{"id":1399115,"date":"2023-08-12T18:30:00","date_gmt":"2023-08-12T22:30:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1399115"},"modified":"2023-08-12T18:30:00","modified_gmt":"2023-08-12T22:30:00","slug":"bidenomics-has-been-a-disaster","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bidenomics-has-been-a-disaster\/1399115\/","title":{"rendered":"‘Bidenomics’ Has Been A Disaster"},"content":{"rendered":"

‘Bidenomics’ Has Been A Disaster<\/span><\/p>\n

\n

Authored by David Harsanyi via The Epoch Times,<\/em><\/a><\/p>\n

After 40 years of \u201ctrickle-down economics,\u201d President Joe Biden says, \u201cBidenomics is just another way of saying restoring the American Dream.\u201d<\/strong><\/em><\/p>\n

<\/a><\/p>\n

It\u2019s 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.<\/p>\n

Unsurprisingly, \u201cBidenomics\u201d is failing to gain traction among voters. <\/strong>This has caused consternation in the media. One thing to remember, though, is that \u201cBidenomics\u201d isn\u2019t really a thing. Unlike, say, \u201cReaganomics,\u201d 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 \u201crooted in the recognition that the best way to grow the economy is from the middle out and the bottom up,\u201d which is just platitudinous gibberish.<\/p>\n

\u201cBidenomics\u201d encompass anything and everything that\u2019s convenient for Democrats. <\/strong>And in this moment, it\u2019s 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 \u201czero dollars,\u201d isn\u2019t exactly a math whiz. But when he says stuff like \u201c13.4 million jobs have been added to our economy\u201d under his watch, more than \u201cany other president in a full 4-year term,\u201d anyone with even a passing familiarity with the events of the years preceding 2023 knows it\u2019s a lie of omission.<\/p>\n

The notion that presidents \u201ccreate\u201d jobs is itself a fantasy. In this case, though, Biden supported efforts to shutter private businesses during the pandemic, basically closing the entire economy, not only while running for president but after winning office. When Florida, and other states, attempted to ease some restrictions, Biden told them to \u201cget out of the way\u201d so that people could \u201cdo the right thing.\u201d The pressure exerted on states to \u201cdo the right thing\u201d was immense.<\/p>\n

All of which is to say that the president and his allies had far more to do with destroying jobs than creating them.<\/strong> We don\u2019t need to relitigate the efficacy of COVID policy here, but approximately 10 million of the jobs that Biden now brags about overseeing are just people coming back to the workforce after state-compelled lockdowns.<\/p>\n

Then again, if \u201cBidenomics\u201d had meant doing absolutely nothing, it would have been the president\u2019s greatest political accomplishment. <\/strong>But that would have meant allowing a crisis to go to waste. Instead, what \u201cBidenomics\u201d did help create was the biggest four-year inflationary spike under any president in 40 years.<\/p>\n

By the time the American Rescue Plan was passed, there was already too much money chasing too few goods. Tons of people warned about the consequences of dumping more money into the economy. Even when inflation began inching up, Biden dismissed it\u2014\u201cno serious economist\u201d is \u201csuggesting there\u2019s unchecked inflation on the way,\u201d he said. Democrats, of course, wanted to cram through a $5 trillion progressive agenda spending bill.<\/strong> So, when inflation became a big, nontransitory political problem, the Biden administration began arguing that more spending would help ease inflation.<\/p>\n

Again, the vital thing to remember about \u201cBidenomics\u201d is that it makes absolutely zero sense.<\/strong><\/p>\n

Only after inflation became a political issue did the Democrats rename Build Back Better the Inflation Reduction Act.<\/strong> It still contained all the historic spending, corporate welfare, price-fixing, and tax hikes, but, more importantly, it also still had absolutely nothing to do with mitigating inflation.<\/p>\n

None of this is to even mention the hundreds of billions \u201cBidenomics\u201d \u201cinvested\u201d\u2014the enduring euphemism for spending money we don\u2019t have\u2014in social engineering projects that would force us to abandon modernity in the name of \u201cclimate justice.\u201d This brand of spending was based on a (misguided) moral prerogative, not any kind of prudent economic decision making, to say the least.<\/p>\n

A writer in the New Yorker recently asked, \u201cWhy Isn\u2019t Joe Biden Getting More Credit for a Big Drop in Inflation?\u201d Probably because there is no \u201cBidenomics\u201d policy that has helped lower inflation. Quite the opposite. We\u2019re still trying to recover from the president\u2019s economic policy. It\u2019s the Fed that was compelled to hike interest rates at a level not seen in 30 years to inhibit economic growth partly due to government-induced inflation. It, not Biden, brought down inflation.<\/strong><\/p>\n

Presidents who oversee strong economies, often benefitting from the luck of history or existing policies, will see fewer jobs \u201ccreated\u201d during their terms because space for growth is limited. Biden was given more economic headroom than any president in history\u2014and blew it.<\/strong> That\u2019s the real legacy of \u201cBidenomics.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 08\/12\/2023 – 14:30<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/political\/bidenomics-has-been-disaster<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

‘Bidenomics’ Has Been A Disaster Authored by David Harsanyi via The Epoch Times, After 40 years of \u201ctrickle-down economics,\u201d President Joe Biden says, \u201cBidenomics is…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1399115","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-5RYn","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1399115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1399115"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1399115\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1399115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1399115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1399115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}