President Joe Biden often portrays himself as a champion of the working class, but White House strategy suggests an administration that believes it has a strong alignment with corporate interests.
In public speeches, Biden often criticizes corporate greed. But privately the president and his administration has been working to maintain close relationships with business leaders, according to a report by CNBC.
In a speech in Las Vegas, Biden blamed corporate greed for high prices.
“We’re coming back. We really are. We have the best economy in the world. Inflation is coming down,” he told union workers, according to CNBC, while attributing persistent high prices to “a little bit of corporate greed.”
However, behind the scenes, Biden’s administration has been courting corporate leaders.
CNBC reports:
Top White House officials devised that plan [to court corporate support] at a dinner in early February, according to a senior administration official.
Cabinet members like White House Chief of Staff Jeff Zients, Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo, National Economic Council Director Lael Brainard decided that each would set up a call or meeting with 10 CEOs to talk about how the private sector can help implement Biden’s key infrastructure investments from policies like the Inflation Reduction Act and the CHIPS Act, the official said.
Since that February dinner, the team has had meetings with over 100 CEOs, according to the official, on topics like artificial intelligence, workforce training and pricing practices.
Biden has also overseen enormous budget deficits, which tend to boost corporate profits because they inject additional money into the private sector while incurring debt for the public sector.
Critics argue that Biden’s frequent engagements with corporate leaders indicate his populist rhetoric masks a big business-friendly agenda.