{"id":2289386,"date":"2024-07-05T06:59:55","date_gmt":"2024-07-05T10:59:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-voters-are-rejecting-bidenomics-washington-examiner\/"},"modified":"2024-07-05T07:10:55","modified_gmt":"2024-07-05T11:10:55","slug":"why-voters-are-rejecting-bidenomics-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-voters-are-rejecting-bidenomics-washington-examiner\/","title":{"rendered":"Why voters are rejecting Bidenomics &#8211; Washington Examiner"},"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\">16<\/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%2Fwhy-voters-are-rejecting-bidenomics-washington-examiner%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=2289386&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--><p>Ims credit\u2063 for the stock market\u2019s growth and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-focus-group-reveal-who-voters-say-won-second-gop-primary-debate\/\" title=\"Poll and focus group reveal winner of second GOP primary debate, according to voters.\">low unemployment \u200brate<\/a> while ignoring the persistent inflation crisis that has\u200c eroded the purchasing power of American families. His policies have\u200d exacerbated inflation by flooding the economy with trillions of \u200bdollars in government spending, further driving up prices and squeezing households. As the cost of living continues to rise, it is \u2063clear that the Biden administration\u2019s economic strategy is failing to address the root causes of inflation\u2064 and provide relief to struggling Americans.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\">\n<div class=\"tdb-search-form-inner\"><input class=\"tdb-head-search-form-input\" placeholder=\" \" type=\"text\" value name=\"s\" autocomplete=\"off\"><button class=\"wpb_button wpb_btn-inverse btn tdb-head-search-form-btn\" title=\"Search\" type=\"submit\"><span>Search<\/span><\/button><\/div>\n<\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-sacff-txt\">Magazine &#8211; Feature <\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Why voters are rejecting Bidenomics<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-author-name-wrap\"><span class=\"tdb-author-by\">By<\/span> <a class=\"tdb-author-name\" href=\"https:\/\/www.washingtonexaminer.com\/author\/brian-riedl\/\">Brian Riedl<\/a><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><time class=\"entry-date updated td-module-date\" datetime=\"2024-07-05T05:15:00-04:00\">July 5, 2024 5:15 am<\/time><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1693653\" class=\"tpd-featured-video bridtv\"><\/div>\n<\/p>\n<p>Heading into a bruising reelection fight, President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a> faces an abysmal <a href=\"https:\/\/news.gallup.com\/poll\/644750\/confidence-biden-economic-stewardship-historically-low.aspx\" target=\"_blank\" rel=\"noopener\" title>38%<\/a> approval rating on the economy. Yet the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noopener\" title>White House<\/a> and much of <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/media\" target=\"_blank\" rel=\"noopener\" title>the media<\/a> blame the voters for <a href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/faith-freedom-self-reliance\/3021373\/surprise-paul-krugman-thinks-youre-the-problem\/\" target=\"_blank\" rel=\"noopener\" title>failing to understand<\/a> how good they\u2019ve had it since 2021, with pundits and cable TV hosts trying to solve the mystery of how voters could possibly be so displeased with soaring prices, spiraling interest rates, massive budget deficits, and stagnant wages. Biden correctly reminds voters that he inherited a difficult economy. However, his aggressive spending and regulations proceeded to drive inflation, interest rates, and federal debt even higher than necessary.<\/p>\n<p>The economic tone of this administration was set in its first 50 days with the enactment of the <a href=\"https:\/\/www.cbo.gov\/publication\/57056\" target=\"_blank\" rel=\"noopener\" title>$1.9 trillion<\/a> American Rescue Plan. Any voters still holding out hope that a <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/biden-administration\/\" target=\"_blank\" rel=\"noopener\" title>Biden White House<\/a> would be moderate, prudent, bipartisan, deficit-focused, or even willing to listen to economists instead witnessed the establishment of a highly political, partisan, and quite ideologically progressive administration.