Newsline

Economy , Newsline

‘Bidenomics’ Has Been a Disaster

Posted on Friday, August 11, 2023
|
by Outside Contributor
|
16 Comments
Joe Biden and Kamala Harris celebrating Bidenomics
President Joe Biden, Vice President Kamala Harris and IBEW union member Lovette Jacobs arrive to the South Lawn for a celebration event for the Inflation Reduction Act, Tuesday, September 13, 2022, at the White House.

After 40 years of “trickle-down economics,” President Joe Biden says, “Bidenomics is just another way of saying restoring the American Dream.”

It’s not often that a politician openly pledges to bring the country back to a time of crippling inflation, high energy prices and stifling interest rates. But this president is doing his best to keep that promise.

Unsurprisingly, “Bidenomics” is failing to gain traction among voters. This has caused consternation in the media. One thing to remember, though, is that “Bidenomics” isn’t really a thing. Unlike, say, “Reaganomics,” which helped bring about the largest expansion of the middle class in world history, the president does not subscribe to any coherent or tangible set of economic theories or principles. The White House defines its economic policy as being “rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up,” which is just platitudinous gibberish.

“Bidenomics” encompass anything and everything that’s convenient for Democrats. And in this moment, it’s convenient for them to take credit for merely letting people go back to work. Biden, who once claimed that the Democrats $3.5 trillion Build Back Better plan cost “zero dollars,” isn’t exactly a math whiz. But when he says stuff like “13.4 million jobs have been added to our economy” under his watch, more than “any other president in a full 4-year term,” anyone with even a passing familiarity with the events of the years preceding 2023 knows it’s a lie of omission.

The notion that presidents “create” jobs is itself a fantasy. In this case, though, Biden supported efforts to shutter private businesses during the pandemic, basically closing the entire economy, not only while running for president but after winning office. When Florida, and other states, attempted to ease some restrictions, Biden told them to “get out of the way” so that people could “do the right thing.” The pressure exerted on states to “do the right thing” was immense.

All of which is to say that the president and his allies had far more to do with destroying jobs than creating them. We don’t need to relitigate the efficacy of COVID policy here, but approximately 10 million of the jobs that Biden now brags about overseeing are just people coming back to the workforce after state-compelled lockdowns.

Then again, if “Bidenomics” had meant doing absolutely nothing, it would have been the president’s greatest political accomplishment. But that would have meant allowing a crisis to go to waste. Instead, what “Bidenomics” did help create was the biggest four-year inflationary spike under any president in 40 years.

By the time the American Rescue Plan was passed, there was already too much money chasing too few goods. Tons of people warned about the consequences of dumping more money into the economy. Even when inflation began inching up, Biden dismissed it – “no serious economist” is “suggesting there’s unchecked inflation on the way,” he said. Democrats, of course, wanted to cram through a $5 trillion progressive agenda spending bill. So, when inflation became a big, nontransitory political problem, the Biden administration began arguing that more spending would help ease inflation.

Again, the vital thing to remember about “Bidenomics” is that it makes absolutely zero sense.

Only after inflation became a political issue did the Democrats rename Build Back Better the Inflation Reduction Act. It still contained all the historic spending, corporate welfare, price-fixing, and tax hikes, but, more importantly, it also still had absolutely nothing to do with mitigating inflation.

None of this is to even mention the hundreds of billions “Bidenomics” “invested” – the enduring euphemism for spending money we don’t have – in social engineering projects that would force us to abandon modernity in the name of “climate justice.” This brand of spending was based on a (misguided) moral prerogative, not any kind of prudent economic decision making, to say the least.

A writer in the New Yorker recently asked, “Why Isn’t Joe Biden Getting More Credit for a Big Drop in Inflation?” Probably because there is no “Bidenomics” policy that has helped lower inflation. Quite the opposite. We’re still trying to recover from the president’s economic policy. It’s the Fed that was compelled to hike interest rates at a level not seen in 30 years to inhibit economic growth partly due to government-induced inflation. It, not Biden, brought down inflation.

