What is Bidenomics?
We have all heard President Joe Biden talk about his economic vision calling it “Bidenomics.” But what is it?
This summer Biden summed up the Bidenomics philosophy as growing the economy from the middle out and the bottom up, not the top down.
I found several stories about “Bidenomics” on my computer and I will try to give you some information that NerdWallet recalled in a recent story by Anna Helhoski.
The story said that Bidenomics is a wordplay on Reaganomics, the nickname for the Reagan administration economic policies, which emphasized four pillars; tax cuts, deregulation, domestic spending cuts, and inflation reduction.
If you can remember back to the Reagan presidency, the economic times were very good and remained that way until the Democrats talked President George H. W. Bush into raising the taxes.
Bidenomics is a rejection of the trickle-down economic policies and replacing them with more government spending. They include making public investments in; infrastructure, semiconductors, clean energy and climate security. Number two of the Biden policy is empowering and educating workers to grow the middle class and the third is promoting competition to lower cost and help entrepreneurs and small businesses thrive.
The administration is expecting all of this to be funded by raising taxes on the rich people in America. As long as someone else pays the taxes, I am all for that. But, as past tax raises have shown, it’s all taxpayers that will shoulder the burden of paying more in federal taxes. If my memory serves me right, only about half of the population pay federal taxes and add to that the several million new illegals coming into our country, and I know that they are not paying any taxes.
And, how is the economy doing under Biden? The story concludes. “Since Biden first took office, the economy has been defined by opposing forces, namely high inflation and a relentless robust labor market. While price increases are slowing, costs remain elevated for the things consumers tend to care most about, especially staples like groceries and gas. The Federal Reserve’s attempt to tame the inflation by hiking interest rates has led to the highest mortgage rates in 23 years, making home ownership more unattainable for everyday Americans.”
It looks like to me that “Bidenomics” is more government spending, moving away from fossil fuels for our vehicles and heating our homes, and on top of that one of the upcoming election topics will be “Climate Change” which will be forced down our throat. You will be told that every natural disaster, forest fire, flood, earthquake, and ingrown toenail will be the result of climate change.
Thanks for reading! ~Carlton