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According to a CNBC survey, President Biden’s economic approval rating stands at 37%, which marks a 3% improvement from the prior survey in April. Though a handful of Biden’s policies may have benefitted some working-class Americans, many of the Democrat voters he needs to win in 2024 cite inflation and higher interest rates as major concerns.
Straight Arrow News contributor Matthew Continetti understands their sentiment and explains why he believes “Bidenomics” has been detrimental to the country.
President Biden’s latest pitch for “Bidenomics” is an admission of weakness. He and his team can read the polls. They can see that voters’ dismal assessment of the economy is dragging him down. His solution is to talk up job numbers and investment figures, boast about factory construction, note that inflation is on a downward slope, highlight his ties to organized labor, remind the electorate that he’s doing his best to eliminate annoying consumer fees.
The strategy is familiar. It uses rhetoric as a substitute for performance. If voters disliked what you were selling, don’t change the product, market it differently. Call it “Bidenomics.”
Neither the clever slogan nor the most eloquent spokesman can disguise the underlying reality. Not only has Biden presided over a decline in real average hourly earnings, his policies are responsible for the loss of purchasing power. The worst inflation in 40 years did not come out of nowhere. It was goosed by Biden’s American Rescue Plan Act. That bill, passed early in 2021, flooded a recovering economy with $2 trillion in fiscal stimulus on top of the trillions spent the previous year to sustain America during the pandemic. The spending splurge, in combination with restrictive energy and trade policies, generated the inflation that has dogged Biden’s presidency.
