Live updates on a huge day for the US economy: Housing, GDP, jobs and Bidenomics

President Joe Biden on Wednesday formally unveiled “Bidenomics,” the ground-up economic philosophy he claims serves as the driving force behind the US economy’s success.

When an economy grows “from the middle out and the bottom up instead of just the top down… everybody does well,” Biden said in a speech from Chicago.

But the economy’s track record under Biden is anything but flawless. And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed.

In reality, it’s a mixed bag.

Americans have grappled with inflation for more than a year, including a painstaking issue with housing affordability as the Federal Reserve raised interest rates 10 times in a row to bring that inflation down.

In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Meanwhile, in anticipation of a recession, large companies have tightened their belts and resized their workforce by laying off thousands of workers.

But it hasn’t all been bad. American workers have rejoiced in a robust labor market that has allowed them to quit their jobs for a better one — one that can pay them more or allow them the flexibility of working from home.

Many Americans were given a financial boost during the Covid pandemic in the form of stimulus checks and a break from student loan payments, although the latter are restarting later this year.