‘Bidenomics’ Backlash Continues – President Biden and Vice President Harris have been promoting “Bidenomics” as a solution for economic growth and opportunity since 2021, but not everyone is sure it is for the good of America – especially in conservative circles.
‘Bidenomics’ Is Joe Biden’s Dumbest Idea
Chris Talgo, editorial director at conservative think tank The Heartland Institute, said he is unsurprised by the fact that just 33% of Americans approve of the concept.
Clearly, many conservatives have issues with the naming of Biden’s economic agenda and see many weaknesses in the overall strategy. In fact, Biden and Kamala Harris’ low approval numbers might even be direct evidence of this.
In a column for The Hill website Talgo summarized how Harris claims “Bidenomics” is working and benefiting both Wall Street and Main Street, particularly small businesses.
Meanwhile, Biden consistently defines “Bidenomics” as a way to restore the American Dream and provide good jobs for all hardworking Americans.
However, Talgo says the hard data contradicts their claims, showing that many Americans are living paycheck-to-paycheck, struggling to cover expenses.
A Lending Club survey indicates 61% of Americans are living paycheck-to-paycheck.
High prices for consumer goods, wage stagnation, and soaring credit card debt are noted issues.
The Biden administration’s anti-fossil fuel stance led to price hikes in oil and energy, thus increasing inequality by benefiting the rich more than the poor.
Profligate spending, inflation, and Federal Reserve interest rate increases disproportionately affect lower-income individuals.
Regulations, subsidies for unproductive industries, and border issues hinder economic growth.
Or Is It?
As a recent report by the Center for American Progress Action Fund highlights, the American economy has shown remarkable strength in 2023, despite various economic challenges.
This resilience is evident in several key indicators when compared to other advanced economies in the Group of Seven (G7).
The US currently has the lowest inflation rate among the G7 countries.
It has decreased significantly from its 2022 highs, and the U.S. has the lowest core inflation, excluding volatile energy and food prices, as well.
America has also experienced a notable decline in energy prices, aided by the administration’s clean energy investments. This decrease in energy costs is among the strongest in the G7.
The U.S. economy has mostly recovered from pre-pandemic GDP losses and has the strongest recovery, measured by GDP growth, within the G7. This growth is attributed to investments in infrastructure and clean energy.
The labor market is also robust, with consistently low unemployment rates and strong job growth. Job gains in 2023 surpass pre-pandemic levels, particularly among women, and real wages have increased.
The Biden administration’s decisive measures on economic challenges, from rising gas prices to potential debt default threats, are likely at least part of this bounceback.
Former US secretary of labor Robert Reich certainly agrees so. He recently argued in an op-ed for The Guardian, that the White House’s push for a combination of public investments in infrastructure and strategic policies like antitrust enforcement, pro-labor initiatives, and limits on Chinese imports.
New Republic staff writer Timothy Noah also defended Bidenomics suggesting many cases against ut were influenced by “misinformation”. He argues that personal savings have mostly risen, real wages are not necessarily declining due to inflation, and economic confidence has improved.
Yet, many commentators to the Right and Left of the White House will likely claim these strengths are in spite of currency federal policies, and not because of them.
Georgia Gilholy is a journalist based in the United Kingdom who has been published in Newsweek, The Times of Israel, and the Spectator. Gilholy writes about international politics, culture, and education.
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