Bidenomics: It’s Getting Better All The Time

Every time a new Democratic president takes office, the Republicans predict doom. Back in 1993, Newt Gingrich predicted that Bill Clinton’s tax increase on the wealthy would bring on the worst recession since the Great Depression. Instead, Clinton’s economic policies created 22 million jobs, reduced unemployment from 7% to 4% and created a record budget surplus.

The Republicans doubled down on gloomy predictions when Barack Obama was president. John Boehner predicted “Armageddon” and Ben Sasse boldly predicted that America would “cease to exist.” Once again, the Republican predictions didn’t age well. Obama reduced the unemployment rate from 10% to 4.7%, created 12 million jobs and reduced the annual deficit by 67%. The economy created jobs in what was then a record 75 consecutive months.

Trump — like all recent Republican presidents — destroyed the progress made by the previous Democratic president. Trump’s failed response to the pandemic wrecked the good economy he inherited from President Obama. When Trump was in office, the unemployment rate increased from 4.7% to 6.7%, 12 million Americans lost insurance, 8 million Americans fell into poverty and the annual deficit increased from $585 billion to $3.1 trillion.

Republicans like to ignore Trump’s last eleven months in office and contend that everything was awesome in February 2020. That argument fails on two points. Between 2017 to February 2020, Trump was simply coasting on Obama’s hard won economic gains. In addition, like football, Trump’s presidency didn’t end at the conclusion of the third quarter. If football coaches were judged by the score at the end of the third quarter, Scott Frost would still be the Nebraska football coach.

Once again, the Republicans predicted doom and gloom if Biden was elected president. During the 2020 campaign, Trump prognosticated that: “The policies of the left would unleash an economic disaster of epic proportions.” He claimed that a Biden win would “destroy our country…We will go into depression.”

I like it when Republicans predict that a Democratic president will wreck the country. That always means that better times are ahead. As Warren Buffett likes to say: “Never bet against America.”

That long term historical pattern has continued under the Biden presidency. We are currently experiencing the Biden Boom. Just last week there was more bad news for the MAGA Republicans. Thanks to Bidenomics, the economy continues to improve. Let’s roll the tape.

“Over 13 million new jobs, including 800,000 manufacturing jobs. Unemployment below 4%, the longest stretch in the last 50 years. Inflation has slowed every single month for the last 12 months.” Joe Biden.

US consumer confidence jumped to a two year high as inflation continued to decline.

There are lots of economic developments breaking Biden’s way of late:

— inflation cooling

— labor market stays hot

— recession calls downgraded

— chips investments booming

The Labor Department reported that 161 million Americans were employed in April, marking the highest level ever and surpassing the previous peak of 158.8 million under Trump.

The share of people between 25 and 54 working or seeking jobs rose this year to the highest level since 2002.

Women’s employment has hit an all time high. In June, the national share of employed women ages 25–54, considered prime working age, hit 75.3%, the highest ever recorded.

Job satisfaction is at a 36 year high.

Bidenomics has the U.S. economy at the top of the G7.

LOWEST inflation rate

STRONGEST economic recovery by GDP

RECORD job growth

DROP in long-term unemployment

SOLID IMF outlook

The U.S. economy accelerated to a 2.4% annual growth rate from April through June. Morgan Stanley credited Biden’s economic policies with driving a surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product.

The stock market (SP500) is up about 35% since Biden was elected.

Federal Reserve Chair Jerome Powell said that the Fed staff is no longer predicting a near-term U.S. recession. Said Powell: “Given the resilience of the economy recently, they are no longer forecasting a recession.”

Spending on construction of manufacturing plants nearly doubled in the last two years after growing only 2 percent during the Trump Administration.

“A surge in government funding and related private investment is beginning to find its way to businesses and communities across the country, building electric vehicles, new bridges, airport upgrades and a host of other infrastructure and green energy projects that are juicing the economy — just when it needs it most,” the Washington Post reported.

It it turns out investing in our people, and being pro labor and manufacturing grows the economy. Bidenomics is rooted in the reality that the best way to grow the economy is from the middle out and the bottom up. Consumer spending accounts for about 70% of America’s gross domestic product. Putting more money into the pockets of America’s middle class and working families is the key to a strong economy.

Donald Trump is right about one thing. In 2004, he said: “I’ve been around for a long time and it just seems that the economy does better under the Democrats than the Republicans.”

In contrast, the GOP’s strategy is to cut taxes for the rich and corporations and hope that some day they create some jobs. It didn’t happen after Trump and the GOP cut taxes in 2017 for the rich and corporations. There was no investment boom and 85% of the corporate tax cuts were spent on stock buybacks.

What makes the Biden boom so interesting is that the “liberal” media has been perpetually surprised by the strength of the economy. The press won’t acknowledge the economy is strong because they believe that they would be taking sides. In reality, the press is siding with the GOP with their negative coverage of the economy.

“Has there ever been this great a gap between the media narrative and the reality? Has there ever been this much unanimity on a so-far wrong recession prediction?” Paul Krugman.

“If you are in the media you don’t have to call it Bidenomics but you should at least report that economic data is exceeding expectations. And if you were one of the experts trashing our rescue packages as dangerously large, it would be nice to hear from you.” Brian Schatz

“Weird to me watching reporters skipping over giving credit to Biden for the economy and going right into “why isn’t Biden getting credit for the economy?” It’s because you are turning a remarkable economic turnaround into a “here’s why this is bad for democrats” story.” Brian Schatz

Not coincidentally, Biden’s poll numbers are improving. The American people are beginning to notice that the economy is strong despite all of the doomsaying from the press and the GOP.

Here are the most recent polling results in July.

• Monmouth 47–40
• Quinnipiac 49–44
• YouGov/Yahoo 47–43
• Morning Consult 43–41
• Ipsos/Reuters 37–35
• YouGov/Economist 42–42 (Trump had a 4 point lead here in June)

Averaging these together gives Biden a 3.5 point lead over Trump. A late June NBC News poll had Biden up 4, and a new AARP poll of battleground House districts has Biden up 4, by a 47%–43% margin.

Apparently, it turns out that voters like creating jobs and lowering inflation more than getting indicted for federal offenses. Who could’ve imagined that?

Meanwhile, the House Republicans have shown that they simply can’t govern. It’s been a total clown show in the GOP House. What have they been up to?

The House Republicans have shown us pictures of Hunter Biden’s penis, investigated UFOs and announced their intention to shutdown the government on September 30 when the government runs out of money. “We don’t fear a government shutdown,” proclaimed Rep. Bob Good (R-Va.), “Why not?”

At the same time, Kevin McCarthy and Don Bacon are on board with plans to impeach President Biden even though they have admitted that they don’t have any evidence. Apparently, the House Republicans are planning to impeach Biden for ruining their recession plans.

The choice in 2024 couldn’t be more clear. Do you want to see pictures of Hunter Biden’s penis and to impeach Joe Biden? Shutdown the government? UFO investigations? Vote Republican.

Do you want lower inflation and unemployment? Expanded health care? Vote Democratic. The choice is clear! Vote Blue to protect this progress!

It’s the MAGA Republicans or America in 2024. Choose wisely.