{"id":1960963,"date":"2023-06-29T20:36:05","date_gmt":"2023-06-30T00:36:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reagan-economist-takes-down-presidents-claims-about-bidenomics-by-the-numbers\/"},"modified":"2023-06-29T20:38:42","modified_gmt":"2023-06-30T00:38:42","slug":"reagan-economist-takes-down-presidents-claims-about-bidenomics-by-the-numbers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reagan-economist-takes-down-presidents-claims-about-bidenomics-by-the-numbers\/","title":{"rendered":"Reagan economist debunks President&#8217;s claims on Bidenomics."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freagan-economist-takes-down-presidents-claims-about-bidenomics-by-the-numbers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1960963&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Reagan Economist Takes Down President&#8217;s Claims About Bidenomics by the Numbers<\/h2>\n<p>Former Reagan administration economist Larry Kudlow destroyed President Joe Biden\u2019s claims Wednesday that Bidenomics is \u201cworking\u201d and superior to Reaganomics.<\/p>\n<p>In a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/06\/28\/remarks-by-president-biden-on-bidenomics-chicago-il\/\" target=\"_blank\" rel=\"noopener\">speech<\/a> in Chicago, Biden said, \u201cI knew we couldn\u2019t go back to the same failed policies when I ran, so I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone on Wall Street Journal and Financial Times began to call \u2018Bidenomics.&#8217;\u201d<\/p>\n<p>\u201c<a href=\"https:\/\/www.thebalancemoney.com\/trickle-down-economics-theory-effect-does-it-work-3305572\" target=\"_blank\" rel=\"noopener\">Trickle-down economics<\/a>\u201d is the derisive term leftists use to try to dismiss the economic boom the nation experienced under <a href=\"https:\/\/www.westernjournal.com\/remembering-ronald-reagan-15th-anniversary-death\/\" target=\"_blank\" rel=\"noopener\">President Ronald Reagan<\/a> in the 1980s, when the economy grew an entire third larger, adding<a href=\"https:\/\/www.statista.com\/statistics\/985577\/number-jobs-created-sitting-president\/#:~:text=As%20of%202022%2C%20former%20President,his%20term%2C%20at%2016.5%20million.\" target=\"_blank\" rel=\"noopener\"> over 16 million jobs<\/a>.<\/p>\n<blockquote>\n<p>\u201cAnd guess what? Bidenomics is working,\u201d the president claimed. \u201cWhen I took office, the pandemic was raging and our economy was reeling, supply chains were broken, millions of people unemployed, hundreds of thousands of small businesses on the verge of closing after so many had already closed \u2014 literally, hundreds of thousands on the verge of closing.<\/p>\n<p>\u201cToday, the U.S. has the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-attempts-to-quell-fears-over-inflation\/\" title=\"Joe Biden attempts to quell fears over inflation\">highest economic growth rate<\/a>, leading the world economies since the pandemic. The highest in the world.\u201d<\/p>\n<\/blockquote>\n<p>It\u2019s not clear exactly what criteria Biden was using, but according to Statista, India\u2019s GDP growth rate in 2022 was <a href=\"https:\/\/www.statista.com\/statistics\/263617\/gross-domestic-product-gdp-growth-rate-in-india\/#:~:text=In%202022%2C%20India's%20real%20gross,compared%20to%20the%20previous%20year.&#038;text=Recent%20years%20have%20witnessed%20a,Russia%2C%20India%2C%20and%20China.\" target=\"_blank\" rel=\"noopener\">6.8 percent<\/a>, Canada\u2019s was <a href=\"https:\/\/www.statista.com\/statistics\/263603\/gross-domestic-product-gdp-growth-rate-in-canada\/\" target=\"_blank\" rel=\"noopener\">3.4 percent<\/a>\u00a0and China\u2019s was <a href=\"https:\/\/www.statista.com\/statistics\/263616\/gross-domestic-product-gdp-growth-rate-in-china\/\" target=\"_blank\" rel=\"noopener\">2.99 percent<\/a>, while in the U.S. it was <a href=\"https:\/\/www.statista.com\/statistics\/188165\/annual-gdp-growth-of-the-united-states-since-1990\/\" target=\"_blank\" rel=\"noopener\">2.1 percent<\/a>.<\/p>\n<div class=\"firefly-embed\">\n<\/div>\n<p>The Commerce Department <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2023-06\/gdp1q23_3rd.pdf\" target=\"_blank\" rel=\"noopener\">reported<\/a> Thursday that the GDP growth rate for the first quarter of 2023 was 2 percent.