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The Ticking “Bidenomics” Time Bomb

Posted on Thursday, September 28, 2023
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by Andrew Abbott
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26 Comments
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AMAC Exclusive – By Andrew Abbott

president Biden speaking at the podium about bidenomics

Overlooked amidst the visits this week by Joe Biden and Donald Trump to the striking Michigan autoworkers and the second GOP debate was another news development – evidence of possibly the most historic failure of a White House media push on record.

This summer, the administration’s interest in their “Bidenomics” push was so strong that it actually got Joe Biden out of the White House for purposes other than vacation – a rare sight over the president’s first 18 months in office.

Along with a coordinated media effort, Biden headed off to a number of stops throughout the country to tout legislation like the CHIPS Act, the Inflation Reduction Act, and the American Rescue Plan. With the 2024 election now just over a year away, Biden and his allies were desperate to shift public opinion on what has been the president’s weakest issue with voters.

Then came the ABC poll earlier this week showing Trump with an astounding ten-point lead, shifting all attention toward the 2024 horse race.

But the real story from that poll and other recent surveys might be how the White House’s “Bidenomics” push has been a complete flop.

Despite an all-out messaging blitz from Biden and his allies, just 37 percent of Americans approve of Biden’s handling of the economy, according to a Wall Street Journal poll released earlier this month. Notably, previous versions of the same poll had nearly identical results – meaning the White House’s “Bidenomics” effort hasn’t moved the needle at all.

An Economist/YouGov poll released the same weekend as the Journal poll found that 54 percent of respondents disapprove of Biden’s handling of the economy. A Yahoo News survey from August, meanwhile, found that 57 percent of Americans disapprove of Biden’s economic record, while just 36 percent approve.

Moreover, Americans don’t seem to see better days ahead. A recent Suffolk University poll found that 70 percent of Americans believe the economy is getting worse, not better.

What the Biden administration seems to have forgotten is that any celebration of a president’s supposed successes has to actually be loosely based in reality.

Take, for instance, Biden’s claim, made often throughout his “Bidenomics” tour, that inflation is “down two thirds from last year.” That phrasing makes it sound a little like prices are coming down.

But what Biden actually means is that the inflation rate is down 66 percent. Prices are still rising, they’re just not rising quite as rapidly as they were last year. Moreover, inflation has remained far above the Fed’s target rate of two percent since March 2021 – Biden’s third month in office.

For the average American, Biden’s self-congratulatory rhetoric isn’t hitting home because it’s just not true. Things are still way too expensive, and people aren’t feeling the relief. The administration can tout Biden’s supposed successes all they want, but with families still struggling to make ends meet, few people will be convinced.

A CBS News/YouGov poll from earlier this summer seems to confirm this. When asked what comes to mind when they hear the term “Bidenomics,” 50 percent of respondents said “higher inflation,” while 49 percent said “tax increases.” The Biden team seems to have unintentionally branded their own policy failures in the minds of voters.

Most economists also agree that Biden’s legislative “successes” have done nothing to decrease inflation and, if anything, have actually exacerbated rising prices. In essence, all Biden is doing when he talks about the Inflation Reduction Act or the American Rescue Plan is bragging to taxpayers about how much of their money he is spending. Voters seem to understand this.

But the worst of the Biden economy may be yet to come.

Ahead of the midterm elections last year, Biden virtually emptied the U.S. Strategic Oil Reserves to bring prices down before voters headed to the polls. But now Americans are about to pay the price for this temporary relief as those reserves run out. The U.S. Energy Information Administration projects that gas prices will increase by 12 percent by the end of 2023 and rise higher still in 2024.

Just as was the case when prices hit record highs last year, more expensive gas will lead to ripple effects throughout the entire economy.

Inflation also ticked back up to 3.7 percent in August. With the full effect of Biden’s big spending policies still yet to be felt, it’s possible that the country may not have seen the worst of the inflationary crisis that has hampered Biden’s presidency.

If the country indeed enters another prolonged period of economic decline, Biden’s “Bidenomics” victory lap may not appear just premature and tone deaf, but downright self-destructive.

Andrew Abbott is the pen name of a writer and public affairs consultant with more than a decade of experience in DC at the intersection of politics and culture.

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Rik
Rik
1 year ago

BIDENOMICS IS A COLOSSAL SUCCESS! . . . That’s if you desire to DESTROY AMERICA! And that’s exactly the intentions of today’s Communist wannabe Democratic Party Leadership! Name one thing this Jackass has done to improve America? . . . Well, I’m still waiting! . . . Because YOU CAN’T! . . . BIDENOMICS IS A JOKE and A BAD ONE AT THAT!

Jackass Joe Biden is a Discusting LIAR!

PaulE
PaulE
1 year ago

“Bidenomics” (actually it’s just plain socialism being enacted into law) is what most business or financial people would call a black swan event. It is A catastrophic economic and social failure of epic proportions that will ripple throughout the economy negatively impacting everything it touches. Standards of living are already dropping, and the purchasing power of the dollar is already eroding. They will continue to do so, as long as these policies and laws remain in place. We are just experiencing the leading edge of what the legislation enacted into law over the last 2 1/2 years will produce. All those bills have 10 year or more spending cycles, so the damage will simply be compounded with each passing year of their existence. The cumulative effect is nothing less than the desired change from a capitalist society to a socialist society, with the government essentially dictating everything to businesses and the population at large. The frog has already been placed in the pot and the gas has already been turned on with the water temperature starting to rise.

