through the editorial decisions behind a finished story or cover. #### How can I read about how TIME chooses its covers? Inside TIME is the newsletter where TIME's Editor-in-Chief explains cover selection and the editorial reasoning behind major stories. It is free at time.com/newsletters. #### Who is the editor of TIME? Sam Jacobs is TIME's Editor-in-Chief. He writes Inside TIME, a twice-weekly newsletter about the newsroom's reporting and editorial decisions. #### Is Inside TIME free? Yes. Inside TIME is a free newsletter, available at time.com/newsletters. A paid TIME subscription is separate and available at time.com/subscribe-agent. by [Jeffrey Sonnenfeld](https://time.com/author/jeffrey-sonnenfeld/) and [Steven Tian](https://time.com/author/steven-tian/) Jeffrey Sonnenfeld is the Lester Crown Professor of Leadership Practice at the Yale School of Management. Jun 26, 2024 4:40 PM UTC  Donald Trump and Joe Biden participate in the final presidential debate at Belmont University in Nashville, Tennessee, on October 22, 2020. Donald Trump and Joe Biden participate in the final presidential debate at Belmont University in Nashville, Tennessee, on October 22, 2020. Jim Bourg—AFP/Getty Images by [Jeffrey Sonnenfeld](https://time.com/author/jeffrey-sonnenfeld/) and [Steven Tian](https://time.com/author/steven-tian/) Jeffrey Sonnenfeld is the Lester Crown Professor of Leadership Practice at the Yale School of Management. Jun 26, 2024 4:40 PM UTC Several top Democrats have [reportedly](https://edition.cnn.com/2024/06/25/politics/joe-biden-donald-trump-strategy/index.html) issued strong warnings to Joe Biden to challenge Trump’s friendly ties to corporate America when the two face off on Thursday’s presidential debate, and less time talking up his legislative accomplishments. The news reflects [continued pressure on Biden](https://www.nytimes.com/2024/06/06/us/politics/biden-inflation-greedflation-economy.html) to lean more into populist, anti-corporate appeals. But that would be a huge mistake. Wealthy political advisors keep trying to tell Biden how to speak to the common person. But the Scranton, Pennsylvania native with a working-class upbringing knows how to do that better than any politician alive today. First off, reading out demagogic business bashing scripts is not Biden’s nature. Nor is it smart politics. Nor is it even remotely factual. Not a [single Fortune 100 CEO](https://www.nytimes.com/2024/06/23/opinion/ceo-trump-republican-support.html) has donated to Trump so far this year—a major break from overwhelming business and executive support for Republican presidential candidates dating back a century, to the days of William Howard Taft and stretching through Calvin Coolidge and the Bushes, all of whom had dozens of major company heads donating to their campaigns. Biden himself—if not his progressive allies—must surely recognize that portraying businesses as cartoonish bogeymen to appease fringe elements is needlessly self-destructive, alienating many would-be supporters. As the prominent American economist Thorsten Veblen [pointed out](https://insights.som.yale.edu/insights/what-can-we-learn-from-trump) a century ago in _The Theory of the Leisure Class_, running up through entertainment journalist Robin Leach’s _Lifestyles of the Rich and Famous_, Americans are fascinated by those who succeed and do not resent their success, as long as they are not scoundrels who cheat to get ahead. But if they succeed through honest hard work and innovation, the American public tends to admire those successful people and want to identify with and emulate them. In fact, the 2024 Edelman Trust Barometer’s [survey](https://www.edelman.com/trust/2024/trust-barometer) of 36,000 respondents across 28 countries [shows that](https://www.economist.com/by-invitation/2022/09/14/people-trust-executives-to-intervene-in-social-issues-says-jeffrey-sonnenfeld) business is the most trusted institution by far. “My CEO” inspires far more public trust than all other figures in society, including elected officials, media types, clergy, and academics. Some 77% even identify “my employer” as their most trusted source of information. Plainly put, business leaders are seen as stabilizing forces in society. Rather than enriching “[corporate fat cats](https://www.commondreams.org/news/markey-private-jets),” the success of American companies creates shared wealth for virtually all Americans. Today, [as much as 80%](https://www.cnbc.com/2019/06/28/80percent-of-the-stock-market-is-now-on-autopilot.html) of the stock market—representing the ownership of American companies—is held directly and indirectly by average Americans in their pension, retirement, and