{"id":1994007,"date":"2023-08-08T07:54:02","date_gmt":"2023-08-08T11:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-has-been-a-disaster\/"},"modified":"2023-08-08T07:56:55","modified_gmt":"2023-08-08T11:56:55","slug":"bidenomics-has-been-a-disaster","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-has-been-a-disaster\/","title":{"rendered":"&#8216;Bidenomics&#8217; is a disaster."},"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\">8<\/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%2Fbidenomics-has-been-a-disaster%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=1994007&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--><div class=\"article-content\">\n<h2>Joe\u200c Biden&#8217;s &#8220;Bidenomics&#8221; and the American\u2064 Dream<\/h2>\n<p>After\u200d 40 years of &#8220;trickle-down\u200d economics,&#8221; Joe Biden <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1687994649820930049\">says<\/a>, &#8220;Bidenomics is just another way of saying restoring the \u200bAmerican Dream.&#8221;<\/p>\n<p>It\u2019s not often that a politician openly pledges \u200bto bring the\u2062 country back to\u200c a time of crippling inflation, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-downplays-rising-energy-prices-says-climate-crisis-is-more-important\/\" title=\"White House Downplays Rising Energy Prices, Says \u2018Climate Crisis\u2019 Is More Important\">high energy prices<\/a>, and stifling interest rates. But this \u200cpresident is doing\u2062 his best to keep that promise.<\/p>\n<blockquote>\n<p>Unsurprisingly, \u2062&#8221;Bidenomics&#8221; is <a href=\"https:\/\/www.politico.com\/news\/2023\/08\/07\/bidenomics-white-house-economy-00109977\">failing<\/a> to gain traction among voters. This has caused consternation in the media. One thing to remember, though, is that &#8220;Bidenomics&#8221; isn\u2019t really a thing. \u2062Unlike, say, &#8220;Reaganomics,&#8221; which helped\u200d bring about the <a href=\"https:\/\/www.aei.org\/carpe-diem\/yes-the-us-middle-class-is-shrinking-but-its-because-americans-are-moving-up-and-no-americans-are-not-struggling-to-afford-a-home\/\">largest<\/a> expansion\u2064 of the middle \u2064class in world history, the president does not subscribe to any coherent or \u200dtangible set of economic theories\u2064 or \u2062principles. The White House defines \u200cits economic policy\u2063 as being &#8220;rooted in the recognition that the best way to grow the economy is \u200bfrom the middle out and the bottom up,&#8221;\u2064 which is just \u2064platitudinous\u200d gibberish.<\/p>\n<\/blockquote>\n<p>&#8220;Bidenomics&#8221; encompasses\u2062 anything and \u2063everything that\u2019s convenient for Democrats. And in \u2062this moment, it\u2019s convenient for\u2063 them\u200c to take credit for merely letting people go back to work. Biden, who once claimed that\u2063 the Democrats $3.5 trillion &#8220;Build Back Better&#8221;\u200d plan <a href=\"https:\/\/twitter.com\/POTUS\/status\/1441924106765602819?lang=en\">cost<\/a> &#8220;zero dollars,&#8221; isn\u2019t exactly a math whiz. But when \u2062he <a href=\"https:\/\/twitter.com\/i\/lists\/1493687216421355524\" target=\"_blank\" rel=\"noreferrer noopener\">says \u200bstuff<\/a> like &#8220;13.4 million\u200b jobs have been added to our \u200deconomy&#8221; under his watch, more than &#8220;any other\u200c president in\u200c a full 4-year term,&#8221; anyone with even \u200ca passing familiarity with the events of the years preceding 2023 knows \u200bit\u2019s a lie \u2064of omission.<\/p>\n<p>The notion that presidents &#8220;create&#8221; jobs is itself a \u2063fantasy. In this case, though, Biden supported efforts to \u2062shutter private businesses \u2062during the pandemic, basically closing down the entire economy, not only while running for president but\u200c after winning office. When Florida, and other\u200b states, attempted to ease some restrictions, President Biden <a href=\"https:\/\/www.politico.com\/states\/florida\/story\/2021\/08\/03\/desantis-blames-media-for-hysteria-over-covid-surge-1389404\">told<\/a> them to &#8220;get out of the way&#8221; so that people could &#8220;do the right thing.&#8221; \u2062The pressure exerted \u2063on \u2062states \u2064to &#8220;do the right thing&#8221; was immense.<\/p>\n<p>All of which is to say that the president and his allies had far more \u200dto do with destroying jobs than creating them. We don\u2019t need to relitigate\u200b the efficacy of COVID policy here, but <a href=\"https:\/\/www.forbes.com\/sites\/sarahhansen\/2020\/04\/02\/the-us-has-now-lost-nearly-10-million-jobs-because-of-coronavirus\/\">approximately<\/a> 10 million of the jobs that Biden now brags about overseeing are just \u2063people coming back to the workforce after\u200c state-compelled lockdowns.<\/p>\n<blockquote>\n<p>Then again, if &#8220;Bidenomics&#8221; had meant doing absolutely nothing, it would have been the president\u2019s greatest political accomplishment. But that would have meant allowing a crisis to go to waste. Instead, what &#8220;Bidenomics&#8221; <em>did<\/em> help create was the\u2062 <a href=\"https:\/\/www.bls.gov\/opub\/ted\/2022\/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm#:~:text=Consumer%20prices%20up%209.1%20percent,U.S.%20Bureau%20of%20Labor%20Statistics\" target=\"_blank\" rel=\"noreferrer noopener\">biggest<\/a> four-year inflationary spike under any president in 40 years.