Earlier this month, Monmouth University pollsters asked Americans how they were faring under the glories of Bidenomics. Their answer: not well and getting worse.
When questioned: “What is the biggest concern facing your family right now?” a quarter of them said “inflation.” Fourteen percent said “the economy,” and 11 percent said “everyday bills, groceries, utilities, etc.”
(Side note: Way down the list of concerns was climate change, at an invisible two percent.)
When asked: “Thinking about this most important concern, have the actions of the federal government (the Biden administration) over the past six months helped, hurt, or had no real impact…?” nearly half (47 percent) said they hurt, while just 13 percent said those policies have helped their finances.
More amazing is this: When asked, “Thinking about your current financial situation, would you say you are struggling to remain where you are financially, basically stable in your current financial situation, or is your financial situation improving?” fewer than one in 10 (nine percent) said “improving.”
This is not going according to plan. According to the socialist planners in Washington who believe that free market-principles no longer apply and that the best answer for everyone’s welfare is government planning and spending, Bidenomics was going to turn the economy around.
Joe Biden said so. In June 2023 he issued a briefing on Bidenomics:
[We] came into office determined to rebuild our economy from the middle out and the bottom up, not the top down [i.e., Reaganomics] — and that strategy is working….
While our work isn’t finished, Bidenomics is already delivering for the American people.
Our economy has added more than 13 million jobs — including nearly 800,000 manufacturing jobs — and we’ve unleashed a manufacturing and clean energy boom.
There were more than 10 million applications for new small businesses filed in 2021 and 2022 — the strongest two years on record.
America has seen the strongest growth since the pandemic of any leading economy in the world. Inflation has fallen for 11 straight months and has come down by more than half.
And we have done it all while responsibly reducing the deficit.
Socialist economist Paul Krugman, writing for The New York Times six months later, declared that “Bidenomics is still working very well,” adding that “the economic news in 2023 was almost miraculously good.… We got a combination of strong growth, unemployment near a 50-year low and plunging inflation.”
Monmouth University took a different approach in their poll asking real people facing the reality of the economy buffeted by Bidenomics (massive government spending on government programs, largely funded through new money created by the Federal Reserve) how they are faring. Said director Patrick Murray:
The overwhelming narrative is that a large segment of the American public feels it is financially behind the eight ball.
It is true that voters who feel more comfortable with their economic situation are likely to support Biden. But despite continued Democratic efforts to tout rosy economic indicators, the tactic of telling financially pessimistic voters they should feel differently does not appear to be working.
In fact, Trump’s economic policies — lower taxes, less government spending, and fewer regulations — worked so well that “in prior polls from 2017 to 2021, this sentiment [struggling to pay the bills] was much lower at 20% to 29%.”
A scan of recent reports on the economy reveals the failure of Bidenomics, despite the chorus from the kept media denying the facts:
- U.S. housing starts slumped in May
- Housing foreclosures rose (again) in May
- The Philadelphia Federal Reserve reported that its measure of factory utilization was flat in May
- Retail sales were weak in May, forcing Walmart and Pizza Hut (among many others) to continue shuttering their underperforming stores
- Real private (nongovernment) job growth is essentially flat
How well is the economy doing under Bidenomics? It’s best to ignore the politicians pontificating for political purposes touting its success, and ask the people.
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