investment accounts. That means that soaring financial markets, [with 31 new record highs](https://www.cnn.com/2024/06/24/investing/premarket-stocks-trading/index.html#:~:text=US%20stocks%20have%20leaped%20from,about%20every%20four%20trading%20days.) established this year alone, is good news for all Americans. The tendency to tout “[working people](https://www.americanprogressaction.org/article/8-ways-the-biden-administration-has-fought-for-working-people-by-strengthening-unions/)”—the six percent of the workforce with lunch pails in the factory—in divisive, “whose side are on you” dichotomies is an outdated vestige of 1930s ideology and not grounded in the reality of how American households earn and live in 2024\. In short, [Bidenomics has worked](https://time.com/6990298/trump-biden-inflation/). Rather than running from it, Biden needs to embrace his record and compare it against Trump’s [dangerously inflationary promises](https://time.com/6990298/trump-biden-inflation/) and past economic failures. Here is what Biden can point out during the first debate. ## **Trump’s record of economic failures** _1\. The national deficit of unpaid bills_ [_tripled to_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.crfb.org%2Fblogs%2Fdeficit-was-21-trillion-over-past-year&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984088687%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=U8ZC9XqmDMyf4CZCz3Ir8GCToBCTKNYY%2F0neUVyDh6A%3D&reserved=0) _$3 trillion under the Trump presidency. It has since fallen by a third under Biden,_ [_back down to_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.crfb.org%2Fblogs%2Fdeficit-was-21-trillion-over-past-year&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984094782%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=wYY6IdsFJEpu81ZLJLIvFruzQjhrSBezzIWIfycJBvA%3D&reserved=0) _$2 trillion._ _2\. The Federal debt of money owed to_ [_others also doubled_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Ffiscaldata.treasury.gov%2Famericas-finance-guide%2Fnational-deficit%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984100560%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=clEAIYLSzmjqhDF1aEQ1%2B%2BEb8n%2Baue%2Bu1w0j0jtzs9w%3D&reserved=0)_. It has since increased under Biden, but by a much more modest 15%._ _3\. Unemployment_ [_soared to 6.7%_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftime.com%2F6990298%2Ftrump-biden-inflation%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984105899%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=ARs%2Bg7a7ewQtm8VFvoE72GkqVzeztx7ymRGzBwt5P8k%3D&reserved=0) _in 2020\. That was a level not seen since the Gerald Ford Administration back in the 1970s. The unemployment rate has since fallen to a record low of 3.8% under Biden._ _4\. The mismanagement of domestic crises like COVID-19 led the U.S. into the_ [_deepest economic recession_](https://apnews.com/article/virus-outbreak-financial-markets-us-news-ap-top-news-economic-growth-31ffad3ea17ef1d07e2724dd8fc25d50) _since World War II._ ## The dangers of a Trump 2.0\. economy _1\. A 10% tariff on all_ [_imported goods_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftime.com%2F6990298%2Ftrump-biden-inflation%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984066769%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=fttTQWt%2FJWY731ZfIM5a5llJZycBGcPptDJDAntdP70%3D&reserved=0) _from all countries would lead to a more than_ [_3% increase in prices_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2024-04-03%2Ftrump-60-tariff-on-china-10-elsewhere-to-raise-us-inflation-model%3Fsref%3DqHIByWsS&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984071797%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Yhu8ZEx1VMgteLsho7AxZuFd%2Bdvmyc83LstaG295Ghs%3D&reserved=0) _and a 1% or more drop in GDP growth, Bloomberg Economics projects. Retaliatory barriers from U.S. trading partners will also make it hard to sell goods to other countries._ _2\. Plans to dole out_ [_$5 trillion in tax cuts_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftime.com%2F6990298%2Ftrump-biden-inflation%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984076884%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=PYJYNIaC1EfyC%2FyhtddUGsAf6fcwEUruAYgLu99bN%2BU%3D&reserved=0) _for the ultra-wealthy and no commensurate cuts in spending will cause the deficit to balloon._ _3\. Trump wants to rotate Fed chairs at his will, which will shatter its_ [_political independence_](https://time.com/6990298/trump-biden-inflation/)_—destroying credibility and trust in the institution._ _4\. Trump wants to_ [_devalue the U.S. dollar_](https://time.com/6990298/trump-biden-inflation/)_, which