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Former Trump Economist Breaks Down the Biden Economy

Posted on Monday, November 27, 2023
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by Aaron Flanigan
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AMAC Exclusive – By Aaron Flanigan

President Joe Biden delivers remarks on the economy, Thursday, January 26, 2023, at Steamfitters Local 602 United Association Mechanical Trades School in Springfield, Virginia. (Official White House Photo by Hannah Foslien)

Despite Joe Biden, the mainstream media, and their Democrat allies sparing no effort to sell the supposed successes of “Bidenomics,” an overwhelming majority of Americans still believe the economy is doing poorly.

AMAC Newsline spoke with Casey Mulligan, a professor of Economics at the University of Chicago and the former chief economist for the Council of Economic Advisers in the Trump White House, to find out the truth about how the economy is doing and why most Americans don’t share the White House’s cheery outlook.

Though Biden administration officials generally point to metrics like the unemployment rate and GDP growth as proof that the economy is doing well, Mulligan said it remains understandable why “people aren’t buying that.”

“There are probably two things that make them unwilling to accept that. One is that they’ve kind of set the bar low for themselves. Normally when you recover from recession, you get quite rapid growth. And the fact that maybe we are getting average growth when we should be getting above average—that’s disappointing,” Mulligan said.

Some of the Biden team’s self-proclaimed economic figures, Mulligan continued, amount to little more than an exercise in “cherry-picking” that allows them to “brag about” a mediocre economy—particularly when it comes to metrics like consumer spending and retail sales. “When you’re coming out of a recession, you ought to be breaking some records, or getting near it. It should be very rapid growth coming out of a downturn.”

For a measure that more accurately describes how the economy is doing, Mulligan said, Americans should turn their attention to one key metric: real wages.

“Normally, real wages are increasing a percent or two every year on average—and since Biden’s been in office for three years almost,” real wages have “not even gotten close to returning to previous trends”—and “maybe haven’t even kept up [with] the old level” prior to the pandemic.

Another issue preventing a more vigorous economic recovery, Mulligan continued, is what he describes as “human capital problems”—which include factors like poor health and lack of career advancement in the private sector, each of which has continued to disproportionately affect the livelihoods of young and middle class Americans.

Mulligan indicated that another metric worth keeping an eye on is private employment on a per capita or per adult basis, which has “barely been growing” over the last year and a half. “Private employment is serving consumers who have kind of a choice about things,” whereas the government employment only serves “what the government thinks [is] valuable”—but “whether people think it’s valuable is a totally different question.”

Yet another indicator of the struggling economy is the Biden administration’s war on American energy production. Although the United States “should be the best in the world” in terms of oil and gas production, Mulligan said, federal tax policy (including the likely forthcoming expiration of the 2017 Tax Cuts and Jobs Act) and Environmental, Social, and Governance (ESG) investing criteria has made it “tough to justify investing in oil and gas businesses”—causing a notable lack of growth.

Looking ahead, Mulligan believes Biden is not in a position to dramatically improve the trajectory of the economy. Though Biden could slow down his regulatory agenda, he is unlikely to do so absent some kind of intervention from the courts.

“There is a natural recovery process that’s been too slow, but on the other hand, it continues,” Mulligan said. “We had way too long of paying people for not working,” prior to the last 2 years, he continued, as well as “lots of new regulations” that have continued to serve as a drag on the economy.

As Mulligan found in a June report he released through the Committee to Unleash Prosperity, as of the end of 2022, “the Biden administration imposed new regulatory costs on American households and businesses at a pace surpassing that of the Obama administration during a comparable period”—amounting to nearly $10,000 per household.

“If regulatory costs continue to rise at the same rate as they did during the Obama administration,” the report states, “the total costs of Biden’s rulemaking over an eight-year period would almost reach $60,000 per household.” During the Trump administration, however, agencies reduced regulatory costs by nearly $11,000 per household in present value.