Rik
Rik
1 year ago

Punkydoodle, Trump is the far away leading candidate and Common Sense why should he debate a losing bunch of wannabes? Your hatred for Trump is obviously lacking truthful facts and yet you CAN’T EVEN ADMIT that you were so far better financially off for the 4 years prior to Jackass Joe STEALING THE PRESIDENTCY! Aren’t you late for school I don’t want your parents to SPANK YOU AGAIN!

granky
granky
1 year ago

Gee, 37 percent of our population are still idiots………..

Ken
Ken
1 year ago

He calls it Bidenomics, I call it Bidenflation.

Robert Zuccaro
Robert Zuccaro
1 year ago

Joe Biden’s “visit” consisted of a half hour photo-op then off to a fundraiser. Unions must like to be exploited…

Gabe Hanzeli kent wa
Gabe Hanzeli kent wa
1 year ago

Joe biden has the worst economy since carter.

Morbious
Morbious
1 year ago

Well, is the glass half full or half empty? When nearly half the country is still more or less supporting this piece of filth, thats a dangerous reality. Half the country still imbibes poison into their minds via fake news, but theres another huge factor. Millions of government retirees are comfortably insulated from bidenomics owing to obscene pensions. Many become wealthy in retirement. Thats how generous that monthly paycheck is. The dims have created a rock solid voting block who are constantly whipped into a frenzy by their unions to fend off the Rs.

Ed J
Ed J
1 year ago

Gee whiz! Seems like ole’ Jo(k)e Bidense is out on the road trying to convince folks that his gargantuan manure pile actually smells like a rose garden!  The sad part is that there are still cerebral Lilliputians out there who are buying his nonsense hook-line-and-sinker!

Jeri
Jeri
1 year ago

Every American lives day by day deep in the midst of Bidenomics as we pay for groceries, gas, insurance, utilities, clothing for the kids, even a Happy Meal. The proof is in your face 24/7.

Kyle Buy you some guns,and learn how to shoot
Kyle Buy you some guns,and learn how to shoot
1 year ago

YAAAAAA 36 to 38 % approval rate. Great. Can you imagine what sort of people they are. ?? Libs. Commies, gays, BLM people, the under class of our society. Kyle L.

mikem
mikem
1 year ago

if you have bought groceries lately bidenomics is already self destructive. these people making policies haven’t been to buy groceries in a long long time.

johnh
johnh
1 year ago

Biden economics pertaining to our energy policies bring back memories of the bumper stickers in the 1980s. “LET THE BAS—-RDS FREEZE IN THE DARK”. Congress needs to step up to the plate & protect all Americans & another thing they need to stop any POTUS from using Executive Orders to get whatever their party wants to use to bypass the Legislative Branch.

johnh
johnh
1 year ago

I hope that I am wrong, but I think that Biden War on Fossil fuels will affect each & every American this winter. We should be protecting & growing our power grid so that we do not have outages this coming Winter. It also bothers me that the Millionaires will be able to pay for $50 gasoline while the middle class and lower class will suffer the brunt of Biden’s knee jerk decisions. And how many on this board think that Biden will replenish the millions of barrels of oil he has taken out of Emergency Strategic Oil Reserve ?

Ralph S
Ralph S
1 year ago

Ask any homemaker with a cookbook about Bidenomics Every recipe has been ruined by inflation. Most products have been reduced in size while simultaneously getting increased in price, that is when the supply chain even provides what your recipe calls for.
Defund politicians, not police.

David Millikan
David Millikan
1 year ago

bidenomics is the biggest joke in history right after obamanomics. Each one accomplished ZERO improvement to the country and economy except for raising taxes putting Americans MORE in DEBT and raising the national debt by record Trillions in U.S. History. Both combined have raised the national debt by over 20 Trillion and it’s still climbing.
To top it off, Dictator Beijing biden and his Fascist liberal party wants to tax your income at 70%, eliminate you eating meat, eliminate all dairy, eliminate you owning pets, and limit you to only buying clothes twice a year. This is NO BS people. They are working hard to FORCE that on you. So go ahead and vote for the Fascist democrat regime in 2024 if that’s the life you want. Don’t forget that you will NOT have any Constitutional Rights or any control over your own money with the digital currency they are forcing down your throat.
So by all means vote for the Fascist democrat regime and let’s see how wonderful those Fantasy World policies work for you.
One more thing of reality, your great, great, great, great grandchildren will be PAYING for the national debt thanks to obamanomics and bidenomics.

Rik
Rik
1 year ago

Yes, I agree that he has 100% screwed up this country but then again, he did “promise” to Unify the country. And now it’s UNIFIED AGAINST HIM!

Jackie
Jackie
1 year ago

It seems that all of Biden’s big legislations are going bust!!! It also seems that they are all misnomered!! The Inflation Reduction Act has nothing to do with reducing inflation, in fact, it’s making inflation even more of a problem!! Bidenomics is a huge flop, a big mess!! His American Rescue Plan – didn’t Obama praise himself wildly because of his Obamacare claiming all Americans would find a $2500 savings and that NEVER happened – this seems eerily similar!! The CHIPs Act seems to be as vague as anything the Democrats try to pull off – money for technology, blah, blah, blah!!! Democrats lie about everything and I don’t trust any of them!!! All they want to do is spend money they don’t have!!

R Anthony Botti
R Anthony Botti
1 year ago

The paragraph “What the Biden administration seems to have forgotten is that any celebration of a president’s supposed successes has to actually be loosely based in reality” should read:
What the Biden administration seems to have forgotten is that any celebration of a president’s supposed successes needs to be at least loosely based in reality.

Rik
Rik
1 year ago

STUPID IS, STUPID DOES! . . . Punkydoodle, off to school now!

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