US President Joe Biden said his administration is helping create jobs domestically instead of outsourcing them abroad as he defends his vision for the economy, dubbed 'Bidenomics', during a speech in South Carolina.

"I’m here to talk about what we’re doing to invest in America, and I mean invest in America -- all of America, starting here in South Carolina -- and to talk about the progress we’ve made in building an economy from the middle out and the bottom up, not trickling down. When you build from the middle out and the bottom up, everybody does well. The wealthy still do very well. But that trickle-down economy, not a whole lot dropped on my dad’s kitchen table growing up," he said.

"Yesterday we announced that since I took office, we have attracted a half a trillion dollars, USD 497 billion in private investment in American manufacturing, both here and around the world. It’s historic, and it’s Bidenomics in action. Instead of exporting jobs to cheaper labor costs -- what we did for decades -- we are creating jobs here," he explained.

"My dad used to have an expression growing up -- my word. He’d say: 'Joey, a job is about a lot more than a paycheck. It’s about your dignity. It’s about respect. It’s about being able to look your kid in the eye and say, "Honey, it’s going to be ok," and mean it.' That’s Bidenomics. It’s rooted in what always worked best for this country -- investing in America," he added.