“I’m happy to call it ‘Bidenomics.’ And guess what? Bidenomics is working.”
In a 30-minute speech in Chicago this week, President Joe Biden declared that his economic policies — which can charitably be summed up as “borrow and spend, tax and regulate” — are doing wonders for the nation’s economy.
Never mind that just 38% of Americans approve of the job Biden has been doing on the economy.
No. The only risk we face, Biden argued, was a return of that bogeyman known as “trickle-down economics.”
“Folks, let me say this as clearly as I can,” Biden said. “The trickle-down approach failed the middle class. It failed America. It blew up the deficit. It increased inequity. And it weakened the in — our infrastructure. It stripped the dignity, pride, and hope out of communities one after another, particularly through the Midwest, Western Pennsylvania, and heading west.”
Or, it would be, if there was a shred of truth to it. The middle class made huge gains during the “trickle-down” Reagan boom and was making huge gains during the Trump boom until the Biden-backed COVID lockdowns gutted it.
Truth is, the only way Biden can make the case for “Bidenomics” is by lying. Examples:
- “U.S. has had the highest economic growth rate, leading the world economies since the pandemic.”
Except it didn’t. The U.S. ranks 146th in real GDP growth in the world so far this year, came in 151st place last year, and was 66th in 2021, according to the International Monetary Fund.
- “We created 13.4 million new jobs.”
Also false. Because almost 10 million of those were simply refilled jobs lost during the pointless COVID lockdown. Under Biden, the number of net new jobs is less than 4 million — which is nothing to brag about, given that the working-age population has grown by 6.8 million since Biden took office.
- “Americans are back to work who’ve been on the sidelines, and they want to come back.”
Another falsehood. There are almost 10 million people who’ve dropped out of the labor force as of today, which is 2.7 million higher than it was just before all the COVID lockdowns.
- “Just in my first two years in office, my team and I have reduced the deficit by $1.7 trillion.“
His biggest lie yet. As we pointed out in this space earlier, a Congressional Budget Office report released at the start of this year showed that “Biden sharply increased the deficit last year, this year, and next year, and he has set the country on course to add a total of $5.45 trillion to the federal deficit over the following decade.”
The only thing that Biden said that was truthful in his speech is that “Bidenomics is working.”
It’s working all right, assuming that Biden’s plan was to destroy America.
As a reminder, below are six charts to show just how well Bidenomics is working.
— Written by the I&I Editorial Board