Though the Biden administration remains eager to brag about what remains a vastly underperforming economy, the actual numbers—and Americans’ paychecks—don’t lie. As next year’s presidential election approaches, Biden will surely continue to mislead voters on his economic record. But if polling is any indication, people aren’t falling for it.

Aaron Flanigan is the pen name of a writer in Washington, D.C.

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PaulE
PaulE
6 months ago

This article is quite accurate in describing the negative impact of Democrat economic policies, under almost any Democrat President not just Joe Biden or Barack Obama, versus those Republicans like Reagan and Trump that viewed “more and more government” as obstacles to the economic well-being of the average American. What Team Biden is currently doing, by running around the country and spreading misinformation and outright lies about the so-called “benefits” of Bidenomics, is nothing more than a mass media campaign of propaganda to fool the ignorant among the American population.

Sadly, that percentage of the American population has grown quite large in this country. Thank our lousy public education system in this country for turning out multiplpe generations of economic illiterates. In the past, say 40 or more years ago, this sort of overt and transparent campaign to talk up the fictional benefits of three years of intentionally bad economic policies would have been seen for what it is. Which is pure BS. Now however, at least 30 to 40 percent of the population thinks these regressive economic policies are either somewhat good or good and they think Biden just has to do a better job of “messaging” as these people have been instructed to think. Economic illiteracy does matter when it comes to votes. So, while the author of this article accurately states the true nature of what so-called Bidenomics has delivered over the last three years, there is a substantial portion of the public that will buy into the BS that Team Biden is shoveling. Should a Democrat, any Democrat, continue to occupy the White House after the next election, expect the excessive regulations, bad economic policies and unsustainable spending initiatives to continue unabated as the economic pain to the American public steadily increases.

Broccoli Free Zone
Broccoli Free Zone
6 months ago

It amazes me that there is a large number of fools that will look at the campaign banners pictured above and agree. I suspect that they drool a lot, think there is no inflation, and men can breast feed. “I’m from the government, and I’m here to help.” is still the most frightening 9 word sentence ever uttered. Nothing built, nothing back and nothing better.

Gabe Hanzeli kent wa
Gabe Hanzeli kent wa
6 months ago

You do not need a lot of words to describe the biden economy. it is: Democrat inducted Failure.

Biden has destroyed our economy and the democrats committed voter fraud to make it happen.

pamela
pamela
6 months ago

Yes and we can feel it. I just can not believe so many believe his lies. Just look at my savings. Under Trump I lived for 4 yrs and it never changed. Under the Biden I am going broke. I lost money under Obama too. Trumps 4 yrs thrilled my pocketbook.

Ads Base
Ads Base
6 months ago

I am so tired of Leftist lies, and even more tired of all of the ignorant people who believe them and vote for more of the same. It’s astounding how dumbed down America has become.

anna hubert
anna hubert
6 months ago

The only thing that prospers in this Biden style economy is ever growing bureaucracy

Robert Zuccaro
Robert Zuccaro
6 months ago

I can break down the Biden economy: “chit costs too much!” Simple. Like Biden’s mind.

Mimi
Mimi
6 months ago

All you have to do to see how the economy is doing, is fill your tank with gas, then go buy groceries!

Jackie
Jackie
6 months ago

Although the Biden administration continues to brag about ‘his’ economy, he can’t brag about ‘our’ economy!! The Biden administration and the Democrats are so out of touch with our reality, our everyday reality that we are barely a blurred vision in the distance!! And as for the numbers that the government spits out on a regular basis, I haven’t believed in them for decades!!! Their unemployment numbers are never accurate and same with the GDP!!! They just want to make themselves look good so they make up some numbers or they manipulate the numbers somehow!! How can Democrat voters not see what’s happening here?? How can they be so blind, such sheeple???

Tom in Seattle
Tom in Seattle
6 months ago

Look on the bright side, folks: Democrats are going to lose the White House and probably the Senate next year. Biden doesn’t have a prayer of staying in office, and the Senate map for Democrats is brutal. They’re in denial right now about how many seats they’re going to lose. I predict most of them. Which hands control of the government to the Republicans. This time around, it’s going to be very interesting. Trump is going to be very hands-on with every appointment. Wray, all federal prosecutors, and a host of other bureaucratic clowns will quit before they’re fired. Georgia’s prosecution will be put on hold. Trump will pardon himself, and end the ongoing federal criminal trials. Progressives’ heads are going to explode. It’s going to be glorious.

