President Joe Biden continues to tout all the successes of what he’s calling Bidenomics, taking credit recently for the fact that inflation is going down and unemployment is at low levels.
Yet, many economic experts are questioning what information Biden is looking at if he thinks the economy is doing well.
While speaking to union supporters in Philadelphia late last week, Biden talked about all the economic “achievements” of his administration, despite the fact that polls continue to show that voters aren’t convinced that the economy has improved much.
But, Biden said to the crowd:
“I’m not here to declare victory. We got a long way to go in the economy. I’m here to say we have more work to do. We have a plan that’s turning things around pretty quickly. Bidenomics is just another way of saying ‘restore the American dream.’”
Positive rhetoric like that is something that most American presidents have employed over the years. Economic experts, though, have been “amazed” that Biden is talking this way about the economy at this point.
Steve Forbes, the chairman of Forbes media, appeared on the Fox News program “America’s Newsroom” recently and said:
“A year ago, Joe Biden was calling himself the deficit cutter, the deficit slasher. This year, two and a half times the deficit is what it was a year ago. He says he’s bringing down inflation, still twice what it was when he came into office, and those prices are not coming down. Just the rate of increase is coming down.
“People’s credit card debt, where is that? Record high. Business investment is not what it should be, headwinds overseas.
“What kind of world does he think he’s living in?”
Despite these facts, Biden is still defending his economic plan and policies. He’s claimed credit for trimming up the federal budget by roughly $1.7 trillion, creating about 13 million new jobs and bringing inflation down.
The president made the claim about the deficit cutting in June, but even The Washington Post said those claims were “highly misleading.”
At least voters aren’t believing him when he’s spewing all of this rhetoric. Fox News held a poll in June that found that the president has a disapproval rating of 60% when it comes to the economy. That’s actually an improvement of 7% from the year before, but it’s still a very high number.
Steve Moore, who once served as one of former President Donald Trump’s economic advisers, agreed with those sentiments last week when he said the economy isn’t working for most Americans. He explained:
“The people that have really been the victims of the Biden policies have been middle-class Americans. Inflation is coming down, no question about it. It was 9% this time last summer. It’s down to a little over 3% now, which is good news.
“But, guess what? That huge inflation that we saw in the first two and a half years of Biden’s presidency is now baked in the cake. In other words, if you go to the grocery store, or you go to get your gas fill up, or you buy an airline ticket or buy meat, all of those things on average are up 15.5%. And that’s going to continue as we continue to have this inflation.”