Despite inflation slowing from its near-double-digit peak, the economy remains President Joe Biden's biggest roadblock to reelection. Hence, he unleashed a risky strategy last week to reverse the narrative by embracing 'Bidenomics,' a phrase first used as an insult. He wants to turn it into a…
Despite inflation slowing from its near-double-digit peak, the economy remains President Joe Biden's biggest roadblock to reelection. Hence, he unleashed a risky strategy last week to reverse the narrative by embracing"Bidenomics," a phrase first used as an insult. He wants to turn it into a winning brand featuring intervention and a rejection of what he tediously labels"trickle-down economics.
Just a third of adults polled by the Associated Press approve of Biden's economic performance. Contrary to the claims of the president's allies, that's not because of conservative criticism, but rather a matter of dollars and cents. But, of course, he did so anyway, so he could claim to be the motor of the economy instead of just a fellow who hopped on for the ride. Biden spent $1.9 trillion more on the American Rescue Plan, producing a tidal wave of short-term spending. Federal Reserve Chairman Jerome Powell made the costly and mercenary decision to finance Biden's spending until the president nominated him for a second term.
At the same time, Biden crushed economic output. Whereas the previous administration's deregulatory agenda reduced average annual household costs by $11,000, according to University of Chicago economics professor Casey Mulligan, Biden's new regulations cost $10,000 per year.
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