Americans hate to break it to President Joe Biden, but he may need more than an interesting name to characterize the state of the US economy and his plans to address it.
Biden has begun to use the term “Bidenomics” to define what he considers to be the excellent things his administration has done for Americans’ financial well-being.
Unfortunately for Biden, voters aren’t being convinced of the president’s Bidenomics 101 economic image.
As a result, people may identify Bidenomics 101 with far more negative implications than Biden anticipates as he prepares for reelection.
Why Americans are not embracing Bidenomics 101? The rise of inflation.
While things are beginning to improve following the pandemic’s serious economic implications, there are still some concerns. The most serious of these is inflation.
While interest rates have fallen from record highs last summer, high prices have persisted, and citizens are feeling the effects on their budgets. This is particularly true for core inflation, which eliminates the significantly more volatile prices for food and energy. Hence, it is apparent to the Americans why they cannot yet afford to support Bidenomics 101.
So, what exactly is Bidenomics 101? It appears to be the Democratic response to Reaganomics, which called for lesser regulation, taxation, and federal expenditure under Republican President Ronald Reagan’s leadership.
Reaganomics was a framework for allowing the free market to function. That is something Biden and the Democrats do not understand in their Bidenomics 101. More government, no matter how inhumane, is the answer for them.
President began office determined to go beyond failing trickle-down ideas and significantly shift the country’s economic trajectory. Bidenomics 101, his concept, is based on the idea that the best way to expand the economy is from the middle out and from the bottom up, according to the White House’s recent primer on Bidenomics 101.
Your guess as to what “middle out and bottom-up” actually means is as good as mine. Even Biden has seemed unsure of the term “Bidenomics,” which he apparently first heard coined in the media.
“I didn’t realize I had Bidenomics going,” Biden said last month. At a different event, he added that he doesn’t know what that means, but he thinks Bidenomics 101 is working.