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">(BRENDAN SMIALOWSKI\/AFP via Getty Images)<\/figcaption><\/figure>\n<p>The new administration began crafting the American Rescue Plan before the ink had even dried on a <a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/12\/20\/stimulus-package-details\/\" target=\"_blank\" rel=\"noopener\" title>$900 billion<\/a> stimulus law signed by former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a> weeks earlier. With this federal spending flooding an economy that was already beginning to recover and reopen from the pandemic, the Congressional Budget Office <a href=\"https:\/\/www.cbo.gov\/system\/files\/2021-02\/51135-2021-02-economicprojections.xlsx\" target=\"_blank\" rel=\"noopener\" title>forecast<\/a> that the 2021 economy would perform just $420 billion short of its $22 trillion capacity. However, the over-caffeinated <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noopener\" title>White House<\/a> responded by shooting a $1.9 trillion American Rescue Plan bazooka at this $420 billion output gap. This swollen package of bailouts, giveaways, and pent-up Democratic wish lists included $350 billion to bail out <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-companies-join-the-great-migration-to-red-states\/\" title=\"More Companies Join the Great Migration to Red States\">state budget deficits<\/a> that did not actually exist, a bloated union pension bailout, and a decade\u2019s worth of additional federal school funding. The White House then bought broader public support with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/president-biden-says-child-tax-credits-will-hit-americans-bank-accounts-starting-this-summer\/\" title=\"President Biden Says \u2018Child Tax Credits\u2019 Will Hit Americans\u2019 Bank Accounts Starting This Summer\">child tax credits<\/a>, unemployment insurance bonuses, and yet another round of taxpayer rebates.<\/p>\n<p>Economists <a href=\"https:\/\/www.crfb.org\/blogs\/how-much-would-american-rescue-plan-overshoot-output-gap\" target=\"_blank\" rel=\"noopener\" title>across the spectrum<\/a>, including prominent Democrats <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/02\/04\/larry-summers-biden-covid-stimulus\/\" target=\"_blank\" rel=\"noopener\" title>Larry Summers<\/a> and <a href=\"https:\/\/reason.com\/2021\/05\/13\/bidens-1-9-trillion-rescue-plan-isnt-saving-the-economy-its-holding-it-back\/\" target=\"_blank\" rel=\"noopener\" title>Jason Furman<\/a>, warned that the American Rescue Plan was a massive overreach whose steep cost would trigger inflation, with Furman <a href=\"https:\/\/reason.com\/2021\/05\/13\/bidens-1-9-trillion-rescue-plan-isnt-saving-the-economy-its-holding-it-back\/\" target=\"_blank\" rel=\"noopener\" title>adding<\/a>, \u201cI don\u2019t know any economist that was recommending something the size of what was done.\u201d Unfortunately, the White House ignored the economists. Democrats had built a (false) narrative claiming that the slow recovery from the earlier Great Recession had been driven by insufficient federal spending, and the White House was committed not to repeat that \u201cmistake.\u201d<\/p>\n<p>However, even these economic policy arguments took a back seat to raw politics. Democrats refused to negotiate or compromise even one inch with Republicans because they treated this Christmas tree bill as their reward for sweeping the 2020 election and their turn to match the GOP tax cuts with their own budget buster \u2014 although Republicans at least spread the cost of the 2017 tax cuts over a decade, while most of the American Rescue Plan\u2019s exorbitant cost would be packed into a single year.<\/p>\n<p>And so, on the 50th day of his presidency, Biden signed into law the American Rescue Plan \u2014 the <a href=\"https:\/\/www.crfb.org\/blogs\/comparing-cost-build-back-better-other-recent-legislation\" target=\"_blank\" rel=\"noopener\" title>most expensive spending bill<\/a> in decades. As predicted, most of this spending ended up totally unnecessary, agencies and <a href=\"https:\/\/www.politico.com\/states\/california\/story\/2021\/05\/10\/california-has-a-staggering-757b-budget-surplus-1381195\" target=\"_blank\" rel=\"noopener\" title>governors<\/a> had <a href=\"https:\/\/www.nytimes.com\/2023\/10\/11\/us\/politics\/covid-states-pandemic-aid.html\" target=\"_blank\" rel=\"noopener\" title>no idea<\/a> how to spend all of it, and inflation spiked exactly as warned, reaching <a href=\"https:\/\/www.bls.gov\/regions\/mid-atlantic\/data\/consumerpriceindexhistorical_us_table.htm\" target=\"_blank\" rel=\"noopener\" title>9.1%<\/a>. <\/p>\n<p>This persistent inflation has become the albatross weighing down Biden\u2019s economic agenda. The president\u2019s defenders correctly note that some modest degree of inflation was inevitable due to the earlier pandemic spending hiking demand in an economy in which supply, constrained by business shutdowns and supply chain breakdowns, simply could not keep up. But this is precisely why economists warned it would be economic malpractice to add another $1.9 trillion in federal spending that the economy could not absorb. According to <a href=\"https:\/\/www.frbsf.org\/research-and-insights\/publications\/economic-letter\/2022\/03\/why-is-us-inflation-higher-than-in-other-countries\/\" target=\"_blank\" rel=\"noopener\" title>the Federal Reserve Bank of San Francisco<\/a>, the president\u2019s actions added 3 percentage points to the inflation rate.