The term “Bidenomics” has been floating around lately, but it’s unclear what it really means. Joe Biden, the namesake behind this economic plan, seems just as puzzled about it as the rest of us. He’s trying to take credit for an economy that he initially wrecked with his policies. Despite causing inflation through irresponsible federal spending of $5 trillion, he now wants to claim credit for a drop in inflation rates, even though actual prices may never come down.
Biden’s attempts to tout his accomplishments are dubious at best. He’s taking credit for a $1.7 trillion reduction in the federal deficit, a claim labeled “highly misleading” by the Washington Post. Similarly, he’s boasting about “creating” 13 million new jobs, when most of them are simply positions that were lost during the unnecessary shutdown of the economy.
Recently, in Philadelphia, Biden attempted to showcase his economic vision with “Bidenomics,” claiming that it’s all about restoring the American dream. However, critics like Steve Forbes point out that Biden’s policies have led to a ballooning deficit, soaring inflation rates, and increasing credit card debt for middle-class Americans. Despite some decrease in inflation rates, the damage has been done, and prices continue to rise, causing a decline in people’s standard of living.
“Bidenomics” is often contrasted with “Reaganomics,” which aimed to cut taxes, increase defense spending, and reduce the deficit. Biden’s approach is entirely different, claiming to build the economy from the middle and bottom up, rather than relying on “trickle-down” economics. However, the results speak for themselves, and the middle-class Americans are the ones suffering the most under Bidenomics.
With inflation rates still baked into the economy, people are facing higher costs for basic necessities like groceries, gas, and airline tickets. While wages have slightly increased for the middle class, they are not keeping pace with inflation, leading to a decline in their purchasing power and a lower standard of living.
Bidenomics may be a catchy term, but it’s nothing more than a mirage, failing to deliver on the promises Biden makes. The middle class is bearing the brunt of his economic policies, and it’s clear that his plan is not working for the American people. Running on such a failed economic platform raises questions about why Biden would want to continue pursuing these policies and seek re-election as president.