“Bidenomics is about the future,” President Biden declared in a speech to his supporters. “Bidenomics is just another way of saying: restore the American dream,” the President boasted during a carefully scripted tour around the country. During multiple stops, President Biden claimed that his policies have helped the economy while promoting two of his supposed signature accomplishments: the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA).
Meanwhile, Americans hear the Washington talk and are having a tough time matching those words to their realities and even liberal news outlets are having a hard time covering for Biden. In fact, 81% of registered voters said the condition of the U.S. economy was either “Fair” or “Poor,” compared with just 19% who said it was “Good” or “Excellent, according to a The New York Times and Siena College survey,” CNBC News reported. This bad news from Biden shows major electoral trouble brewing for Democrats. The same survey found former President Trump leading Biden in hypothetical matchups in the key battleground states of Michigan, Pennsylvania, Arizona, Georgia and Nevada.
President Biden’s poll numbers are in the tank due to several factors including increasing concern about illegal immigration and the U.S. economy. To most Americans, Bidenomics means out of control inflation, historically high home prices, more American household debt, higher gas prices, and a brazen open-borders style immigration policy. Take Biden’s tax plan for example, which fortunately for the country, was largely thwarted at the end of the 117th Congress by moderate Democrats like retiring Senator Joe Manchin (D-WV) and Independent Kirsten Sinema (I-AZ). The President proposed hiking business taxes across the board, increasing the death tax, taxing unrealized capital gains, and creating a new surtax on business owners among over 30 other tax hikes. It is jarring to imagine how much worse the economy would be if President Biden’s full tax agenda were passed into law.
Some of the people hardest hit by President Biden’s economic policies have been seniors, many of whom are on fixed incomes and have limited earning potential. Those same seniors have seen their retirement accounts depleted, a sluggish and volatile stock market, and near 10% cost of living increase over the last year alone. An August poll by McLaughlin & Associates showed that an overwhelming majority of voters 55 and older believe the so-called Inflation Reduction Act (IRA), was a “failure,” including a majority of Democrats polled. “The Biden White House is holding a celebration for a bill that older Americans overwhelmingly have experienced as a failure,” Phil Kerpen, the president of American Commitment said of Biden’s victory tour. With these troubling numbers for Biden in mind, it certainly does not seem like voters are buying into the administration’s Bidenomics rhetoric.
This upcoming election year will be the ultimate test for Biden’s failed economic agenda. When voters hear White House officials talk about Bidenomics, what they hear and what they see are two very different things. Will small business owners across the country really be in favor of policies that hurt their businesses? Will seniors on fixed incomes turn a blind eye to the massive inflation driving up their gas and grocery bills? The writing on the wall does not look good for Democrats. During next year’s election season AMAC Action is committed to helping voters learn the truth about the failure of Bidenomics and will oppose all last-ditch efforts by this administration to increase taxes on the American people.
Bob Carlstrom is President of AMAC Action