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">The Senate and House passed a full-year $1.5 trillion federal funding bill to ward off a possible government shutdown while also providing Ukraine with aid to respond to the war with Russia, March 2022. (Susan Walsh\/AP)<\/figcaption><\/figure>\n<p>Even as inflation soared to 1970s rates, the Biden administration refused to take responsibility. At first, the White House dismissed inflation as \u201ctransitory,\u201d and then it became a <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2309564\/biden-administration-mocked-after-touting-july-4-cookouts-will-cost-16-cents-less-in-2021\/\" target=\"_blank\" rel=\"noopener\" title>punch line<\/a> for releasing a <a href=\"https:\/\/twitter.com\/whitehouse\/status\/1410709115333234691\" target=\"_blank\" rel=\"noopener\" title>video<\/a> bragging that \u201cthe cost of a Fourth of July cookout in 2021 is down $0.16 from last year.\u201d When inflation became too persistent to dismiss, the White House shifted to scapegoating. It blamed COVID-19 and then \u201c<a href=\"https:\/\/www.wsj.com\/articles\/tyson-foods-profits-meat-packers-president-biden-elizabeth-warren-987e6c95\" target=\"_blank\" rel=\"noopener\" title>big meat<\/a>\u201d and then termed it \u201c<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/31\/fact-sheet-president-bidens-plan-to-respond-to-putins-price-hike-at-the-pump\/\" target=\"_blank\" rel=\"noopener\" title>Putin\u2019s price hike<\/a>.\u201d Biden even blamed <a href=\"https:\/\/thehill.com\/homenews\/administration\/597675-biden-blames-putins-price-hike-for-high-inflation\/\" target=\"_blank\" rel=\"noopener\" title>2021 inflation<\/a> on a Russia-Ukraine war that did not begin until 2022. He <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2021-11-21\/build-back-better-biden-inflation-pitch-can-t-pass-the-laugh-test\" target=\"_blank\" rel=\"noopener\" title>claimed<\/a> that spending trillions more through \u201cBuild Back Better\u201d would somehow <em>reduce <\/em>inflation. Finally, over the objections of the <a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2022\/02\/17\/white-house-inflation-corporations\/\" target=\"_blank\" rel=\"noopener\" title>White House\u2019s own economists<\/a>, Biden settled on blaming <a href=\"https:\/\/www.politico.com\/news\/2024\/02\/23\/biden-food-shrinkflation-sotu-00142773\" target=\"_blank\" rel=\"noopener\" title>corporate greed<\/a> for inflation. Of course, corporations have always been <a href=\"https:\/\/www.nationalreview.com\/2022\/05\/the-democrats-cynical-greedflation-narrative\/\" target=\"_blank\" rel=\"noopener\" title>profit-maximizing<\/a>, and the president never explained how such behavior suddenly became inflationary beginning in 2021. While the White House cycled through various scapegoats, prices rose a total of <a href=\"https:\/\/data.bls.gov\/cgi-bin\/cpicalc.pl?cost1=100.00&#038;year1=202101&#038;year2=202405\" target=\"_blank\" rel=\"noopener\" title>20%<\/a>, costing families <a href=\"https:\/\/nypost.com\/2022\/12\/22\/the-pain-isnt-goin-away-inflation-cost-households-an-extra-10k\/\" target=\"_blank\" rel=\"noopener\" title>more than $10,000<\/a>.<\/p>\n<p>In other words, the White House treated inflation as a communications challenge to message with talking points rather than an economic problem to solve with disinflationary policies. Even after <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654?mod=opinion_lead_pos5\">declaring<\/a> that \u201cI have made tackling inflation my top economic priority,\u201d Biden continued sacrificing inflation reduction at the altar of higher liberal goals. He enacted trillions more in inflationary spending hikes. He attempted a <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-09\/58494-Student-Loans.pdf\" target=\"_blank\" rel=\"noopener\" title>$400 billion<\/a> student loan bailout that was mercifully shot down by the Supreme Court. Unions were given inflationary tariffs, \u201cBuy American\u201d rules, and Davis-Bacon prevailing wage mandates. Regulations raising the cost of economic development were