Presidents who oversee strong economies, often benefitting from the luck of history or existing policies, will see fewer jobs “created” during their terms because space for growth is limited. Biden was given more economic headroom than any president in history – and blew it. That’s the real legacy of “Bidenomics.”

David Harsanyi is a senior editor at The Federalist. Harsanyi is a nationally syndicated columnist and author of five books — the most recent, “Eurotrash: Why America Must Reject the Failed Ideas of a Dying Continent.” His work has appeared in National Review, the Wall Street Journal, Washington Post, Reason, New York Post and numerous other publications. Follow him on Twitter @davidharsanyi.

COPYRIGHT 2023 CREATORS.COM

Share this article:
Subscribe
Notify of
guest
16 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
Krell51
Krell51
6 months ago

Correction, the communist democrat party has been a disaster for America!

Morbious
Morbious
6 months ago

Remember that a great many dem voters are retired govt employees with nice fat, juicy pensions. They’re doing just fine and will continue doing so as long as there is not a complete collapse. When they do notice inflation at the pump or grocery store they think trump caused it. Network news tells them so. These folks hang around one another and generally dont know people struggling with $800 ss payments. In other words, those for whom big jumps in staples is a serious problem.

Rik
Rik
6 months ago

Bidenomics IS the Best Example of the Destruction of Capitalism AND the implementation of Communism! . . . And the Guilt of the Mainstream Media to Back the Communist takeover of Bidenomics is Complicent in trying to Destroy American Capitalism. Jackass Joe Biden is GUILTY OF TREASON!

Vince
Vince
6 months ago

As long as there are voter’s out there ,that are not tuning into news that are presenting the true facts ,Biden can lie which he does when he speaks and hopefully it will pass MSM that he’s actually doing something good. We the people know bu__sh_t when we hear it.

Robert Zuccaro
Robert Zuccaro
6 months ago

I disagree: Bidenomics is working quite well if your last name is “Biden”!

Gloria
Gloria
6 months ago

OBiden, Soros’, Klaus Shcwab & Xi = One Belt Road== elimination of America. They are following the Communist Manifesto. Almost complete. I heard a man from America Legal (I can’t remember the exact name) His name is Stephen Miller. He was being interviewed by Charlie Kirk, and he laid out exactly what the Republicans can do, yet won’t. Speaker McCarthy needs to go. Resign or be dismissed is a Uniparty idiot and follows Schumer and McConnell who want Trump eliminated, because he’s not following what they want to do. Go to Charlie’s podcast of August 16 and listen to Attorney Miller. It’s so easy, it’s disgusting that the Republicans are not doing something so simple.

lawrence greenberg
lawrence greenberg
6 months ago

Anyone who doesn’t understand by now that the goal of the Communists – er, I mean the Democrats – is the complete destruction of this nation is in serious denial.

Bil Smith
Bil Smith
6 months ago

If they can’t own it, they will destroy it.

Sue
Sue
6 months ago

Biden’s dream is sink the blue-collar worker, the backbone of America.

PapaYEC
PapaYEC
6 months ago

Only those working or looking for jobs will notice. The criminal and free-loading Democrats celebrate.

Robin W Boyd
Robin W Boyd
5 months ago

Biden’s build back better is a complete farce. We were going in the right direction when Biden took office. It is only because of what the Biden puppet administration did that we have to build back at all. In the meantime, the cost of living continues to keep going up while Progressives in D.C. keep finding ways to get the U.S. into another major war.

An older blonde women laughing in the kitchen with a grey haired man.
AMAC’s Medicare Advisory Service
The knowledge, guidance, and choices of coverage you’re looking for. The exceptional service you deserve.
The AMAC App on 3 different iPhone
Download the AMAC App
The AMAC App is the place to go for insightful news wherever you are and whenever you want.
Railroad worker with adjustable wrench on railway in spring in summer day
Vote here sign board placed near polling booth for showing direction to voters showing with copy space
Pro-life supporters holding a banner wlak in annual March for Life
Brandon Johnson for Chicago Campaign Logo with Woke stamp in red

Stay informed! Subscribe to our Daily Newsletter.

"*" indicates required fields

16
0
Would love your thoughts, please comment.x
()
x

Subscribe to AMAC Daily News and Games