If Americans aren’t sure what “Bidenomics” is, they are in good company. President Joe Biden doesn’t know, either. At one event in June, the president claimed, ““I didn’t realize I had Bidenomics going,” He followed this statement up at a different event, stating, “I don’t know what the hell that is. But it’s working.”
But, for millions of Americans struggling to pay bills and meet the ever-climbing price hikes at the grocery store and gas pumps, it’s not.
Per the Biden administration, “The President took office determined to move beyond these failed trickle-down policies and fundamentally change the economic direction of our country. His plan – Bidenomics – is rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up.”
If the president’s abysmal approval rating of 32%, largely rooted in Biden’s failed economic policies, is any indication, America disagrees. According to an Associated Press Public Affairs Research Poll, only 33% of Americans approve of Biden’s single-handed dismantling of the economy, and only 24% believe it’s in good shape.
In fact, almost 70% of Americans said that the economy and unchecked inflation are the biggest problems faced in the nation under Biden’s reign.
And it’s not just conservatives that feel the pain, although 72% of Republicans polled have that empty feeling in their wallets. Fifty-six percent of independent voters think the economy is in shambles, and most alarming for Biden’s reelection campaign, 30% of Democrats agree.
Per a recent Pew Research Center, the Republican Party’s economic policies hold a 12-point lead over those of the Democratic Party.
During former president Donald Trump’s first three years in the Oval Office, the economy was going strong, and Americans found themselves financially secure for the first time in decades. During the last year of Trump’s term, COVID-19 knocked the booming economy off course.
Trump’s economic policies were rooted in a Reagan approach known as Reagonomics. The current administration has adopted the term “Bidenomics,” not to celebrate the efficacy of Reagan’s policies, but to challenge and reverse their achievements.
The first “victory” Biden touts is job creation. Unfortunately for the administration, these jobs, lost during the pandemic, already existed under Trump and are more “recovery” than job creation. Despite the “achievements” of Bidenomics, however, five states still have lower job numbers than before COVID-19.
Biden boasts that under his watch, wages are rising. They may be, but they aren’t rising fast enough to deal with out-of-control inflation. Factoring inflation into the equation means that Americans have seen a 1.8% reduction of wages in the last year.
The average family is paying an extra $400 a month just for their typical goods and services, thanks to inflation.
Bidenomics also claims a role in the reduction of gas prices. Prices at the pump, under Biden’s failed energy policies, rose to $5 per gallon in 2022. The “success” of Bidenomcs is a reduction of the hike he caused, but Americans are still paying more than a dollar extra per gallon then they were under Trump.
Another Bidenomics victory is consumer spending. It’s true that consumer spending is up, but it’s due to a sharp rise in consumer debt. Sixty percent of Americans live paycheck to paycheck in Biden’s America, and use credit cards or take out loans to cover the basic costs of living.
Credit card debt currently stands at more than $1 trillion, and many Americans are unable to maintain their payments. The only ones buying luxury items are students who had their loans on pause for three years.
Most Americans remain blissfully unaware that they are impacted by costs of the burdensome regulations Democrats enjoy. These cost families over $5k per year. Under Trump, the same families enjoyed a $2,000 drop in regulatory costs.
And while most Americans are too concerned with feeding their families to pay much attention to the government’s debt, it rose by $6 trillion under Biden, with $2 trillion of that debt racked up in the past year alone.
The debt stands at $32 trillion and is predicted to reach $50 trillion within the next ten years. To pay down the debt, Biden has proposed a $4.7 trillion dollar tax hike aimed at small businesses and the average American.
Any economic policy that starts with tax hikes is sure to be a big miss with most voters. Biden’s administration genuinely believes that corporations and the wealthy will simply absorb the increased costs of doing business. This is not a reality shared by the American experience, as proven on shelves across every grocery store in the nation.
The administration can sell Bideonomics in any way they please. Americans simply aren’t buying.
At these prices, they can’t afford to.
