President Joe Biden trumpeted his economic policy last week in South Carolina. “Here’s the simple truth about trickle-down economics: It re — it — it represented the moment when we walked away from how this country was built. Bidenomics is just another way of saying ‘restoring the American Dream.’ Forty years of trickle-down limited that dream to those at the top.”
What is he talking about? The only people who have consistently held down economic growth and prosperity for everyone have been top-down control fanatics such as Biden and Barack Obama who really believe the American economy starts from the top in the government they control.
Theirs is the true “trickle-down” economics ― literally. They promise great jobs and high wages ― and all they do is slow economic growth to a trickle. Then they try to tell you how great things are even though everyone can see high inflation, high interest rates and low job prospects right before their very eyes every day.
In the 10 years under both Biden and Obama, the U.S. economy has never grown robustly. Obama called sub-2% annual growth under his reign “the new normal.”
Any real economic growth coming out of a recession below 3% is “abnormal.” Here are the real GDP growth rates expected under Biden’s policies if ― somehow ― he makes it until 2028: 2022 1.9%; 2023 0.3%; 2024 1.8%; 2025 2.7%; 2026 2.4%; 2027 2.3%; 2028 2.0%.
Perhaps the best adjective to ascribe to Bidenomics would be “mediocre.” At best.
Biden and the left don’t understand business or economics at all. They adhere to a failed economic policy dating back to the New Deal during the Great Depression.
If massive government spending and control of the economy were ever going to work in America, it would have been during the Great Depression of the 1930s. Try as they might, the bureaucrats surrounding FDR never lifted the economy out of the Depression over an entire decade with their phalanx of new federal programs and wage-and-price controls to the max.
FDR’s trusted economic adviser and main architect of the New Deal, Henry Morgenthau Jr., testified before the House Ways and Means Committee on May 9, 1939. He said all of the top-down directive spending by Washington did not work to put people back to work to revive the economy.
“We have tried spending money,” he said. “We are spending more than we have ever spent before and it does not work. … I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. … I say after eight years of this administration we have just as much unemployment as when we started. … And an enormous debt to boot!”
Biden and the leftist socialist Democrats promised to spend as much federal taxpayer money as possible to turn the world into a Jetsons-esque clean energy transportation utopia; build bridges and roads which would employ every blue-collar worker in America and pay off all student debt.
They have failed miserably. The Supreme Court has ruled much of their government intrusion unconstitutional, which is no surprise to everyone who tried to tell them not to vote for Biden in 2020.
Being wrong, ineffectual and unconstitutional is no way to go through life as president of the United States, Mr. President.
On top of everything else, Bidenomics will, without your consent, borrow trillions of dollars to pay for more of their misguided federal initiatives even if you disagree with their climate or COVID-related employment policies ― and then make you, your children and your grandchildren suffer higher rates of inflation as they sacrifice their standard of living to pay it down after we are all long gone.
“Bidenomics is just another way of destroying the American Dream.” That is the truth about this president’s policies. The sooner everyone understands that fact of life means we can all look to replacing him with another president next year; turn the page and move on.