<\/p>\n<p>So Biden appears to be prevaricating again.<\/p>\n<p>He also claimed that his administration has created 13.4 million jobs since taking office.<\/p>\n<p>\u201cMore jobs in two years than any president has ever made in four \u2014 in two,\u201d the president said Wednesday.<\/p>\n<p>The GOP-controlled House Budget Committee and other <a href=\"https:\/\/www.politifact.com\/factchecks\/2023\/feb\/07\/joe-biden\/joe-bidens-boast-about-job-creation-needs-some-ast\/\" target=\"_blank\" rel=\"noopener\">fact-checkers<\/a> have <a href=\"https:\/\/budget.house.gov\/press-release\/fact-check-biden-misleads-on-job-creation-statistics\" target=\"_blank\" rel=\"noopener\">pointed out<\/a> Biden\u2019s characterization of new jobs his administration created is misleading because most were simply jobs added back following the pandemic.<\/p>\n<p>\u201cNearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. In fact, when looking at today\u2019s economy compared to pre-pandemic levels, employment is up only by 3.7 million,\u201d the committee said.<\/p>\n<p>\u201cOn the other hand, prior to the pandemic, job creation under President [Donald] Trump was 6.7 million \u2014 3 million more jobs than the current President,\u201d it said.<\/p>\n<p>In fact, when Biden took office in January 2021, the unemployment rate had already dropped from a pandemic high of <a href=\"https:\/\/www.bls.gov\/opub\/ted\/2020\/unemployment-rate-rises-to-record-high-14-point-7-percent-in-april-2020.htm\" target=\"_blank\" rel=\"noopener\">14.7 percent<\/a> in April 2020 to <a href=\"https:\/\/www.bls.gov\/news.release\/archives\/empsit_02052021.pdf\" target=\"_blank\" rel=\"noopener\">6.3 percent<\/a>. It is now <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\" target=\"_blank\" rel=\"noopener\">3.7 percent<\/a>.<\/p>\n<p>So the economy was not \u201creeling\u201d but well on the way to recovery when Biden became president, with Trump\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-rescinds-trumps-apprenticeship-plan-by-executive-order\/\" title=\"Biden Rescinds Trump\u2019s Apprenticeship Plan By Executive Order\">pro-growth policies<\/a> still in place.<\/p>\n<p>Kudlow, who was Trump\u2019s top economist in addition to working for Reagan, noted on his Fox Business program Wednesday the \u201creeling\u201d GDP growth rate when Trump left office was 6.5 percent. CNBC reported it at <a href=\"https:\/\/www.cnbc.com\/2021\/07\/29\/q2-gdp-rises-at-6point5percent-vs-8point4percent-estimate.html\" target=\"_blank\" rel=\"noopener\">6.3 percent<\/a> during the first quarter of 2021 before Biden\u2019s policies began to kick in.<\/p>\n<p>The landmark Biden policy was the $1.9 trillion <a href=\"https:\/\/www.westernjournal.com\/fedex-founder-ceo-lays-just-democrats-caused-current-inflation-spike\/\" target=\"_blank\" rel=\"noopener\">American Rescue Plan<\/a>, which the president signed into law in mid-March 2021, Kudlow pointed out.<\/p>\n<div class=\"firefly-embed\">\n<\/div>\n<p>\u201cAfter Joe Biden\u2019s $2 trillion American Rescue Plan, which was his landmark policy, a 6.5 percent economy delivered by Donald Trump sputtered to a 1 percent growth rate in Biden\u2019s first full year, 2022 and early 2023,\u201d he said.<\/p>\n<p>\u201cAnd after Trump hand-delivered a 1.4 percent inflation rate, under Bidenomics, it soared to a <a href=\"https:\/\/www.westernjournal.com\/reagan-economist-lays-steps-40th-president-took-kill-inflation\/\" target=\"_blank\" rel=\"noopener\">9 percent inflation rate<\/a>, which destroyed family affordability and worker income,\u201d the Fox Business host said.<\/p>\n<p>The overall GDP growth rate for 2021 was <a href=\"https:\/\/www.statista.com\/statistics\/188165\/annual-gdp-growth-of-the-united-states-since-1990\/\" target=\"_blank\" rel=\"noopener\">5.9 percent<\/a>.<\/p>\n<p>However, the annual growth decreased to <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-first\" target=\"_blank\" rel=\"noopener\">1.6 percent<\/a> in the first quarter of 2022 and <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-second-quarter-2022-advance-estimate#:~:text=Current%E2%80%91dollar%20GDP%20increased%207.8,a%20level%20of%20%2424.85%20trillion.