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The Real Bidenomics Ain’t Pretty

AP Photo/Manuel Balce Ceneta

There is no shortage of social media posts and speeches from Joe Biden boasting about the economy and trying to make “Bidenomics” a positive thing in the eyes of Americans.

“Unemployment near a record low, and 13.4 million jobs added since I took office: that’s Bidenomics,” he claimed in a tweet on Friday. “We’re growing the economy even as inflation is at its lowest level in more than two years. It isn’t an accident. It’s results.”

Tell that to the American people. A new CNN poll found that a mere 37% approve of Biden’s handling of the economy, and a stunning 70% disapprove of how his administration has addressed inflation. Americans aren’t buying the rhetoric Biden is pushing, and there’s a reason for it. Actually, a lot of reasons.

On Friday, the latest jobs report came out, revealing that the economy added just 187,000 jobs in July — which was lower than economists were predicting. The disappointing jobs report is the second in a row this summer. On top of that, payroll numbers have continuously been revised downward every single month of this year. This is a very bad trend that speaks poorly of the economy.

Despite Biden’s claims to have brought inflation down, prices are actually 16.6% higher than when he took office, and many economists predict that a recession will happen before the election next year. It gets worse. For all his talk about supporting the middle class, the average middle-class household has lost over $33,000 in real wealth in the past year alone.

Bidenomics, indeed.

Meanwhile, average U.S. gas prices are currently $3.83 per gallon, which is more than $1.40 higher than when Biden took office. And gas prices have a huge impact on the prices of goods because of how they influence the cost of transportation and production. When the costs of goods are higher, Americans have reduced purchasing power for the things they want because they’re struggling to afford the necessities.

Related: Obamacare, Bidenomics, and the Messaging War

But Bidenomics is even bigger than that. The United States just had its top credit rating downgraded. Only two presidents have seen the nation’s credit rating downgraded on their watch: Joe Biden and Barack Obama. Considering the way Joe Biden has modeled his presidency after Barack Obama’s, recycling the same bad policies and making them worse, one could speculate that it’s not a coincidence. Even black Americans are struggling to recover under Biden, just as they did under Barack Obama. I wouldn’t call that a coincidence, either.

In any case, this current downgrade comes amidst concerns over the economy’s stability, raising questions about the path ahead for the country’s financial standing at a time when Joe Biden wants you to believe everything is just peachy.

But that just isn’t the case, and Biden repeating over and over that things are great doesn’t change the reality that Americans are struggling, thanks to him and his policies.

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