https://www.city-journal.org/article/blue-collar-workers-reject-bidenomics
Since the election, commentators have pondered why the Biden administration’s left-wing and pro-union economic policies failed to win over working-class Americans. Many argued that Democrats’ cultural radicalism turned off those who would otherwise have embraced Bidenomics. While these voters were certainly angered by Democrats’ leftward turn on issues ranging from crime to gender ideology, they were at least as dismayed by the party’s economic policies. Even beyond the detrimental impact of inflation, nonprofessional Americans saw that the Left’s programs were not taking their concerns into account. Bidenomics was a big-government program, but it aimed to benefit a well-educated elite, not blue-collar workers and those of modest means. These Americans noticed.
Consider President Biden’s student-loan-forgiveness program. Though the Supreme Court struck down his larger plan, by election time Biden had successfully forgiven more than $175 billion in loans—over a tenth of all outstanding federal student debt. These subsidies for the college-educated were his most important executive effort; Vice President Kamala Harris pledged to continue student loan relief if elected.
The so-called Inflation Reduction Act was another bid to appeal to the well-educated. The law devoted hundreds of billions of dollars to support these voters’ climate obsessions and spending habits—for instance, by subsidizing electric vehicles. Far from being a populist giveaway, more than half the act’s estimated costs came from tax incentives to green corporations. This spending undermined workers in traditional hard-hat industries, such as automotives and fossil fuels.
Biden’s policies benefited industries with workers more likely to hold college degrees. The CHIPS and Science Act, for example, directed tens of billions of dollars in grants and subsidies to the semiconductor industry. With 25 percent of its members holding graduate degrees, the semiconductor workforce is much better educated than the general population. The industry estimated that the act will create jobs for tens of thousands of Ph.D., master’s, and bachelor’s degree holders.