tightened. Even a semiconductor bill that was supposed to reduce production costs instead hit producers with expensive <a href=\"https:\/\/www.nytimes.com\/2023\/02\/27\/us\/politics\/child-care-chip-makers-biden.html\" target=\"_blank\" rel=\"noopener\" title>child care<\/a> and <a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/R\/R47523\" target=\"_blank\" rel=\"noopener\" title>wage<\/a> mandates that raised costs and prices. By the time Biden unveiled a <a href=\"https:\/\/www.wsj.com\/articles\/biden-set-to-unveil-2-trillion-infrastructure-plan-11617181208\" target=\"_blank\" rel=\"noopener\" title>$2.3 trillion<\/a> Build Back Better proposal, even congressional Democrats had seen enough and dramatically scaled it back.<\/p>\n<p>Unfortunately, the damage has been done. Once inflation begins, it is extremely difficult to stop because businesses continue to raise prices and wages in anticipation of inflation continuing. Even rising <a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPRNFB\" target=\"_blank\" rel=\"noopener\" title>worker compensation<\/a> has not kept up with rising prices since Biden took office. Those on fixed incomes have been hit the hardest. <\/p>\n<p>The harder the president pushes the inflationary gas pedal with spending and regulations, the harder the Fed must slam the brakes with higher interest rates. The result has been mortgage rates leaping past <a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US\" target=\"_blank\" rel=\"noopener\" title>7%<\/a> at the same time that home prices have surged. Accordingly, the monthly mortgage on a newly purchased median-priced home has <em>doubled<\/em>, from $1,109 to $2,235, since Biden took office. And like the proverbial demand for \u201c<a href=\"https:\/\/www.youtube.com\/watch?v=cVsQLlk-T0s\" target=\"_blank\" rel=\"noopener\" title>more cowbell<\/a>,\u201d the president\u2019s solution to inflation has been even more inflation, responding to these soaring house prices by proposing a <a href=\"https:\/\/www.cnbc.com\/2024\/03\/08\/president-biden-floats-10000-first-time-homebuyers-tax-credit.html\" target=\"_blank\" rel=\"noopener\" title>$10,000 tax credit<\/a> for homebuyers that would only push up demand and housing prices even further. <\/p>\n<p>Consequently, America\u2019s stubborn inflation rate remains <a href=\"https:\/\/www.imf.org\/external\/datamapper\/PCPIPCH@WEO\/WEOWORLD\/VEN\/MAE\" target=\"_blank\" rel=\"noopener\" title>near the top<\/a> of Western developed countries in 2024. And as prices climb, the public\u2019s <a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2024\/20240206#:~:text=Credit%20card%20balances%20increased%20by,now%20stand%20at%20%24394%20billion.\" target=\"_blank\" rel=\"noopener\" title>mortgage, auto, and credit card debt and delinquencies<\/a>, which temporarily declined due to large pandemic stimulus payments, are once again climbing.<\/p>\n<p>Not all economic news is bad. After a sluggish start, the S&#038;P 500 is up 43% over the president\u2019s 3 1\/2 years in office. Lower earners have seen larger <a href=\"https:\/\/www.atlantafed.org\/chcs\/wage-growth-tracker#Tab3\" target=\"_blank\" rel=\"noopener\" title>wage gains<\/a> than high earners. The economy, while sluggish, has managed to avoid falling back into recession. The unemployment rate has fallen back to <a href=\"https:\/\/fred.stlouisfed.org\/series\/UNRATE\" target=\"_blank\" rel=\"noopener\" title>below 4%<\/a>, matching the impressive pre-pandemic levels.<\/p>\n<p>Not surprisingly, the White House has wildly exaggerated its role in this good news. The president claims to have <a href=\"https:\/\/www.factcheck.org\/2024\/02\/bidens-job-growth-chart-ignores-impact-of-pandemic\/\" target=\"_blank\" rel=\"noopener\" title>personally created<\/a> <a href=\"https:\/\/x.com\/WhiteHouse\/status\/1799161912673927558\">13 million jobs<\/a> since he took office and describes himself as the <a href=\"https:\/\/x.com\/WhiteHouse\/status\/1487115420637274114\" target=\"_blank\" rel=\"noopener\" title>most accomplished job creator<\/a> in history. Such boasting not only ignores that the private economy, not politicians, creates the vast majority of jobs, but it also ignores that most of this recent job growth resulted simply from the economy reopening after the pandemic. Closing the economy, reopening it, and then taking credit for people returning to employment is akin to turning the lights off, then back on, and then claiming to have invented electricity.<\/p>\n<p>Moreover, the quickly falling unemployment rate, while impressive, was also driven by the inflationary overheating of the economy. One cannot take credit for the faster job growth without also owning the painful inflation that those same policies brought.