President Biden is facing increased scrutiny from economic experts for touting the success of Bidenomics and taking credit for the nation’s low unemployment and decreasing inflation.
At a union supporter event at the Philly Shipyard in Philadelphia, the President asserted, “We have more work to do. We have a plan that’s turning things around pretty quickly. Bidenomics is just another way of saying ‘restore the American dream.’”
However, real evidence of the Biden economy is less than glowing. Voters in the latest Fox News poll show mistrust in the President’s ability to rebuild the economy, with his approval rating at only 60%.
Steve Forbes, Chairman of Forbes Media, took issue with the Biden administration’s rhetoric.
“A year ago, Joe Biden was calling himself the deficit cutter, the deficit slasher. This year, two and a half times the deficit is what it was a year ago,” he said. “He says he’s bringing down inflation, still twice what it was when he came into office and those prices are not coming down, just the rate of increase is coming down. People’s credit card debt, where is that? Record high. Business investment is not what it should be, headwinds overseas. What kind of world does he think he’s living in?”
Former economic adviser to President Trump Steve Moore offered his own analysis to “The Faulkner Focus” on Friday.
“The people that have really been the victims of the Biden policies have been middle-class Americans,” he said.
Moore then pointed to the 14% inflation rate since Biden has taken office – besting his 12% wage growth – meaning some Americans are struggling to stay above water.
“Who do you think gets hurt the most by inflation? People who have spent their whole lifetime building up their savings. So we estimate, for example, that the average 401(k) plan has lost about 40 or $50,000 in its purchasing power because of the high inflation and the fact that the market had not done so well,” he explained.
The issue, Moore continued, is particularly acute for the near-retirement population.
In the coming weeks, Biden, Forbes, and Moore will all continue working to find the truth on the US economy and who can take credit for any successes or failures. With only a year left until midterm elections, it’s clear this debate won’t die down anytime soon.