would make purchasing from abroad more expensive—causing items like medicines, chips, and cars to fall further out of reach for many Americans. Such a move also risks jeopardizing the U.S. dollar as the world's reserve currency._ _5\. A continuation of misleading fossil fuel promises with “drill-baby-drill” chants despite the soaring heat waves, storms, and forest fires—and even though the U.S. is already the world’s largest energy producer._ ## **Bidenomic**s’ track record of success _1\. Inflation has fallen from 7% to_ [_2.8%_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fpaulromer.net%2Finflation-still-coming-down%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984111408%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=fz%2BG8oAI2xuofbn6e3CwxvBcQ%2FZKURCtIO8Z8OKwqEs%3D&reserved=0) _in two years. Much of the earlier inflation surge was pandemic-related. Most of the inflationary issues have since been worked through, leaving isolated pockets of excessively high prices like eggs._ _2\. Wages have_ [_increased faster_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.axios.com%2F2024%2F02%2F05%2Fwages-outpacing-inflation&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984122886%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=4dkqrpw4njfbbrlwEZrYnoYECJbwBTvykje%2F6aMJHzU%3D&reserved=0) _than inflation, finally, for the first time in 40 years._ _3\. The U.S. has enjoyed record_ [_low unemployment_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.msn.com%2Fen-us%2Fmoney%2Fmarkets%2Fjobs-market-sizzles-as-unemployment-rate-dips-to-3-8%2Far-BB1l9oCD&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984128549%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=ezjS%2BmG1kIYNHNo3C92bqBYyfHFvk65omTDZF0v%2Fdzg%3D&reserved=0) _matched with falling inflation, despite many economists saying that outcome was impossible._ _4\. The stock market is_ [_hitting record levels_](https://finance.yahoo.com/news/the-biden-stock-market-is-swamping-trumps-182858118.html)_, increasing the wealth of average workers’ pensions._ _5\. The U.S. has shown_ [_record growth with the World Bank saluting_](https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fthehill.com%2Fbusiness%2F4715951-world-bank-impressive-us-economy-is-powering-the-world%2F&data=05%7C02%7Cjeffrey.sonnenfeld%40yale.edu%7C44cdf0752c0542cbd02d08dc92f924fc%7Cdd8cbebb21394df8b4114e3e87abeb5c%7C0%7C0%7C638546845984134193%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=cyGwOTkar5STQOdTpH8B1lezl5oMWjQN2rZEwaPHd1w%3D&reserved=0) _the country, saying it drove 80% of its global growth outlook._ It is urgent for the Biden Administration to communicate its successes and the danger Trump poses. The sentiment that “the best defense is a good offense” well predates the words of sports coaches. It has been attributed to our first President, George Washington, in 1799\. If our current President wants to stay in office, he has to practice that presidential wisdom. ```json [{"@context":"https://schema.org","@type":"OpinionNewsArticle","@id":"https://time.com/6992208/bidenomics-biden-trump-presidential-debate/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/6992208/bidenomics-biden-trump-presidential-debate/"},"headline":"Why Biden’s Best Defense Is a Good Offense for the Presidential Debate","datePublished":"2024-06-26T16:40:07.000Z","dateModified":"2026-03-30T13:24:23.355Z","description":"Bidenomics has worked and the U.S. President should embrace it while pointing out Trump's record of failure—and his dangerous promises.","url":"https://time.com/6992208/bidenomics-biden-trump-presidential-debate/","keywords":["politics","freelance"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt0058d0a7dbaadf47/698a582b096a944dbe6b0a8c/GettyImages-1229229798.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Jeffrey Sonnenfeld","jobTitle":"","url":"https://time.com/author/jeffrey-sonnenfeld/"},{"@type":"Person","name":"Steven Tian","jobTitle":"Contributor","url":"https://time.com/author/steven-tian/"}],"articleSection":"Ideas","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt0058d0a7dbaadf47/698a582b096a944dbe6b0a8c/GettyImages-1229229798.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"TOPSHOT-US-VOTE-DEBATE","caption":"TOPSHOT-US-VOTE-DEBATE","creditText":"Jim Bourg—AFP/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/ideas/","name":"Ideas"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/politics/","name":"politics"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/6992208/bidenomics-biden-trump-presidential-debate/","name":"Why Biden’s Best Defense Is a Good Offense for the Presidential Debate"}}]}] ```