Throughout much of his tenure in office, President Joe Biden's handling of the economy has been one of the main factors dragging down his consistently low job approval numbers.

The Biden White House is hoping to change that by seizing upon the term "Bidenomics" and pushing a narrative of how the president's policies are actually growing and supporting the U.S. economy, the Associated Press reported.

That is both a risk and a long shot that may well backfire on the administration, given the prevailing sentiment expressed through public polling on the poor state of the economy as well as the fact that Republicans long ago began to use the "Bidenomics" term in a negative manner to disparage the president's economic policies.

Biden team runs with "Bidenomics" term

On Wednesday, President Biden delivered a speech in Chicago, Illinois to promote the "Bidenomics" term, which in reality is little more than a repackaged way to say what he has been saying the whole time -- an economy that grows "from the middle out and the bottom up" in contrast to Republican-favored "trickle-down" economics.

"The trickle-down approach failed the middle class. It failed America. It blew up the deficit. It increased inequity. And it weakened the in- -- our infrastructure," Biden said. "It stripped the dignity, pride, and hope out of communities one after another, particularly through the Midwest, Western Pennsylvania, and heading west."

"I knew we couldn’t go back to the same failed policies when I ran, so I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone in the Wall Street Journal and Financial Times began to call 'Bidenomics,'" he added. "I didn’t come up with the name. I really didn’t. I now claim it, but they’re the ones that used it first."

Biden would go on to insist that "Bidenomics is working" and touted a variety of figures -- some accurate but out of context and misleading, some rather dubious, and others outright false -- that, in his view, proved that his economic policies were what is best for the nation.

Coinciding with the president's speech in Chicago was a White House release that similarly claimed that "Bidenomics is working" and likewise heralded Biden's purported successes in terms of "making smart public investments" with taxpayer money, "empowering and educating workers," and "promoting competition" to help entrepreneurs and small businesses.

Biden's handling of the economy a consistent low point

However, if the Biden White House hopes to win greater support from the American people for the president's economic policies, they have a steep road ahead that will likely require more than a standard portmanteau of the word "economics" that literally every president since Richard Nixon has adopted as their own, per the AP.

Indeed, the latest AP-NORC poll -- which surveyed 1,220 adults between June 22-26 with a 3.9 percent margin of error -- found that only 34 percent approved President Biden's handling of the economy.

And, though it was completely unsurprising that less than 10 percent of Republicans approved of Biden's handling of the economy, it was notable that only around 60 percent of Democrats approved of the economy under their own president.

Definition of "Bidenomics" depends upon one's perspective

The AP further reported that, in terms of the White House adopting the "Bidenomics" term, they hope to impress upon the American people how President Biden has succeeded with respect to things like infrastructure improvements or tax increases for big corporations versus tax breaks for favored industries like renewable energy, among other things.

Yet, Republicans have been using the "Bidenomics" term for quite some time now, and for them, it means things like skyrocketing inflation, increased energy prices, an obsession with climate change versus an undeniable enmity for necessary fossil fuel production, massive expenditures of taxpayer funds to finance a partisan agenda, and an economy that seems to constantly teeter on the edge of a recession.

Whether the Biden White House succeeds in repurposing the "Bidenomics" term as a good thing remains to be seen, but at least as of now, it appears to be little more than a desperate rebranding of the tired "Build Back Better" phrase that has been rolled out just in time for the 2024 campaign.