by Mitch Kokai
Senior Political Analyst, John Locke Foundation
After 40 years of “trickle-down economics,” Joe Biden says, “Bidenomics is just another way of saying restoring the American Dream.”
It’s not often that a politician openly pledges to bring the country back to a time of crippling inflation, high energy prices, and stifling interest rates. But this president is doing his best to keep that promise.
Unsurprisingly, “Bidenomics” is failing to gain traction among voters. This has caused consternation in the media. One thing to remember, though, is that “Bidenomics” isn’t really a thing. Unlike, say, “Reaganomics,” which helped bring about the largest expansion of the middle class in world history, the president does not subscribe to any coherent or tangible set of economic theories or principles. The White House defines its economic policy as being “rooted in the recognition that the best way to grow the economy is from the middle out and the bottom up,” which is just platitudinous gibberish.
“Bidenomics” encompass anything and everything that’s convenient for Democrats. And in this moment, it’s convenient for them to take credit for merely letting people go back to work. Biden, who once claimed that the Democrats $3.5 trillion “Build Back Better” plan cost “zero dollars,” isn’t exactly a math whiz. But when he says stuff like “13.4 million jobs have been added to our economy” under his watch, more than “any other president in a full 4-year term,” anyone with even a passing familiarity with the events of the years preceding 2023 knows it’s a lie of omission.
The notion that presidents “create” jobs is itself a fantasy. In this case, though, Biden supported efforts to shutter private businesses during the pandemic, basically closing down the entire economy, not only while running for president but after winning office.