In a speech in Chicago on Wednesday, President Joe Biden continued to gaslight Americans about the state of the economy, claiming it’s strong thanks to his policies. In reality, his administration is responsible for declining real wages, historic inflation, and anemic economic growth.
Biden is narcissistically trying to rebrand his tired and failed big government economic approach as “Bidenomics.” Let’s be clear: “middle-out” and “bottom-up” economic growth are simply euphemisms for the same old tax-spend-and-regulate policies that reduce entrepreneurship and grind the economy to a halt.
Republicans want money to stay in the hands of small businesses and on Main Streets, where it can be used productively to create economic opportunity rather than being sent off to Washington, where it is wasted. Only by strawmanning this successful free market approach as “trickle-down” economics can Biden trick people into supporting his big government agenda.
Bidenomics has been an utter failure. Reckless spending has increased inflation by more than 15 percent since the start of Biden’s term. Deficits remain far above their prepandemic level. Regulations and tax hikes have resulted in anemic economic growth and a recession last year. Bidenomics is tantamount to stagflation.
This desperate Bidenomics PR stunt won’t change the fact ordinary Americans and small businesses are worse off than they were four years ago. Bidenomics is merely a failed rebrand of big government failure.
Alfredo Ortiz is president and CEO of Job Creators Network and author of The Real Race Revolutionaries: How Minority Entrepreneurship Can Overcome America’s Racial and Economic Divides.