Bidenomics making EVERYONE POOR - what an absolute disaster

President Joe Biden embarked on a nationwide tour to emphasize the success of his economic policies, commonly referred to as "Bidenomics." The tour has been perceived by some as more of a public relations attack against predecessors rather than an honest review of his economic achievements.

Despite his promotion, public approval of his economic record is low, reflecting concerns over soaring federal debt, increasing inflation, and unchanging real incomes. The projected annual budget deficits, which were under $1 trillion before the pandemic, are expected to near $3 trillion in a decade.

Critics argue that the Democratic government's $5 trillion in spending and bailouts is responsible for much of the present economic turmoil. The $1.9 trillion American Rescue Plan, for instance, is accused of turning modest post-pandemic inflation into an outright crisis, leading to a 16% price increase since Biden's inauguration, and costing the average household more than $10,000.

The middle class has been significantly affected by rising inflation and decreasing incomes, as well as both increased mortgage rates and home prices. While the stock market performed positively in 2021, it has declined almost 10% since the beginning of 2022, and debt levels are growing.

The administration's "pro-worker" and "pro-investment" policies have also come under scrutiny, seen by some as reviving outdated big government failures. Measures such as tariffs, protectionism, and deliberate increases in labor costs are blamed for hindering American competitiveness, worsening inflation, and sparking potential retaliation from trade partners.

Additionally, the administration's investment initiatives, such as the CHIPS Act and the $370 billion infrastructure law, have reportedly encountered regulatory delays and considerable cost overruns. The overall approach of "Bidenomics," reliant on extensive subsidies and regulations to protect favored industries, is seen as a system that benefits large labor and politically allied industries at the expense of consumers and taxpayers, leading some to label the president's economic record as a failure.

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