{"id":1988435,"date":"2023-08-02T05:33:01","date_gmt":"2023-08-02T09:33:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-mixed-messages-of-bidenomics\/"},"modified":"2023-08-02T05:35:37","modified_gmt":"2023-08-02T09:35:37","slug":"the-mixed-messages-of-bidenomics","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-mixed-messages-of-bidenomics\/","title":{"rendered":"Bidenomics: A web of conflicting messages."},"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\">12<\/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%2Fthe-mixed-messages-of-bidenomics%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=1988435&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>President\u2063 Joe Biden\u2019s Economic Plan: Navigating\u200d Contradictions<\/h2>\n<p>President Joe Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-mixed-messages-of-bidenomics\/\" title=\"Bidenomics: A web of conflicting messages.\">eponymous economic plan rests broadly<\/a> on a central contradiction:\u200d Bidenomics is a campaign selling\u2063 point even \u200cthough\u2064 voters strongly disapprove of\u2064 Biden\u2019s \u2064economics.<\/p>\n<p>It is\u2063 also filled with smaller contradictions that could hamper its \u200cability to\u200d deliver.<\/p>\n<h3>Kamala Harris Insists She Has &#8216;Great \u200dApproval \u200dRatings&#8217;<\/h3>\n<p>Bidenomics promises to create American jobs with vast \u2064public investments that require \u2064overseas manufacturing. The president\u2019s plan vows to lower the costs of everyday living\u200d while pushing some proposals that could \u200bdrive \u200dthem higher. It throws billions of dollars \u200cat infrastructure projects in the name of creating jobs while \u2064limiting what kind of workers can apply.<\/p>\n<p>The full-court \u200dpress for\u200c Bidenomics appears to represent an acknowledgment by the White House\u200d that the economy remains a top concern for \u2062voters and that Biden will need an answer to questions\u200b voters have about when\u200c they can\u200d expect the value of their paychecks to rise.<\/p>\n<p>Only 1 \u200din 5 people believe the economy is doing well, according to a CNBC poll this month.<\/p>\n<p>Most \u200dvoters\u200c disapprove of the way Biden has approached the economy.<\/p>\n<p>Although inflation has begun\u2062 to\u2064 ease from the heights \u200bit reached last\u2064 year, interest rates have\u200d hit their highest level in \u200dmore than two decades, and wage growth slowed during the spring. And the costs of things that people may notice the most \u2014 food, fuel, and rent, for example \u2014 \u2064are still climbing.<\/p>\n<p>That means \u2064many \u200cpeople are likely still feeling \u2063economic pressure despite the top-line data Biden frequently cites to argue the economy is \u200cbooming under\u2062 his leadership.<\/p>\n<p>\u201cI\u2019m not here to declare victory; we got a long way to\u200c go on the economy. But \u2063I\u2019m\u200d here to\u200c say we have more work to\u2064 do,\u201d Biden said during a July\u200c 20 speech in Philadelphia. \u201cWe have a \u200cplan\u2062 that\u2019s \u200dturning things around pretty quickly. Bidenomics is just another way of saying: \u200drestore the American dream.\u201d<\/p>\n<p>Biden has made tackling inflation a central part of Bidenomics messaging \u2014 but not,\u200c in reality, part of its substance.<\/p>\n<p>He frequently \u200dtouts the \u200bpassage\u200b of the Inflation Reduction Act as evidence of his commitment to bring down prices, even though many economic\u2064 experts noted the law had few provisions actually aimed at\u200b inflation.<\/p>\n<p>The bill \u201cwould do virtually nothing to tame inflation,\u201d \u200dthe Washington Post fact-checker \u200dwrote last August.<\/p>\n<p>\u201cThe impact on inflation is statistically indistinguishable from zero,\u201d analysts at the \u2063University of Pennsylvania\u2019s Penn Wharton School said of the law.<\/p>\n<p>\u201cEnacting the bill would have \u200ba negligible effect on inflation\u201d in\u2063 at least the near term, the Congressional Budget\u2063 Office noted.<\/p>\n<p>Still, provisions of the Inflation Reduction Act factor \u200bheavily into the president\u2019s Bidenomics speeches.<\/p>\n<p>Biden has repeatedly touted the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-all-the-green-new-deal-handouts-democrats-wedged-into-their-3-5-trillion-budget\/\" title=\"Here Are All The Green New Deal Handouts Democrats Wedged Into Their .5 Trillion Budget\">green energy tax credits<\/a> in\u200b the law, which incentivize the production of\u2062 parts for solar and wind energy\u2063 plants.<\/p>\n<p>Many\u200d of those parts are frequently made overseas, however. Critics \u200bhave said a dramatic \u200cincrease in \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/after-fisker-automotives-lost-taxpayers-tens-of-millions-top-investors-turn-to-proterra\/\" title=\"After Fisker Automotives Lost Taxpayers Tens of Millions, Top Investors Turn to Proterra\">green energy spending<\/a> will\u200b only increase America\u2019s reliance on China.<\/p>\n<p>Biden\u200b has\u2064 acknowledged that China\u2062 has \u200bto \u2064date \u201cdominated\u201d the rest of the world in clean energy manufacturing.<\/p>\n<p>\u201cWe\u2019re in a real race; China is\u2064 ahead \u2064of us,\u201d\u200c Biden\u200b said during a July 6 Bidenomics speech\u200b in South Carolina.