‘Bidenomics’ Agenda Struggles to Gain Support – The president of the United States believes that emphasizing his administration’s economic plan called “Bidenomics” will aid in solidifying his re-election campaign for 2024. Biden’s approval ratings have been notably low lately, and his team believes that the highly skeptical American public will embrace his Bidenomics theme.
“Trickle-down meant slashing public investment that helped drive long-term growth,” Biden tweeted on Tuesday, asserting that “under Bidenomics, we’re turning this around.” The responses to Biden’s tweet indicate that many Americans lack respect for the president and doubt the effectiveness of Bidenomics. One person responded with a meme stating, “The only thing deeper than our national debt is the Biden’s family corruption.”
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Another individual commented, “Fire whoever came up with Bidenomics.” According to certain sources, this weekend’s Fourth of July celebrations will be the second costliest in the last ten years. In an op-ed piece featured on Rollcall.com, David Winston argues that the economic issues faced by the president cannot be effectively resolved through Bidenomics.
“Unfortunately, cherry-picking and manipulating data to serve Biden’s reelection efforts has become the hallmark of the administration’s communications strategy,” Winston detailed. Biden has faced criticism for selectively choosing and sharing “highly misleading” statements about his economic achievements on Twitter.
On June 21, Biden tweeted, “I cut the deficit by 1.7 trillion dollars in two years – that’s more than any president on record.” However, Twitter’s Community Notes intervened to correct Biden’s false claims, stating that “fact-checkers have disputed its accuracy.” Under the Biden administration, the United States witnessed a significant surge in inflation, reaching its highest point in four decades.
Surveys indicate that Americans view Biden’s plans as detrimental to the economy, and public sentiment towards the economy is currently at its lowest level in years. Criticism has been directed at Biden for implementing higher taxes on American businesses, raising concerns that these tax policies disproportionately impact the lower and middle classes instead of targeting the wealthy.
Additionally, the federal funds rate has reached its highest level in over 16 years, leading to a nationwide situation of tightened credit. Moreover, during Biden’s presidency, the United States encountered the second, third, and fourth-largest bank failures in its history. Last year, allegations arose regarding propaganda and the alteration of the technical definition of a recession under the Biden administration.
The U.S. House Ways and Means Committee reported that the economy fell short of expectations in seven out of the last eight economic growth reports, all under Biden’s policies. Critics have expressed concerns about the wide-ranging nature of Biden’s climate change policies and the associated high costs. Addressing climate change within the framework of Bidenomics is estimated to cost around $400 billion, and some individuals believe that economic prosperity and climate change are not directly related.
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Numerous critics argue that Bidenomics has demonstrated a lack of success for the United States thus far, advocating for an alternative approach. Currently, Biden’s approval rating stands at 41%, and only 34% of Americans believe he is effectively handling the economy.
In an opinion editorial published in The Washington Post, an author asserts the ineffectiveness of “Bidenomics.” The author highlights that a front-page article on June 29 provided an overview of the U.S. president’s plan, but neither the Biden administration nor newspapers address the concerns that weigh on voters’ minds during polling.