Over the past week, U.S. president Joe Biden has been engaged in discussions regarding his economic agenda, commonly referred to as “Bidenomics,” with the aim of establishing a strong groundwork for his 2024 reelection campaign. Emphasizing the potential to revive the cherished “American dream,” Biden has passionately advocated for his plan. Nevertheless, the president’s approval rating has been extremely lackluster, as indicated by a recent Realclearpolitics poll, which reveals that merely 24% of the adult population perceives his economic leadership as effective.
Americans Are Skeptical and Doubt the Effectiveness of ‘Bidenomics’
The current president of the United States believes that emphasizing his administration’s economic plan called “Bidenomics” will aid in solidifying his re-election campaign for 2024. Biden’s approval ratings have been notably low lately, and his team believes that the highly skeptical American public will embrace his Bidenomics theme. “Trickle-down meant slashing public investment that helped drive long-term growth,” Biden tweeted on Tuesday, asserting that “under Bidenomics, we’re turning this around.”
The responses to Biden’s tweet indicate that many Americans lack respect for the president and doubt the effectiveness of Bidenomics. One person responded with a meme stating, “The only thing deeper than our national debt is the Biden’s family corruption.” Another individual commented, “Fire whoever came up with Bidenomics.” Others highlighted that this Fourth of July weekend will be the second most expensive in the past decade. In an opinion editorial on Rollcall.com, author David Winston explains that Bidenomics will not address the president’s economic challenges.
“Unfortunately, cherry-picking and manipulating data to serve Biden’s reelection efforts has become the hallmark of the administration’s communications strategy,” Winston detailed. Biden has faced criticism for selectively choosing and sharing “highly misleading” statements about his economic achievements on Twitter. On June 21, Biden tweeted, “I cut the deficit by 1.7 trillion dollars in two years – that’s more than any president on record.” However, Twitter’s Community Notes intervened to correct Biden’s false claims, stating that “fact-checkers have disputed its accuracy.”
During the Biden administration, the United States experienced a surge in inflation, reaching the highest level in 40 years. Polls indicate that Americans perceive Biden’s plans as detrimental to the economy, and public sentiment towards the economy is at its lowest point in years. Criticism has been directed towards Biden for imposing increased taxes on American businesses, with concerns that his tax policies disproportionately affect the lower and middle classes instead of targeting the wealthy. Additionally, the federal funds rate has reached its highest level in over 16 years, leading to a credit-tightening situation nationwide.
Furthermore, during Biden’s presidency, the United States experienced the second, third, and fourth-largest bank failures in American history. Last year, the Biden administration faced allegations of propaganda and altering the technical definition of a recession. The U.S. House Ways and Means Committee reported that the economy, under Biden’s policies, fell short of expectations in seven out of the last eight economic growth reports. Critics have raised concerns about the broad scope of Biden’s climate change policies and the associated high costs. Tackling climate change under Bidenomics is projected to cost approximately $400 billion, and some individuals believe that economic prosperity and climate change are unrelated.
Many critics assert that Bidenomics has proven unsuccessful for the United States thus far, and they advocate for an alternative approach. Biden’s approval rating currently stands at 41%, with only 34% of Americans believing that he is effectively managing the economy. In an opinion editorial published in The Washington Post, one author contends that “Bidenomics” is ineffective. The author points out that a front-page article on June 29 presented a summary of the U.S. president’s plan, but neither the Biden administration nor newspapers address the concerns that occupy voters’ minds during polls.
Is Bidenomics the key to economic revival or a recipe for disaster? We want to hear your thoughts. Share your perspective on the president’s economic agenda and its impact on America’s future in the comments section below.
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