Bidenomics Could Cost Biden Re-election – Joe Biden hopes “Bidenomics” is a winning message for 2024; however, economic data shows that his supposed job growth has been eaten up by inflation under his watch. Happy talk about the economy could put him in the same category as Jimmy Carter.
Joe Biden Has a Problem
“58% of Americans think Biden’s policies have worsened economic conditions in the U.S., and only 24% think the policies have made things better,” a new CNN poll released Thursday said. Eight percent said they think the economy has worsened under Biden compared with under Trump.
Biden has touted the recovery of jobs lost during the pandemic as his massive job growth.
“Our plan—Bidenomics—is working. Because of the major laws and executive orders, I’ve signed—from the American Rescue Plan, the bipartisan infrastructure law, the Chips and Science Act, the Inflation Reduction Act, my executive orders on racial equity, and more—we’re advancing equity in everything we do making unprecedented investments in all of America, including for Black Americans,” Biden wrote in an op-ed that appeared in The Washington Post marking the 60th Anniversary of Martin Luther King Jr.’s March on Washington last month.
Inflation Canceling Out Job Gains
Sadly for Joe Biden, the president leaves out how these jobs have significantly less buying power than a decade ago or even five years ago.
Carter similarly talked about job creation during the 1980 campaign against Ronald Reagan.
“President Carter also has spoken of the new jobs created. Well, we always, with the normal growth in our country and increase in population, increase the number of jobs,” Reagan said during a debate with Carter. “We don’t have inflation because the people are living too well. We have inflation because the Government is living too well.”
A $65,000 salary has the buying power today of a $50,000 salary a decade ago. Even in the past seven years, the inflation rate has eroded consumer buying power. What cost $50,000 in 2017 now costs $62,000.
“These numbers are not good, and they’re consistent with most of the other polling that we’ve seen,” David Axelrod, a former strategist for Barack Obama, told CNN. “The country is in a sour mood. He’s not getting credit for what I think is a fairly substantial list of achievements.
Axelrod continued, “And the reality is, if this were a referendum, he would be in deep, deep trouble … There’s an expression in sports that, you know, sometimes you have to win ugly. And I think that’s what lies ahead here for this president and this White House.”
Things Could Get Much Worse
Fox Business host Charles Payne warns things could deteriorate further.
“We see the smallest banks right now, their delinquency rates are 7.5%, it’s off the rails, but the large banks are turning up. Credit card interest rates just cracked 22% as defaults are going through the roof. All the economic indicators point to extreme pain, and it’s going to be exponential,” Payne said. “Our gasoline inventories are at a five-year low. Obviously, the Strategic Petroleum Reserve is at its lowest levels since 1983. Four dollars may look cheap three months from now, and $4 may look cheap for what looked like the good old days three or four months from now. The trajectory, right no that we’re on, all the indicators point to what we’re feeling right now is just the very tip of the iceberg. It’s going to get a whole lot worse.”