Fred Noel
Fred Noel
6 months ago

Bidenomics is a joke. Just another of many of his failed policies put in place by Joey.

Donald
Donald
6 months ago

Biden is a socialist wrecking ball that is deliberately destroying our nation. He views our constitution and bill of rights as just so much toilet paper. He has destroyed our military and now nobody wants to join. As a veteran with 27 years service that especially irritates me. He is a staunch proponent of every perversion known to man and does not exclude children from his march into decadence. He has destroyed our economy and only an absolute fool would deny that. His open borders is destroying our nation.

BillT
BillT
6 months ago

Just went and put 35 gallons of premium fuel in my truck $174 Dollars, then went grocery shopping for the whole week 280 dollars, nothing fancy just essentials. That’s not including anything else, just basic necessities. A few years ago it was literally half the cost! And my wages are the same as a few years ago. My expenses to heat and maintain my home have risen at least 30 percent or more over the last few years, utilities are skyrocketing out of control not to mention all my basic insurance costs have also went way higher recently. Overall in the last few years my costs have skyrocketed out of control ( this must be exactly what Biden’s economic strategy is actually all about) destroy our system, destroy our capitalist economy, and then out of sheer desperation and necessity turn to our tyrannical government for assistance, actually that’s exactly what a successful Biden administration is doing right now. I’m sure to these Marxist leftist haters of a free society total destruction of our country is total success for them.

David Millikan
David Millikan
6 months ago

The economy has sucked ever since Dictator Beijing biden and Obama came along. The economy sucked with Obama and today is nothing but a continuation of his policies.
INFLATION and RECESSION continues with these two intentional destruction of the United States.
Leave it to democrats to ruin everything and then blame everyone else for their actions.

D3F1ANT
D3F1ANT
6 months ago

FJB’s economy broke down all by itself!

james
james
6 months ago

Great article

Melinda
Melinda
6 months ago

Of course Biden’s economy is good, he gets his money from China!

Sydney
Sydney
6 months ago

Energy s the lifeblood of our economy. Fix that and progress will be made in our economy.

Harry
Harry
6 months ago

Basically Biden ,KJP and Burns(? ). Are lying , or should I say trying to BS us. How would any of them know, they are not living in our world. The real Wirld

Rich
Rich
6 months ago

Good article but it could have been reduced to: A disaster!

Richard Schwenderman
Richard Schwenderman
6 months ago

Inflation is eating away at the American Dream. If you just spent the last 5 years saving a home down payment Inflation just moved the goal posts further away along with a shrinking supply. Same with buying a new vehicle,soon it will require a 10 year loan for the average person to get those keys. From the gas pump to the grocery store it’s the same reality.

steve
steve
6 months ago

Elon Musk tours Israeli Kibbutz with Israel Prime Minister Netanyahu – Video
commoncts.blogspot.com/2023/11/elon-musk-tours-israeli-kibbutz-with.html

Musaiga
Musaiga
6 months ago

Can someone tell me how to make the font larger in the article?

Christopher
Christopher
6 months ago

While the economy is not as robust as many would like the idea that Biden pointing to successes is somehow “lying” to the public is disingenuous; one would hope a president promotes his plan. There are many economists who feel the country has turned the corner out of the pandemic and the numbers support their take; the economy doesn’t “turn on a dime”. There has been a constant harangue of negative propaganda foisted on the public for years about how poorly America is doing but empirically it doesn’t appear that way; record corporate profits, GDP 4.2%, unemployment sub 3%, wage growth catching up with inflation and citizens attending all sorts of venues and vacations. The polling has been weaponized on so many levels it calls into question their veracity; looking around the world it appears America is doing quite well.

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