<\/p>\n<\/blockquote>\n<p>By the time the &#8220;American Rescue \u2064Plan&#8221; was passed, there was <a href=\"https:\/\/www.investopedia.com\/articles\/05\/012005.asp\" target=\"_blank\" rel=\"noreferrer noopener\">already<\/a> too\u2064 much \u200bmoney chasing too few goods. Tons of people warned \u2062about\u200b the consequences of dumping more money into the economy. Even when inflation began inching\u200c up, Biden dismissed it \u2014 &#8220;no serious\u2063 economist&#8221; is &#8220;suggesting there\u2019s unchecked inflation on the way,&#8221; he <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2021\/07\/19\/remarks-by-president-biden-on-the-economy-3\/\" target=\"_blank\" rel=\"noreferrer noopener\">said<\/a>. Democrats, of course,\u2062 wanted to cram through a $5 trillion progressive <a href=\"https:\/\/www.crfb.org\/blogs\/true-cost-budget-plan-could-exceed-5-trillion\">agenda<\/a> spending bill. So when inflation became a big non-transitory political problem, the Biden administration began <a href=\"https:\/\/twitter.com\/tomselliott\/status\/1457815262036643845\" target=\"_blank\" rel=\"noreferrer noopener\">arguing<\/a> that <em>more<\/em> spending would help ease inflation.<\/p>\n<p>Again, the vital thing to remember about &#8220;Bidenomics&#8221; is that it makes absolutely zero sense.<\/p>\n<p>Only after inflation became a political issue did the \u200cDemocrats rename &#8220;Build Back Better&#8221; the \u200c&#8221;Inflation Reduction \u200cAct.&#8221; It still contained all the historic spending, corporate welfare, price-fixing, and tax hikes, but,\u200c more importantly, it also still \u2063had absolutely nothing to do with mitigating inflation.<\/p>\n<blockquote>\n<p>Let\u2019s\u2063 not forget that &#8220;Bidenomics&#8221; also helped initiate the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-mccarthy-sends-letter-to-members-outlining-americas-declining-condition-under-biden-democrats\/\" title=\"Kevin McCarthy Sends Letter To Members Outlining America\u2019s Declining Condition Under Biden, Democrats\">highest gas prices<\/a> <a href=\"https:\/\/www.usatoday.com\/story\/money\/2022\/03\/08\/gas-most-expensive-us-history\/9404939002\/\">in history<\/a>. The president \u200bsigned a slew of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yes-biden-deserves-the-blame-for-inflation\/\" title=\"Yes, Biden Deserves The Blame For Inflation\">executive orders pausing government leases<\/a> on public lands, shutting \u200cdown the Keystone XL pipeline, and stymieing drilling in the Gulf of Mexico over <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/biden-social-cost-carbon-climate-risk-measure-upheld-by-us-appeals-court-2022-10-21\/\" target=\"_blank\" rel=\"noreferrer noopener\">concocted<\/a> &#8220;social cost of carbon&#8221; externalities, among other restrictions. Despite \u2063the uncertainty of the post-pandemic economy, all of this was\u200d done \u2064in the first weeks of his administration.<\/p>\n<\/blockquote>\n<p>None of this is \u2063to even mention the hundreds of billions &#8220;Bidenomics&#8221; &#8220;invested&#8221; \u2014 the \u2063enduring euphemism for spending money we don\u2019t \u2063have \u2014 in social engineering projects that would \u2064force us to abandon modernity in the name of &#8220;<a href=\"https:\/\/time.com\/6291001\/biden-climate-change-2024-election\/\">climate justice<\/a>.&#8221; This brand of spending was based on a\u200b (misguided) moral prerogative, not any \u2064kind of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-has-been-a-disaster\/\" title=\"'Bidenomics' is a disaster.\">prudent economic decision making<\/a>, to say the \u2064least.<\/p>\n<p>A writer in the New Yorker \u2062recently <a href=\"https:\/\/www.newyorker.com\/news\/our-columnists\/why-isnt-joe-biden-getting-more-credit-for-a-big-drop-in-inflation\" target=\"_blank\" rel=\"noreferrer noopener\">asked<\/a>, &#8220;Why Isn\u2019t\u200d Joe Biden Getting More Credit for a Big Drop in Inflation?&#8221; Probably because there\u2064 is no &#8220;Bidenomics&#8221; policy that has helped lower inflation. Quite the opposite. We\u2019re still trying to recover from\u200b the president\u2019s economic policy. It\u2019s the Fed\u2062 that was\u200c compelled to hike interest rates at\u200b a level <a href=\"https:\/\/www.barrons.com\/articles\/fed-meeting-announcement-interest-rate-decision-51655242889\" target=\"_blank\" rel=\"noreferrer noopener\">not\u200d seen<\/a> in 30 \u2062years to <em>inhibit<\/em> economic growth partly due to government-induced \u200binflation. It, not Biden, brought down inflation.<\/p>\n<p>Presidents who oversee strong economies, often benefitting\u2064 from the luck of history or existing policies, will see fewer jobs &#8220;created&#8221; during their terms because space for growth is limited. Biden was given more economic headroom than any president \u200din \u2063history \u2014 and blew it. That\u2019s the real legacy of &#8220;Bidenomics.&#8221;<\/p>\n<hr class=\"wp-block-separator\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>After 40 years of &#8220;trickle-down economics,&#8221; Joe Biden claims that &#8220;Bidenomics&#8221; aims to restore the American Dream. Rarely does a politician openly commit to reviving a period of soaring inflation, expensive energy, and suffocating interest rates. Nevertheless, this president is determined to fulfill his promise.<\/p>\n","protected":false},"author":831,"featured_media":1994008,"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":[546],"tags":[],"class_list":["post-1994007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"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\/1994007","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\/831"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1994007"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1994008"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1994007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1994007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1994007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}