\" target=\"_blank\" rel=\"noopener\">0.9 percent<\/a> the following quarter, while inflation peaked at <a href=\"https:\/\/www.cnbc.com\/2023\/01\/12\/heres-the-inflation-breakdown-for-december-2022-in-one-chart.html#:~:text=While%20on%20the%20decline%2C%20the,at%209.1%25%20in%20June%202022.\" target=\"_blank\" rel=\"noopener\">9.1 percent<\/a> in June 2022.<\/p>\n<p>Now that Republicans have taken over the House and the Bidenomics <a href=\"https:\/\/www.westernjournal.com\/reagan-economist-lays-steps-40th-president-took-kill-inflation\/\" target=\"_blank\" rel=\"noopener\">spending frenzy<\/a> has been curtailed, inflation is back down to <a href=\"https:\/\/www.cnbc.com\/2023\/06\/13\/cpi-inflation-report-may-2023-.html\" target=\"_blank\" rel=\"noopener\">4 percent<\/a>, which is still much higher than it was under Trump.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This is Bidenomics, folks. <a href=\"https:\/\/t.co\/Y4iG14dn83\">pic.twitter.com\/Y4iG14dn83<\/a><\/p>\n<p>\u2014 Kevin McCarthy (@SpeakerMcCarthy) <a href=\"https:\/\/twitter.com\/SpeakerMcCarthy\/status\/1674090628052033537?\">June 28, 2023<\/a><\/p>\n<\/blockquote>\n<p>The <a href=\"https:\/\/nypost.com\/2023\/04\/18\/bidens-us-struggles-with-2-years-of-effective-pay-cuts\/\" target=\"_blank\" rel=\"noopener\">New York Post<\/a> reported in April that real wages under Biden had declined every month since April 2021 following passage of the American Rescue Plan as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reagan-economist-takes-down-presidents-claims-about-bidenomics-by-the-numbers\/\" title=\"Reagan economist debunks President's claims on Bidenomics.\">inflation outstripped wage increases<\/a>.<\/p>\n<p>Kudlow compared Biden\u2019s policies to Reagan\u2019s <a href=\"https:\/\/www.westernjournal.com\/trumps-top-economic-advisor-lays-exact-causes-inflation-biden-falsely-blaming-others\/\" target=\"_blank\" rel=\"noopener\">supply-side approach<\/a>, which Biden dismissed as trickle-down economics.<\/p>\n<p>\u201cJoe Biden may be attacking Reaganomics, but think of this: After <a href=\"https:\/\/www.westernjournal.com\/reagan-top-biden-confidant-compares-president-reagans-1st-term\/\" target=\"_blank\" rel=\"noopener\">Ronald Reagan\u2019s<\/a> tax cuts went into place in 1983, the economy grew at 6 percent at an annual rate for the next two years,\u201d he said. \u201cNot 1 percent. Six percent.<\/p>\n<p>\u201cAnd then after a second round of tax cuts in 1986, the economy grew at a 5 percent annual rate for the entire seven-year period of his presidency from 1982 to 1989.\u201d<\/p>\n<p>The Reagan Foundation <a href=\"https:\/\/www.reaganfoundation.org\/ronald-reagan\/the-presidency\/economic-policy\/\" target=\"_blank\" rel=\"noopener\">chronicled<\/a> that the net worth of families earning between $20,000 and $50,000 annually rose by 27 percent and inflation dropped from 13.5 percent in 1980 to 4.1 percent in 1988, Reagan\u2019s last year in office.<\/p>\n<p>Reagan economist Art Laffer <a href=\"https:\/\/www.foxbusiness.com\/video\/6330254431112\" target=\"_blank\" rel=\"noopener\">summarized it all<\/a> concerning economic policy choices on Kudlow\u2019s show Wednesday.<\/p>\n<p>\u201cReagan healed the sick and Biden has infected the healthy,\u201d he said.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/reagan-economist-takes-presidents-claims-bidenomics-numbers\/\">Reagan Economist Takes Down President&#8217;s Claims About Bidenomics by the Numbers<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Larry Kudlow, a former Reagan administration economist, debunked President Biden&#8217;s assertion that Bidenomics is successful and surpasses Reaganomics. During a speech in Chicago, Biden stated his determination to alter the nation&#8217;s economic course, emphasizing the need to avoid repeating past failed policies.<\/p>\n","protected":false},"author":662,"featured_media":1960964,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1960963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1960963"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1960964"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1960963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1960963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1960963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}