Bidenomics was a mistake
Washington Examiner
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From the outset, the name Bidenomics lashed the president’s name to economic mismanagement. It was used at first by President Joe Biden‘s critics to distinguish his particular brand of fiscal and monetary boneheadedness. But when the president (and no one else) was convinced by White House spin that the economy was in great shape, he wore Bidenomics as a badge of achievement. It was folly.
His policies pointed the economy into a ditch from the start. Borrowing trillions of dollars to goose a boom already underway before he came to office sprayed gasoline onto a red-hot post-pandemic engine, and inflation burst into flames.
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Now that this inflation is wreaking havoc on the economy, particularly for lower-income voters, both the name and the underlying policies of Bidenomics are proving to be political mistakes. According to the latest Gallup poll, a record-high percentage of voters trust Republicans, not Democrats, to manage the economy.
Gallup has been asking voters which party they trust more on the economy since 1951, and the 53% to 39% margin voters now give Republicans over Democrats is the highest ever. This comes as NBC News and ABC News polls show Biden’s approval rate on the economy at just 37% and 36%, respectively.
It is easy to see how Biden and the Democrats blundered. The Democratic Party is no longer the party of the working class. Activists who run the party, and the donors who fund it, are wealthy college-educated people. For them, the economy is splendid.
But as Bloomberg reported last week, for people outside the wealthiest 20%, the economy is not great. Wages have lagged inflation since Biden became president, and millions of working-class voters have spent their savings trying to keep up with rising prices. They are now going into debt.
According to the Federal Reserve, Americans owe more than ever before in credit card debt. With interest rates on credit cards rising from 14.75% when Biden came to office to 20.68% today, Bidenflation is hitting people with high prices on what they buy now and high finance costs on what they bought yesterday.
This has made it impossible for millions of people to buy a car or house. Biden is additionally making it more expensive to buy cars by forcing unwanted electric vehicles onto the market.
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“The place where economic confidence is faltering most is with the base of the Democratic Party,” NBC News pollster Micah Roberts said. “It’s among young people, among African Americans and Latinos. There’s a disconnect between the two or three months of [the Bidenomics] campaign and what people are actually feeling.”
Most people who voted for Biden wanted a return to normalcy after four years of Donald Trump. They did not want generational change. But Biden listened to flatterers who said he could be the next Franklin Delano Roosevelt, so instead of allowing the economy to recover naturally as COVID receded, he tried to reorganize the entire economy. Nowhere has his lifelong overconfidence in his own abilities produced more hubris. Now, perhaps, comes electoral nemesis.