Joe Biden has been promoting “Bidenomics” as a way of restoring the American Dream, but this economic policy has not gained traction among voters. Unlike “Reaganomics,” which brought about the largest expansion of the middle class in world history, “Bidenomics” 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 themiddle out and the bottom up,” which is just fantasy.
The notion that presidents “create” jobs is gibberish. In this case, Biden supported efforts to shutter private businesses during the pandemic, basically closing down the entire economy, not only while running for president but after winning office. 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. Approximately 10 million of the jobs that Biden now brags about overseeing are just people coming back to the workforce after state-compelled lockdowns.
“Bidenomics” has created 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. Even when inflation began inching up, Biden dismissed it. Democrats wanted to cram through a $5 trillion progressive agenda spending bill. So when inflation became a big non-transitory political problem, the Biden administration began arguing that more spending would help ease inflation. The vital thing to remember about “Bidenomics” is that it makes absolutely zero sense.
