https://thehill.com/opinion/finance/4371449-bidenomics-is-a-flop-and-america-knows-it/
“Wages for workers are up!”
That was the sunny news delivered by President Biden at a recent campaign stop. Is it true? Not really. Though real wages have finally trended slightly higher, Americans are still underwater since Biden entered the Oval Office.
The Biden camp may have dropped talking up “Bidenomics,” but the spiel’s half-truths and tone deafness live on.
The Biden reelection campaign is still trying to sell its economic policies to skeptical voters, even as a recent Wall Street Journal shows that “Only 23% of voters say Biden’s policies have helped them personally, while 53% say they have been hurt by the president’s agenda.” Biden’s pitch hasn’t worked, isn’t working and won’t work. But, they aren’t giving up.
Joe Biden is unhappy about his poll numbers — as well he should be. They are historically terrible; the only person those low grades could possibly please is Jimmy Carter, who no longer sets the benchmark for most unpopular president ever. According to Real Clear Politics, Biden’s average approval rating across all polls stands at 40.5 percent; that compares with44.5 percent for Donald Trump at the same point in his presidency, 46.5 percent for Barack Obama and 58 percent for George W. Bush.
Biden apparently laid into his team before Thanksgiving, demanding his aides do something to improve his standing. The upshot is yet another salvo from the White House about the wonders of Bidenomics, including the usual rewriting of history about what a catastrophe Joe Biden faced as he took office in January 2021.
In a campaign event just recently, Biden claimed, “You know, when we started, the … economy was reeling.” White House spokesperson Karine Jean-Pierre reiterated that myth in a briefing a few days ago, saying the economy “was in a tailspin.” It was not; in the quarter he took office, the recovering economy grew 6 percent, unemployment was dropping sharplyand annualized inflation stood at 1.4 percent.
The president’s pitch rests largely on dishonest or misleading data, as is the case when Jean-Pierre touts the number of new business start-ups and applications as a sign that Bidenomics is working. As it happens, there was a big surge in new business applications — during Donald Trump’s presidency.
When Trump took office, in January 2017, monthly new business applications totaled 263,878; in December 2020, his last month, applications — at the height of the COVID panic — amounted to 349,734, an increase of 32.5 percent. So far in Joe Biden’s presidency, applications have actually dropped slightly, from 486,082 recorded in January 2021 to 464,838 last month.