Democrats are slowly realizing that the word “Bidenomics,” initially used to tout Joe Biden’s so-called economic achievements, has become synonymous with inflation, unemployment, and soaring gas prices, as Americans largely reject the term.
White House press secretary Karine Jean-Pierre has repeatedly touted Bidenomics as a success despite the US economy teetering of a depression.
Last month, KPJ brushed off concerns after being confronted by CNN host Victor Blackwell, who said Americans “aren’t very happy” with Bidenomics.
Meanwhile, 61% of Americans are living paycheck-to-paycheck, and polls show 75% of US adults think the economy is in a “fair” or “poor” state.
Democrats told Politico that the White House’s push on Bidenomics is a political failure.
“With all due respect to the president, to the White House, this is not so much about them as it is the people who are benefiting by the policies that they came out and demanded,” Democratic Nevada Rep. Steven Horsford said.
“We have to do a better job framing this not so much for one person — for the office of the presidency — but for the people.”
The chairman of the Congressional Black Caucus said Biden’s messaging surrounding Bidenomics is “built on shaky ground.”
“I’ve never understood why you would brand an economy in your name when the economy hasn’t fully recovered yet,” Michael LaRosa, a former spokesperson for first lady Jill Biden, said.
“People need to be able to see and feel an economy in their own personal bank accounts,” LaRosa added.
“And it doesn’t change no matter how loud you scream the economy is better.”
But White House aides have dismissed growing concerns among Democrats that Bidenomics is a failure, claiming that the worries are too early into the 2024 presidential race.
Some white House officials argued that some Americans do not feel the positive effects of Bidenomics.
Meanwhile, other White House officials believe that increasing the contrast between Biden’s economic policies and President Donald Trump’s will help them change American’s mindsets.
In 2021, Biden signed the American Rescue Plan, which allocated $1.9 trillion to economic relief following the COVID-19 pandemic.
Americans received stimulus checks while state governments had debt bailouts, and funds were used for vaccine rollouts under the American Rescue Plan.
In 2022, Biden signed the Inflation Reduction Act, a focal point of Bidenomics.
The act distributed about $750 billion in new spending, with a whopping $370 billion going to green initiatives to tackle so-called “climate change.”
In August, Donald Trump slammed the economic policies of Joe Biden, characterizing “Bidenomics” as “inflation, taxation, submission, and failure.”
The 45th president highlighted his administration’s achievements and how they contrasted with the current Biden administration.
“One of the most important issues in this campaign will be who can rescue our country from the burning records of Bidenomics, which shall henceforth be defined as inflation, taxation, submission, and failure,” Trump said in a video.
“On day one, the Biden economic BUST will be replaced with the historic Trump economic BOOM.”— Daniel Baldwin (@baldwin_daniel_) August 16, 2023
Bidenomics = Inflation & Failure
“On day one, the Biden economic bust will be replaced with the historic Trump economic boom,” Trump said.
“Any numbers you see that are economically positive in the Biden administration are because they’re running on the fumes of what we created years prior to their taking office.”
Trump drew comparisons between his administration’s economic performance and Biden’s, pointing out that gas prices, mortgage rates, and inflation were all more favorable under his watch.
“Under Biden, real incomes have gone down by $7,400 per family,” Trump said.
“Under President Trump, yearly income went up by more than $6,000.”