Bidenomics Has Failed The United States

Since President Joe Biden took office in January 2021, his economic policies, dubbed "Bidenomics," have been a central focus of both praise and criticism. Bidenomics emphasizes building the economy from the middle out and the bottom up, rather than the top down, with a focus on green energy, support for union participation, and increased taxes on wealthy individuals and corporations. Key legislation enacted under Bidenomics includes the American Rescue Plan Act of 2021, the Inflation Reduction Act of 2022, and the CHIPS and Science Act of 2022.

The Biden administration touts the job creation and economic growth achieved during its tenure as evidence of the success of its policies. Biden himself has emphasized the creation of more than 13 million jobs, a lower unemployment rate, and the lowest unemployment rates for African Americans, Hispanics, people with disabilities, and women in decades. Despite these claims, critics point to the high inflation and interest rate hikes as negative consequences of the administration's economic approach.

The current numbers touted by the Biden campaign paint a mixed picture of the impact of Bidenomics. On the one hand, the U.S. economy added 303,000 jobs in March, significantly more than the 200,000 economists expected, with the unemployment rate falling to 3.8%. However, the average gas prices increased by 47.8%, groceries by 21.1%, and rent by 20.9% since January 2021. The inflation rate has also been a point of contention, with some arguing that Bidenomics has contributed to the rise in inflation, while others believe that external factors such as global supply chain disruptions and the war in Ukraine played a more significant role.

A closer examination of the data reveals that 72% of all job gains since 2021 were due to pandemic recovery, not new job creation, as stated by the Biden administration. Critics also point out that the labor force participation rate was stronger under Trump, and Bidenflation has outpaced wage growth almost the entirety of Biden’s term.

Furthermore, unemployment rates have been a point of contention. The Biden administration has touted the unemployment rate falling below 4% for the first time in more than 50 years and maintaining it for the longest period in history. However, these claims have been challenged, with some arguing that the unemployment rate is misleading due to a decrease in the labor force participation rate.

Supporters of Bidenomics argue that the policies have spurred nearly $500 billion in private-sector commitments and have led to significant investments in infrastructure, job training, and advanced manufacturing. However, critics point to the rising costs of living and the potential long-term impact of increased taxes on economic growth.

The impact of Bidenomics on the U.S. economy is a complex issue that is subject to various interpretations. While the Biden administration has made bold claims about job creation and economic growth, critics argue that these numbers are misleading and fail to account for the natural recovery of jobs from the pandemic. The true impact of Bidenomics on the U.S. economy remains a topic of debate and will continue to be scrutinized as the administration's policies unfold.