Biden’s right: His disastrous ‘Bidenomics’ is no accident

“Folks, it’s no accident. It’s Bidenomics in action.”

This dizzying refrain by President Biden and his team has been relentlessly repeated over the past month online, on television, and in speeches across the nation. The message is also heading to Pittsburgh and other cities across the country as part of the administration’s “Bidenomics” tour.

I will admit the slogan is largely true — but not in the way the White House intends.

Since the president took office in January 2021, the American people have watched as Bidenomics wreaked havoc on their 401(k)s, destroyed their financial security, and decreased their wealth by $33,000 just this year.

Remember the empty baby formula aisles amidst crippling supply chain shortages? That's Bidenomics.

How about the record gas and food prices, which forced some Americans to decide between feeding their family or filling up at the pump? That’s Bidenomics.

Or that American wages are failing to keep up with record inflation? That’s also Bidenomics — and has been going on for 26 straight months.

Unsurprisingly, the White House paints a much rosier picture of our national outlook. They’ve turned Bidenomics into a full-scale national press tour — misleading and deceiving the American public.

So, let’s examine each claim the Biden administration has made in recent days to misguide our families and what the reality is for many living in the United States.

“More jobs added in two and a half years than any president has ever created in a four-year term. And more reasons Bidenomics is working.” — President Biden on July 7, 2023

Let’s be clear: A job “recovered” from the pandemic is not the same as a job “created.” Biden gleefully smudges these numbers together and counts both as his own work — much like an ode to his law school days.

The claim that Biden created 13.2 million jobs is not only laughable but grossly inaccurate. According to the Bureau of Labor Statistics, President Biden has only created 2.2 million jobs over the past 29 months (discounting the pandemic recovery). That equals only 77,000 jobs per month created under his watch. Progress? Hardly.

“Inflation-adjusted income is up 3.5% since President Biden took office, and low-wage workers have seen the largest wage gains over the last year — helping power our economy.” — The White House on July 11, 2023

The president’s own federal government data doesn’t even support this claim. When President Biden took office, inflation-adjusted average hourly earnings were $11.41 per hour. Fast forward to today, and that number has dropped to $11.05 an hour.

I’m a lawyer and Navy veteran — not a mathematician — but even I know that’s a clear decrease, not an increase. Being told a lie doesn’t help American workers pay their bills. Real wage growth does.

“Bringing down inflation remains one of my top priorities.” — President Biden on July 6, 2023

It’s too bad this wasn’t the president’s actual focus on Jan. 20, 2021. He repeatedly fails to mention that his administration is the key driver for record inflation.

For months, President Biden and Treasury Secretary Janet Yellen took to the airwaves to proclaim that inflation was “transitory” or passed the blame on others with the equally bogus “Putin Price Hike.”

Of course, this was all nonsense. As usual, American families bared the brunt for this failed leadership and dealt with price increases not seen in 40 years.

“I cut the deficit $1.7 trillion in two years. Nobody has ever done that.” — President Biden on July 6, 2023

This may be the biggest falsehood of the bunch. Contrary to the president’s claim, his policies have added $3.5 trillion to the national debt. So, what is President Biden taking credit for this time? The expiration of emergency pandemic spending, which the Biden administration unbelievably attempted to extend long after the pandemic was behind us.

These deceptions relayed by President Biden and his surrogates showcase how disconnected Washington elites are from the middle-class families they serve and represent. No amount of ridiculous rhetoric can underscore the fact that prices have increased nearly 17 percent under the president’s reign, causing 57 percent of workers to say they’re living paycheck-to-paycheck.

That’s unacceptable. Americans are rightfully angry about the state of the economy — and I don’t blame them. 

Until six months ago, Bidenomics ran freely through the House, Senate and White House with little resistance under Democrat control. One consequence of this open season of spending was the laughably misnamed Inflation Reduction Act, which cost American taxpayers hundreds of billions of dollars. Prior to passage, the Congressional Budget Office concluded that its impact on inflation would be “negligible.” The University of Pennsylvania agreed, determining that “the impact on inflation is statistically indistinguishable from zero.” 

Ouch. 

Some may struggle to say it’s a mere coincidence that record inflation resulted from President Biden’s massive legislative spending. But not if were a former economic advisor of President Obama — or have a massive slip-up in a congressional hearing like Yellen, who admitted in December 2021 that Biden’s spending led to this inflationary disaster.

But hey, remember folks — this is all no accident. It’s Bidenomics in action.

Guy Reschenthaler represents Pennsylvania’s 14th District and is the House chief deputy whip for the 118th Congress.