In a major speech on Wednesday outlining his economic policy, Joe Biden took a page from his old pal Barack Obama. When Obama ran for reelection in 2012, he embraced the pejorative name given to his signature policy achievement Obamacare. In Chicago today, Biden embraced the insult the Wall Street Journal Opinion page gave to his economic plans Bidenomics.

I did not come up with the name, Biden noted. But he would now embrace it to tout what the White House sees as significant economic achievements and a new vision of economic policy for the country.

And this is where Biden departed from his old ticket mate Obama. He did, also like Obama, denounce the old supply-side economics that have dominated American policy-making since Ronald Reagan put them in place in 1981. But then Biden explained how his policies actually mark a break with this economic model and while he didnt say it, how they break with the policies of both Obama and Bill Clinton.

Trickle-down failed the middle class, it failed America, Biden said. It blew up the deficit. It weakened our infrastructure and stripped the dignity, pride and hope out of communities.

Bidenomics stands on three legs, Biden explained. The first is a reinvigoration of public investment in domestic industry, research and development and infrastructure. Second, the empowerment of workers by protecting and expanding labor unions. And, third, increasing competition through antitrust enforcement and policy.

These are all breaks from the economic consensus that has dominated within both political parties, from Reagan through Clinton up to Donald Trump . That consensus favored private investment directed by a global financial system, not governments; free trade; workforces unburdened by labor unions (to best advantage capital); and mergers and acquisitions favoring monopolization.

Trump first cracked that consensus by jettisoning the GOPs embrace of free trade in 2016. Biden, who has kept Trumps trade policy largely in place, looks to crack it further.