Reimagining Bidenomics: A Closer Look at President Biden’s Economic Policies

Introduction

In a recent speech, President Biden expressed his vision for the future, describing it as “Bidenomics” and highlighting its role in restoring the American dream. However, many Americans find it challenging to connect the President’s words to their own realities. Even liberal news outlets struggle to defend Biden’s claims. According to a survey by The New York Times and Siena College, 81% of registered voters rated the U.S. economy as “Fair” or “Poor,” while only 19% considered it “Good” or “Excellent.” This unfavorable perception of the economy poses a significant electoral challenge for Democrats.

The Reality of Bidenomics

President Biden’s economic policies have faced criticism from various angles, particularly regarding illegal immigration and the state of the economy. For most Americans, Bidenomics has resulted in skyrocketing inflation, soaring home prices, increased household debt, higher gas prices, and an open-borders approach to immigration. Fortunately, Biden’s tax plan, which included numerous tax hikes, was largely blocked by moderate Democrats like Senator Joe Manchin (D-WV) and Independent Kirsten Sinema (I-AZ). If implemented in full, these tax hikes would have further crippled the economy.

The Impact on Seniors

One group that has felt the brunt of President Biden’s economic policies is seniors. Many seniors rely on fixed incomes and have limited earning potential. They have seen their retirement accounts depleted, endured a volatile stock market, and faced nearly a 10% increase in the cost of living in just one year. A poll by McLaughlin & Associates revealed that a majority of voters aged 55 and older, including Democrats, consider the Inflation Reduction Act (IRA) a “failure.” These troubling figures suggest that the Bidenomics rhetoric is not resonating with voters.

The Test Ahead

The upcoming election year will serve as the ultimate test for Biden’s economic agenda. When voters hear White House officials speak about Bidenomics, they see a stark contrast between words and reality. Will small business owners support policies that harm their businesses? Will seniors on fixed incomes ignore the inflationary pressures affecting their daily expenses? The signs do not bode well for Democrats. AMAC Action is committed to helping voters understand the truth behind the failure of Bidenomics and will oppose any attempts to increase taxes on the American people.

Bob Carlstrom is President of AMAC Action