Published October 18, 2023
According to the Biden White House, their highly touted economic plan, dubbed ‘Bidenomics,’ is working. “President Biden and Vice president Harris came into office determined to rebuild our economy from the middle out and the bottom up, not the top down – and that strategy is working,” the official White House website stated. But what exactly is Bidenomics? And is it actually working?
What is Bidenomics?
In the White House’s own words, Bidenomics is an effort to “move beyond…failed trickle-down policies,” an economic plan with “three key pillars.” The first pillar of Bidenomics is “making smart public investments in America,” which holds that “targeted public investment can attract more private sector investment.” Bidenomics intends to boost public investment as a share of the economy – which has fallen to about three percent (down from seven percent in the 1960s.) Public investment is tailored towards rebuilding infrastructure (“the necessary foundation for durable and shared economic growth”), such as roads, bridges, high-speed internet, ports, and airports. Public investment also calls for spending in industries “critical to our national security and economic security,” i.e., domestically made semiconductors.
The second pillar of Bidenomics is “empowering and educating workers to grow the middle class,” which calls for what’d you think: creating working class jobs, and to that end, investing in apprenticeships and career technical education programs. The end result, the administration hopes, will be low unemployment and high wages.
The third pillar of Bidenomics is “promoting competition to lower costs and help entrepreneurs and small businesses thrive.” Basically, the third pillar means to address the monopolization that has stifled the US economy during the 21st century. By promoting competition, the Biden administration means to generate “lower costs for consumers and higher ages for workers.” The most obvious example relates to efforts to lower prescription drug prices.
So, is it all working?
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SOURCE: https://www.19fortyfive.com/2023/10/bidenomics-is-leaving-middle-class-americans-behind/
RELATED: Opinion: ‘Bidenomics’ branding backfires as inflation runs rampant
Published October 17, 2023
The Biden administration has gleaned the wrong message from James Carville’s famous quip, “It’s the economy, stupid.”
President Joe Biden and the White House have embraced the term “Bidenomics.” In a speech over the summer, Biden declared, “Bidenomics is working.” The term is supposed to be catchy shorthand for the president’s policies and how they have boosted the economy.
But voters aren’t buying.
While unemployment remains low at 3.8% in August, many employers still struggle to find workers even after boosting pay. Inflation has eased somewhat, yet remains a problem, particularly for core items. In September, according to the Bureau of Labor Statistics, the Consumer Price Index was up 3.7% year-over-year. That’s the same rate as August and an increase from the 3% rate in June. It’s also a long way from the Federal Reserve’s inflation target of 2%. And that 3.7% is building on 7% annual inflation in 2021 and 6.5% in 2022. In June 2022, the annual inflation rate hit 9.1%, a 40-year high.
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SOURCE: https://www.timesfreepress.com/news/2023/oct/17/opinion-bidenomics-branding-backfires-as/
https://www.reviewjournal.com/opinion/editorials/editorial-bidenomics-branding-backfires-as-inflation-runs-rampant-2921898/
RELATED: Bidenomics: National Debt Increases By Another Half-Trillion In Just 20 Days
Published October 11, 2023
Twenty days.
That’s how long it took the Biden administration to add another half-trillion dollars to the national debt.
Bidenomics certainly requires a lot of borrowing and spending.
On September 15, the debt quietly blew passed $33 trillion. On October 5, it pushed above $33.5 trillion.
By the way, it only took Biden and his willing accomplices in Congress three months to drive the national debt from $32 trillion to $33 trillion.
As of October 5, the debt stood at $33,513,382,512,663.51.
This is an unimaginable amount of money.
To put things into some perspective, the total output of the US economy as measured by GDP was only $25.46 trillion. That means the US economy would have to grow by 33.5% to cover the national debt.
At $33 trillion, the US national debt is more than the total economies of China, Japan, Germany, and the UK combined.
Looking at it another way, as of Oct. 10, every US citizen would have to write a $99,839 check in order to pay off the debt, and every American taxpayer is on the hook for $258,257.
Part of the reason the debt has increased so fast since June is because the Treasury is still rebuilding cash reserves that were depleted during the debt ceiling fight. But the fact remains – the federal government spends too much money.
It’s hard to overstate just how bad the US government’s fiscal situation has become. We have a trifecta of surging debt, massive deficits, and declining federal revenue. The chart below provides a visual perspective – and it doesn’t even account for the last few years.
