Syndicated columnist Veronique de Rugy says 'Bidenomics' is no more than a new brand on old-time deficit spending.
Politics is sometimes little more than marketing. As evidence, behold the sudden use of the term"Bidenomics" by Democrats to describe administration policies of the past few years. Indeed, what's being branded as"new" is nothing but the same old program of big spending, big regulations and big cronyism. The only difference is that it's on a much bigger scale.
Begin with Bidenomics' hallmark: record spending. The president likes to claim he's cut the deficit, but his allies in a unified Democratic Congress have enacted $5 trillion in new spending over the decade. In an old-fashioned move, they have put most of it on Uncle Sam's credit card rather than engaging in the politically unpopular move of paying with new taxes and spending offsets. As a result, annual budget deficits will grow over the next 10 years to around $3 trillion.
If Bidenomics is about building up the middle class -- as the president claims -- it isn't cutting it. Since 2021, real wages have fallen every month. Not surprisingly, the fight against inflation has raised interest rates and mortgage rates, putting pressure on millions of household budgets. by signing up you agree to our terms of service While few people deny that most of the inflation surge was created by Biden and Congress' extravagant spending, some of it was the result of a continued comfort with constraining the available supply of goods and services. Take, for instance, the administration's early support for COVID-19 lockdowns and mandates coupled with its refusal to remove the Trump-era tariffs that were helping to keep prices elevated.
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