The Biden re-election campaign’s decision to brand the economy under the president’s name (Bidenomics) is backfiring.
Their decision confirms the administration’s disconnect with the public’s frustration over skyrocketing inflation and supply chain issues.
Three months after rolling out the term, some Democrats fear Biden made a serious misstep.
Several top Biden allies have privately raised concerns about the phrase to the White House, according to two people familiar with the back channeling.
Rep. Steven Horsford, who chairs the Congressional Black Caucus, said in an interview this week that he’s warned the White House that the Bidenomics brand is built on shaky ground.
“With all due respect to the president, to the White House, this is not so much about them as it is the people who are benefiting by the policies that they came out and demanded,” said Horsford (D-Nev.). “We have to do a better job framing this not so much for one person — for the office of the presidency — but for the people.”
Regardless of the low poll numbers, the administration continues to insist that the government is best suited to drive down prices and make economic decisions on behalf of Americans.
This mentality has produced a host of failed policies such as massive subsidies for electric vehicles, market-distorting price controls for prescription drugs, strict limitations on oil and gas extraction, and controversial handouts for large woke corporations and blue run state governments.
In the real world, many middle- and working-class Americans are feeling the economic ramifications of the administration’s failing Marxist agenda.
- Bloomberg reported this week that Americans outside the wealthiest 20% of the country “have run out of extra savings and now have less cash on hand than they did when the pandemic began,” according to a Federal Reserve study on household finances.
- Consumers buying new houses or cars are starting to feel the sting of higher interest rates, especially now that some of the savings stored up during the pandemic have been spent.
In addition to Biden’s age and cognitive decline, the economy is the main President Biden’s re-election is in serious doubt.
As of September 2023, most polls have him virtually tied with Donald Trump in terms of the national popular vote—an outcome which, even if he improved his margin by a few percentage points, would result in an Electoral College loss for the president.
Even two-thirds of Democratic voters do not want him to run for re-election.
Looking at issue polling, the most giant millstone around Biden’s neck has been the performance of the economy. According to a recent poll from the Suffolk University Sawyer Business School and USA Today,
Nearly 70% of Americans said the economy is getting worse, according to the poll, while only 22% said the economy is improving. Eighty-four percent of Americans said their cost of living is rising, and nearly half of Americans, 49%, blamed food and grocery prices as the main driver.
The President published an op-ed in the Milwaukee Journal Sentinel touting the ways in which “Bidenomics is working.”
More than 13 million jobs, including 800,000 in manufacturing. Unemployment below 4 percent for the longest stretch in 50 years. More working-age Americans are employed than at any time in the past 20 years. Inflation is near its lowest point in over two years. Wages and job satisfaction are up. Restoring the pensions of millions of retired union workers – the biggest step of its kind in the past fifty years.
Some prominent Democrats are now openly criticizing the Biden campaign’s strategy, arguing that it appears to be in denial of Americans’ economic reality.
- “We have to do a better job framing this not so much for one person — for the office of the presidency — but for the people,” Rep. Steven Horsford (D-Nev.) told Politico.
- “I’ve never understood why you would brand an economy in your name when the economy hasn’t fully recovered yet,” Michael LaRosa, a former spokesman for Jill Biden, told the publication.
- “Whatever stories Americans are told about the strength of the economy under President Joe Biden, they are not going to be persuaded to look past the issue of their own living standards,” liberal economist James Galbraith wrote.