‘Bidenomics’ Unpopular With Americans – President Joe Biden likes to tout his economic successes looking toward 2024, but he’s not getting his message across to voters and they don’t feel he’s a success.
“Our plan is working. And one of the things I’m proudest of is that it’s working everywhere, not just on the coasts and big cities, like previous recoveries,” Biden said in a speech in South Carolina earlier this month. “This time, investment is working, and factories are being built, and jobs are being created — happening in rural America, the heartland, all across America — in communities that have been left out and hollowed out.”
The White House, however, claims its economic policies will “grow the economy is from the middle out and the bottom up” in contrast with Republican tax cuts that it derisively calls “Trickle Down Economics.”
“When President Biden came into office, public investment as a share of the economy had fallen from 7% in the 1960s to half that. A core tenet of Bidenomics is that targeted public investment can attract more private sector investment, rather than crowd it out. This is particularly true in sectors that are central to the long-term economic and national security interests of the United States—from improving our infrastructure, to semiconductors, to investing in clean energy and climate security,” the White House says in its talking points on Biden’s economic policies. “This strong labor market recovery has also led to better pay and working conditions. Inflation-adjusted income is up 3.5% since the President took office, and low-wage workers have seen the largest wage gains over the last year. Job satisfaction reached its highest level on record last year.”
Morgan Stanley claims that Biden’s Infrastructure Investment and Jobs Act is “driving a boom in large-scale infrastructure” and that “manufacturing construction has shown broad strength.”
However, these statistics are falling on deaf ears.
Americans Dissatisfied with Joe Biden on the Economy
“The president has been touting ‘Bidenomics,’ but the needle of public opinion has not really moved. Americans are just not giving him a lot of credit when it comes to the economy,” said Patrick Murray, director of the independent Monmouth University Polling Institute.
A CNBC All-America Economic Survey finds that President Joe Biden’s effort to paint what he called “Bidenomics” as a success has been a dud. The survey found that only 37% of Americans approved of Biden’s handling of the economy. At the same time, 58% of Americans disapproved of his economic performance.
Critics Say ‘Bidenomics’ Isn’t What It’s Cracked Up to Be
Mercatus Center economist Veronique De Rugy notes that Biden’s claim that the economy created 13 million jobs during his presidency should be taken with a “grain of salt.”
Most of the jobs he touts are jobs that were restored due to the reopening of the economy in the wake of the COVID-19 pandemic. Many of the remaining jobs that were created were the result of the cash infusion that resulted in an overheated economy.
“While few people other than rabid ideologues deny that most of the inflation surge was created by Biden and Congress’ extravagant spending, some of it was the result of a continued comfort with constraining the available supply of goods and services. Take, for instance, the administration’s early support for COVID-19 lockdowns and mandates, coupled with its refusal to remove the Trump-era tariffs that were helping keep prices elevated,” DeRugy writes.
Heritage Foundation Research Fellow EJ Antoni notes the president and the White House skew their number to conceal that the economy is not as rosy as they claim.
“When the president took office, the economy was growing at a $1.5 trillion annualized rate, and inflation was 1.4%. Consumer sentiment was rising, and real wages had grown 8.6% under President Donald Trump,” Antoni writes. “But Biden slammed the brakes on the economy and has even managed to throw it in reverse with an agenda that increased regulation, taxation, spending, borrowing and printing money.
Antoni continued: “Economic activity, as measured by gross domestic product, contracted for two consecutive quarters last year, marking a recession. Another measure of economic activity called gross domestic income has been negative for three of the last four quarters. The economy is stalling out, unlike inflation.”
Inflation has cooled to 2.97% this month compared with 9.07% last year. However, Antoni notes, “Core inflation, which excludes the volatile food and energy categories, has been above 5% for a year and a half.”
John Rossomando is a defense and counterterrorism analyst and served as Senior Analyst for Counterterrorism at The Investigative Project on Terrorism for eight years. His work has been featured in numerous publications such as The American Thinker, The National Interest, National Review Online, Daily Wire, Red Alert Politics, CNSNews.com, The Daily Caller, Human Events, Newsmax, The American Spectator, TownHall.com, and Crisis Magazine. He also served as senior managing editor of The Bulletin, a 100,000-circulation daily newspaper in Philadelphia, and received the Pennsylvania Associated Press Managing Editors first-place award for his reporting.
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