“Folks, Bidenomics is just another way of saying the American Dream,” chortled President Joe Biden at a recent campaign stop. In other news, the current jobs report that the Biden Campaign was touting as proof-positive that “Bidenomics” is working has been downgraded.
This has become an alarming pattern in the nightmarish tale that is Bidenomics. The powers that be are constantly downgrading their original, rosy projections, whether it be on economic growth numbers or jobs numbers—long after they reported those rosy numbers with great fanfare, of course.
Joe Biden is waddling around misrepresenting the reality to the American people in his shambolic bid for reelection. He and his team have bought into the notion that the only problem they face is less policy or political and more of a marketing problem. But most voters, who are economic creatures at heart, intuitively understand that this economy is a flaming dumpster fire that’s becoming a conflagration.
They also understand that neither the wealthy forty-sixth president nor the self-styled elites who surround him are completely unaffected by these awful economic numbers and, therefore, cannot relate with ordinary people’s suffering.
High Government Spending is Killing Us
What’s afflicting the American people economically is high-interest rates. Those high-interest rates were in response to the high inflation levels that the country was subjected to. The reason for those high-interest rates came from the Trump Administration’s response to the COVID-19 pandemic. But these abnormally high numbers should have desisted a year ago.
The factor most people are forgetting, though, was that just as inflation levels should have started coming down for good, the Biden Administration passed a spending bill that added almost $5 trillion to our already absurd national debt.
High government spending has caused our current economic woes. And high spending has become a feature, rather than a bug, of so-called “Bidenomics.” Further, Biden has hired a pack of economists who buy into this theory of “Modern Monetary Theory” (MMT). Biden’s economic policies reflect a prototypical version of this dangerous—and damaging—theory.
According to that economic theory, government spending should not be restrained by fears of rising debt. Proponents of MMT believe that neither taxes nor borrowing need to be done by the US federal government to pay for new programs.
Instead, because the US dollar is a fiat currency and the United States controls its own currency, it can simply print the money it needs to pay for whatever over-the-top program the Democrats can concoct.
This is precisely what the Biden Administration has been doing for the last three years and, as critics of MMT (such as this author) have long argued, MMT defies the basic logic and laws of economics. It is the economic equivalent of magic pixie dust to spread by craven politicians, seeking to buy votes from desperate voters.
Incidentally, those voters have been made economically desperate and financially destitute, thanks largely to the wild spending policies of Democratic leaders who practice MMT policies, such as Joe Biden.
Bidenomics is making Americans poorer.
To cover up for that fact, officials charged with accurately reporting economic and employment data routinely lie via endless revisions to trick Americans into thinking things are better than they actually are. As that occurs, the economy continues its epic crash from the real highs it achieved in 2019 under former President Donald J. Trump.
The Biden Campaign has absolutely nothing positive to run on. President Biden’s economic programs are a disaster for ordinary Americans. The world is burning all around Biden as he licks ice cream cones and hides out on Rehoboth Beach.
Biden’s Only Hope
The only things that Biden can campaign on is that he’s not the creature of controversy that his likely Republican challenger, Donald Trump, is. Biden will also have to wage a cultural battle with the GOP in the 2024 Election over such hot button topics as abortion (masquerading as “women’s rights”), race, and other issues of that sort.
Because if Biden seriously makes “Bidenomics” the centerpiece of his campaign, the man is going to get routed. Or then again, perhaps Biden will ultimately be replaced by California’s Governor Gavin Newsom, who has been cutting quite a rug for himself on the international stage with his recent trip to China.
It’s stunning to think the Democrats are so arrogant that they think their failed economic policies can be shoved down the throats of recalcitrant voters. That alone should disqualify Democrats from winning in 2024.
A 19FortyFive Senior Editor and an energy analyst at the The-Pipeline, Brandon J. Weichert is a former Congressional staffer and geopolitical analyst who is a contributor at The Washington Times, as well as at the Asia Times. He is the author of Winning Space: How America Remains a Superpower (Republic Book Publishers), Biohacked: China’s Race to Control Life (Encounter Books), and The Shadow War: Iran’s Quest for Supremacy (Republic Book Publishers). Weichert occasionally serves as a Subject Matter Expert for various organizations, including the Department of Defense. He can be followed via Twitter @WeTheBrandon. This author writes opinion pieces for 19FortyFive.