<\/p>\n<p>And while inflation has been dreadful, Biden\u2019s most lasting economic legacy may be his historic spending and debt binge. Trump had already signed legislation that cumulatively added a modern record of<a href=\"https:\/\/manhattan.institute\/article\/trumps-fiscal-legacy-a-comprehensive-overview-of-spending-taxes-and-deficits\" target=\"_blank\" rel=\"noopener\" title> $7.8 trillion<\/a> to 10-year deficits, only half of which was pandemic-related. Apparently inspired by his predecessor, Biden\u2019s first 20 months saw him sign, or mandate through executive order, <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\" target=\"_blank\" rel=\"noopener\" title>$4.8 trillion<\/a> in new 10-year costs, including the aforementioned American Rescue Plan and enormous student loan bailouts.<\/p>\n<p>The spending spree was finally stopped when lawmakers and voters screamed \u201cenough!\u201d First, the backlash to surging inflation led even Democratic lawmakers to kill the president\u2019s $2.3 trillion Build Back Better proposal. Then, voters elected a Republican House to take away the president\u2019s credit card. <\/p>\n<p>Despite all of this spending and debt, Biden absurdly <a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/04\/28\/bidens-misleading-deficit-claim-earns-him-bottomless-pinocchio\/\" target=\"_blank\" rel=\"noopener\" title>claims<\/a> to have <em>reduced<\/em> budget deficits. After temporary pandemic spending spiked the budget deficit from $1 trillion in 2019 to $3 trillion in 2020 and 2021, the president points to the scheduled expiration of that spending in 2022 as a historic spending cut. Essentially, the president drastically spiked spending in 2021 with the American Rescue Plan and then treated the subsequent expiration of his own spending spree as a historic spending cut. This gaslighting was rebuked by even the fact-checkers at the <em>Washington Post<\/em> with a rare \u201c<a href=\"https:\/\/www.washingtonpost.com\/politics\/2023\/04\/28\/bidens-misleading-deficit-claim-earns-him-bottomless-pinocchio\/\" target=\"_blank\" rel=\"noopener\" title>Bottomless Pinocchio<\/a>\u201d rating.<\/p>\n<p>The president\u2019s true fiscal record is more dire. The CBO-projected budget deficit over the 2021-31 period has leaped by <a href=\"https:\/\/media4.manhattan-institute.org\/wp-content\/uploads\/BudgetChartBook-2023.pdf#page=82\" target=\"_blank\" rel=\"noopener\" title>$5 trillion<\/a> since Biden took office. Last year, the budget deficit, excluding the canceled student loan bailout, <a href=\"https:\/\/thedispatch.com\/article\/americans-shrug-off-historic-debt-surge\/\" target=\"_blank\" rel=\"noopener\" title>doubled<\/a> from $1 trillion to <a href=\"https:\/\/www.wsj.com\/economy\/the-federal-deficit-is-even-bigger-than-it-looks-6bc8a070\" target=\"_blank\" rel=\"noopener\" title>$2 trillion<\/a> \u2014 an unheard-of $1 trillion deficit surge for a growing economy in peacetime. At 7.5% of gross domestic product, last year saw the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/virginia-dem-candidate-mcauliffe-says-critical-race-theory-criticism-is-right-wing-conspiracy-totally-made-up-by-trump\/\" title=\"Virginia Dem Candidate McAuliffe Says Critical Race Theory Criticism Is \u2018Right-Wing Conspiracy \u2026 Totally Made Up\u2019 By Trump\">largest budget deficit<\/a> in American history outside of temporary emergencies such as wars and recessions. Interest costs alone have jumped from $352 billion in 2021 to <a href=\"https:\/\/www.cbo.gov\/system\/files\/2024-06\/60039-Outlook-2024.pdf#page=23\" target=\"_blank\" rel=\"noopener\" title>nearly $1 trillion<\/a> this year and are projected to approach <a href=\"https:\/\/www.cbo.gov\/system\/files\/2024-06\/60039-Outlook-2024.pdf#page=23\" target=\"_blank\" rel=\"noopener\" title>$2 trillion<\/a> annually within a decade.<\/p>\n<p>Biden has not only pushed this borrowing spree, but he also stubbornly opposes attempts to rein in deficits. Even as projected Social Security and Medicare shortfalls leap from <a href=\"https:\/\/www.cbo.gov\/publication\/59711\" target=\"_blank\" rel=\"noopener\" title>$650 billion this year to $2.2 trillion<\/a> a decade from now, driving <a href=\"https:\/\/media4.manhattan-institute.org\/wp-content\/uploads\/BudgetChartBook-2023.pdf#page=41\" target=\"_blank\" rel=\"noopener\" title>nearly all<\/a> of the projected escalating budget deficits, Biden pledges to <a href=\"https:\/\/www.nytimes.com\/2023\/02\/21\/opinion\/biden-social-security-medicare.html\" target=\"_blank\" rel=\"noopener\" title>block all serious reforms<\/a> to rein in these costs or even avert Social Security\u2019s scheduled trust fund insolvency within a decade \u2014 unfortunately, Trump shares his bipartisan position. Biden\u2019s budget proposes a massive <a href=\"https:\/\/www.crfb.org\/papers\/analysis-presidents-fy2025budget\" target=\"_blank\" rel=\"noopener\" title>$5 trillion<\/a> in new taxes over the decade, but nearly all of these revenues would be <a href=\"https:\/\/nypost.com\/2023\/03\/09\/bidens-5-trillion-tax-blowout-still-leaves-soaring-red-ink\/\" target=\"_blank\" rel=\"noopener\" title>plowed back into new policies<\/a> rather than deficit reduction, thus making future deficit reduction more difficult by having to start from an even higher tax level.