While President Joe Biden and the media continue to detail the sales-pitch elements of “Bidenomics,” as former President Donald Trump is mocking the strategy at the root of the “worse economic decline since the Great Depression.”
“‘ Bidenomics’ is the opposite of President Donald Trump’s historic economy,” said Trump’s campaign in a detailed statement that derided the president’s plan Wednesday.
“President’ Trump’s success is low taxes, low regulations, low inflation, maximizing American energy production for affordable energy, fair trade, and no job-killing globalist agreements.
“‘Bidenomics’ is high taxes, crippling regulations, crushing inflation, war on American energy, soaring energy costs, job-killing globalist intentional agreements like the Paris Climate Accord, and total economic surrender to China and other foreign countries. America first economics vs. America last.”
“Every plank of President Trump’s economy makes it easier, more attractive for American jobs, American workers, and American families in the U.S.,” continued the statement. “Every plank of ‘Bidenomics’ hurts jobs and workers in America and rewards outsourcers and foreign producers.”
“Biden and the radical Democrat Congress singlehandedly created the highest inflation in decades,” said the statement. “They spent trillions of dollars and pursued the socialist joke known as the Green New Deal.
“Now the inflation and high-interest rates that Biden caused have resulted in the Biden banking crisis — a disaster of historic proportions.”
Wednesday, President Biden made his pitch to a still-skeptical public that the U.S. economy is thriving under what he now touts as “Bidenomics” — although as a new poll showed that could be a hard sell as the foundation for his 2024 reelection campaign.
In a major campaign speech in Chicago, President Biden said the effort of his administration were sparking recovery after GOP policies had crushed America’s middle class. However, the poll said only 1 in 3 adults in the U.S. approves of his leadership on the economy.
The figure is 34% lower even than his overall approval rating of 41%, according to a NORC Center for Public Affairs Research-Associated Press survey.
President Biden’s approval numbers have barely budged over the past year and a half
The president’s approval figures have barely moved for the past year and a half, which concerns Biden, who is pursuing a second term on his ability to focus on workers and govern. He wants voters to connect bridge projects and local roads, the rise of renewable energy, and factory construction to the millions of dollars in initiatives he signed into law during the first two years of his administration.
“Bidenomics is about the future,” declared Biden in his Wednesday speech. “Bidenomics is just another way of saying, Restore the American dream.”
At the same time, Biden sought to paint previous GOP tax cuts as critically flawed, saying they helped the rich but failed the middle class for decades as the promised “trickle-down” benefits never seemed to come to the less wealthy.
As Biden departed Washington Wednesday, he said he believes the U.S. will avoid the recession that many economic analysts have been expecting. GOP leaders, including Speaker of the House Kevin McCarthy of California, said last year that the high inflation under Biden’s watch meant that “we are in a recession,” but many economists disagree with their definitions.
Republican officials say tax cuts have encouraged profits and business investments that have improved pay for workers and bolstered the stock market. At the same time, increased government spending would cause prices to continue to rise and waste money.