Remember Reaganomics? The president’s successful blueprint for letting the free market do its thing? A distant cry from Bidenomics, the soviet-style centrally planned command economy where the government and its cronies control the economy.
How it started
The economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
Other goals include: increasing the national minimum wage and expanding worker training; narrowing income inequality; expanding access to affordable healthcare; and forgiveness of student loan debt. The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden’s Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.
Biden described his economic philosophy via Twitter in June 2023: “Bidenomics is about growing the economy from the middle out and the bottom up, not the top down. It’s an economic vision where we make smart investments in America, educate and empower American workers, and promote competition to lower costs and help small businesses.“(Wikipedia)
How it’s going…
Supporters of the Biden plan point to Biden’s first year in office (2021) which saw growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation. They ignore the fact that this was a dead-cat bounce as a result of the pandemic ending. During his second year (2022), the unemployment rate averaged 3.6%, the lowest since 1969 – again a post covid response.
Bidenomics is basically a big-spending, high-tax agenda. These are policies that won’t empower the middle class but will further drag the country into debt and fuel the inflation and other economic pains Americans are feeling right now.
As you know, real Americans are suffering from a lack of housing and rental properties brought about by the increase in interest rates; are finding it difficult to buy enough food because of raging inflation; are scrimping to pay gas; are watching migrants flood over the border to receive tax-payer funded housing, health and education benefits, and watch in horror as billions of our tax dollars flood into a phony war in Ukraine that no one voted to fight. Say what you like about President Trump but we weren’t at war, gas was cheap, the economy was strong, and the border was better controlled. Until the world government’s response to a cold virus shut us down, everything was looking rosy.
Now, we’re being run by an imbecile and a senile puppet with cognitive decline. (Unless this really is Obama’s third term as is widely rumored on Capitol Hill.)
No wonder Biden is in trouble at the polls. Maybe he should be looking to Trump, not Obama for inspiration.
Over 13 million jobs have been created since we took office.
— Kamala Harris (@KamalaHarris) August 6, 2023
Unemployment is under 4% for the longest stretch in over 50 years.
More Americans are joining the labor force.
Bidenomics is working.