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/strong><\/a><\/p>\n<p>Biden also tries to have it all ways on the extension of the expiring 2017 tax cuts. He <a href=\"https:\/\/x.com\/JoeBiden\/status\/1782904787966558608?lang=en\" target=\"_blank\" rel=\"noopener\" title>pledges<\/a> that Trump\u2019s \u201ctax cut is going to expire\u201d and even assumes all such <a href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/03\/18\/biden-tax-pledge-fact-checked\/\" target=\"_blank\" rel=\"noopener\" title>tax increase revenue<\/a> in his budget \u2014 while also contradictorily promising not to let any <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/03\/11\/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share\/#:~:text=Cuts%20Taxes%20for%20Working%20Families%20and%20the%20Middle%2DClass&#038;text=Going%20forward%2C%20in%20addition%20to,%24765%20billion%20over%2010%20years.\" target=\"_blank\" rel=\"noopener\" title>taxes rise above today\u2019s levels<\/a> for the bottom 95% of earners. <\/p>\n<p>Voters cannot be blamed for noticing these escalating prices, soaring budget deficits, elevating interest rates, and special interest giveaways. Overreaching on the American Rescue Plan and then relentlessly pursuing inflationary spending, regulation, and trade restrictions may cost Biden reelection in the same manner that inflation and overall incompetence doomed the earlier presidency of Jimmy Carter. Voters not only refused to reelect Carter, but such inflation and interest rates scarred a generation and induced four decades of Fed inflation hawkishness. If Biden shares Carter\u2019s electoral fate, his flawed economic stewardship should serve as a lesson to future political leaders.<\/p>\n<p><em>Brian Riedl is a senior fellow at the Manhattan Institute. Follow him on X: @Brian_Riedl.<\/em><\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1693653\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1693653\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<p><\/body><\/html><\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The article discusses why voters are rejecting President Biden&#8217;s economic policies, despite the White House and media trying to downplay their dissatisfaction. Biden&#8217;s aggressive spending and regulations have led to soaring prices, interest rates, budget deficits, and stagnant wages. The American Rescue Plan, enacted early in his presidency, was criticized for being excessive and contributing to inflation. Despite warnings from economists, the White House ignored the potential negative impacts of the plan. Biden&#8217;s attempts to address inflation have been criticized for being ineffective and focused more on messaging than actual policy solutions. The article also highlights the significant increase in government spending and debt under Biden&#8217;s administration, leading to concerns about the long-term economic impact. Ultimately, the article suggests that Biden&#8217;s economic policies may cost him reelection, similar to how inflation and incompetence affected Jimmy Carter&#8217;s presidency<\/p>\n","protected":false},"author":3278,"featured_media":2289387,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Feat.Bidenomics1.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[12626,6336,4223],"class_list":["post-2289386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-bidenomics","tag-rejecting","tag-voters"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Feat.Bidenomics1.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2289386","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\/3278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2289386"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2289386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2289387"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2289386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2289386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2289386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}