<\/p>\n<p>China\u200d produces most of the world\u2019s lithium, nickel,\u2062 and\u200b cobalt\u2064 \u2014\u2064 all raw materials needed to make components of\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/another-2-trillion-here-are-the-key-components-of-bidens-massive-infrastructure-plan\/\" title=\"Another  Trillion: Here Are The Key Components of Biden\u2019s Massive Infrastructure Plan\">clean energy technology<\/a>.<\/p>\n<p>While the Inflation Reduction Act contained provisions requiring some materials \u200dto be domestically manufactured, the \u200dBiden administration has acknowledged that Chinese manufacturing \u2064will still \u200bplay a role in\u200d its climate agenda.<\/p>\n<p>\u201cThe \u2062administration\u2062 has taken\u2063 some steps that would allow \u200cChinese companies\u200c and Chinese goods to enter the market,\u201d\u2063 Energy Secretary Jennifer \u2064Granholm \u200csaid\u2064 in May.<\/p>\n<p>Biden also makes his record \u2063on job creation a feature of his Bidenomics messaging, often in misleading\u2063 ways.<\/p>\n<p>\u201cWe\u2064 created 13.4 million new jobs. \u200dMore jobs in two years \u200cthan \u200bany\u2063 president\u2063 has\u2062 ever made, in four,\u201d Biden said in\u2062 June during his speech announcing the Bidenomics theme.<\/p>\n<p>The sentiment is misleading because the vast majority of those jobs\u2063 are not new\u200d but rather represent the\u200c return of \u2063jobs lost during the pandemic.<\/p>\n<p>The economy\u2062 shed\u2062 at least 9\u200c million \u2063jobs during the pandemic, meaning roughly 4 million\u200d new jobs can be credited to Biden\u200d during his\u2062 first\u200c two years in office.<\/p>\n<p>Former President Donald Trump created 5 million jobs during \u200bhis first two years in office, \u2064by comparison.<\/p>\n<p>The provisions in the infrastructure bill Biden often touts \u2062during his Bidenomics speeches, as well as other legislation, require most infrastructure projects to rely on unions to supply workers.<\/p>\n<p>The construction industry already faces a severe worker shortage, \u200bwhich could\u2063 slow the progress of infrastructure projects as\u2063 additional tranches of \u200binfrastructure money become available \u2063in the months ahead.<\/p>\n<p>Job \u200copenings in the construction industry appear \u2063to have been climbing since March, with the industry listing 366,000 open jobs in \u2062May,\u2063 according to \u2063the Bureau of\u2064 Labor \u2062Statistics.<\/p>\n<p>The Biden\u2062 administration has mandated \u2062that\u2062 many infrastructure \u200cprojects funded by the bipartisan law rely on\u2063 project labor agreements, which the White House has claimed will help \u2062make the completion of taxpayer-funded projects more \u201cefficient and timely.\u201d<\/p>\n<p>But some industry experts disagree \u200cwith the labor restrictions.<\/p>\n<p>\u201cPresident Biden\u2019s new policy \u200cwill not help America \u2018Build\u200b Back Better;\u2019 instead, it will\u2063 exacerbate the construction industry\u2019s \u200dskilled worker \u200dshortage, needlessly increase\u200c construction costs \u2062and reduce opportunities for local contractors and skilled tradespeople,\u201d Ben Brubeck, vice \u200cpresident of regulatory, labor and state affairs at Associated Builders and Contractors, said in a statement last year.<\/p>\n<p>The rules could exclude \u200dmore \u200bthan eight out of every 10 construction \u200dworkers, as union membership in the\u2064 industry\u200c stands\u200d around 16%, according to the\u200c Bureau of Labor Statistics.<\/p>\n<p>And requiring project labor agreements could jack up \u2064the cost of infrastructure projects even more than \u2062strained \u200bsupply chains and increased \u2064material prices \u2062already have.<\/p>\n<p>Union agreements can \u2063increase construction costs by as\u2063 much as 20% \u200dfor a variety of \u200creasons,\u2062 including \u2062by reducing competition for contracts, given that many firms won\u2019t bid on them \u2063due to their\u200c inability to comply with the union workforce requirements.<\/p>\n<p>A study conducted by the \u200dRAND\u2062 Corporation \u2063of a public housing initiative in Los Angeles that included a project labor\u200b agreement, for example, found that\u2062 fewer\u2062 housing units were \u2063built at a higher cost due to the agreement.<\/p>\n<p>The 2021 study estimated that \u2064the agreement alone\u2064 drove a 14.5% \u200dincrease in construction costs, as well \u2063as an\u2063 11%\u2063 decrease\u2064 in the number \u2064of affordable \u2063housing units \u2063the initiative\u200b was able to accomplish.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s economic plan, known as Bidenomics, faces a significant contradiction as voters disapprove of his economics despite it being a campaign selling point. Additionally, smaller contradictions within the plan may hinder its effectiveness. Despite this, Vice President Kamala Harris claims to have high approval ratings. Bidenomics aims to generate American jobs through substantial public investments.<\/p>\n","protected":false},"author":1,"featured_media":1988436,"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":[538],"tags":[],"class_list":["post-1988435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1988435","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988435"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988436"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}