I regret to inform you that "Bidenomics" isn't going very well. Hiring slowed to a crawl in October while the prior months were revised downward. That news was accompanied by already incredibly high interest rates and a stagnant stock market. To the extent that people are staying afloat financially, there's no ladder to climb anymore. Building wealth is a pipedream for most of the middle class.
Of course, this was foreseeable. "Bidenomics" was always one of the worst White House messaging campaigns in modern history. Did the president himself come up with the idea? Or was it the brainchild of his comms department run by Karine Jean-Pierre? I don't know, but sticking the president's name on this Jimmy Carter-esque dumpster fire was moronic from a strategic standpoint.
Sure enough, the honeymoon is over. Everyone is turning on "Bidenomics."
No one seems to like “Bidenomics,” the eponymous shorthand for Joe Biden’s economic policies — not voters, not Democratic officials, not even, at times, the president himself.
It’s a term that mystifies Americans and confounds even its namesake. “I don’t know what the hell that is,” Biden said in a speech in Philadelphia earlier this year.
In a September focus group with Pennsylvania swing voters, one participant told the research firm Engagious that the concept was a “jumbled mess,” adding that “it’s really hard to explain.”
Who could have possibly predicted this, you might ask? The answer is anyone with a brain and the ability to look at the situation at the time. The economy was not good when "Bidenomics" was coined, which made its embrace a completely head-scratching move from the get-go.
Americans want affordable food and the ability to buy property and live the American dream. They don't care about fluffed-up jobs report propped up by overblown government spending. I've said it a dozen times if I've said it once: You can not lie to people about what's in their bank account.
Retirements are down, prices are up, and wages are lagging. That's what "Bidenomics" is. There's nothing positive about it. Rather, it's been a catch-all term for just how horrible the current economic malaise is. Worse is that there's no end in sight. How long will it take for interest rates to recede to affordable levels? Five years? A decade? And don't hold your breath on prices coming down. At best, we'll continue to see a slowing in their growth.
Again, that's "Bidenomics," and I think we've all had our fill of it.