What is Bidenmix? In a word, failure.

This is painfully evident every time a president tries to defend his indefensible economic record.let’s think about him recent speech in Chicago. Fact-poor and rhetoric, President Joe Biden attacked Strowman for “trickle-down” economics while defending the merits of “Bidenomics.”

Unfortunately, his story ran counter to data, including data from his own administration. (Related: Stephen Moore: ‘Bidenomics’ is a failure)

The president has painted the last 40 years of economic history as the failed execution of economic theory, but never in those 40 years of failed years has inflation been this high during his presidency.

But a year and a half into Mr. Biden’s presidency, Mr. Biden sped up inflation so quickly that in a month prices rose almost as fast as they did in the entire year before he took office. rose at That inflation was caused by extravagance, funded by borrowed and printed money.

And the spending is Biden’s second misrepresentation. He claims to have cut the deficit, but nothing could be further from the truth. If Biden hadn’t done anything, the temporary COVID-19 spending expiry would have slashed the deficit so much that it’s now actually in the black. Instead, the president ran a huge deficit by signing a new spending bill.

In the current fiscal year, the cumulative deficit for the first five months exceeded the cumulative deficit for the first 11 months of the previous fiscal year. In other words, Mr. Biden is spending about twice as fast as he was a year ago.

And that federal debauchery has devastated American families by destroying real wage growth and increasing borrowing costs. Nominal hourly wages have jumped 11.8% since Mr. Biden took office, but prices are rising even faster, making big salaries less valuable than they used to be.

In addition, the growth of the Biden administration is crowding out private economic activity, especially private capital investment. This has contributed to the economic slowdown, which has resulted in a reduction in workweeks. As a result, real weekly earnings have fallen 5.1% since Biden took office.

For the average American family, the weekly salary increased by about $200, but the higher salary paid for about $100 less. The result equates to a $5,600 annual salary reduction.No wonder two-thirds of Americans do disapproval Biden’s handling of the economy has clearly deteriorated since he took office.

To understand how devastating this is, consider that annual inflation has outpaced nominal weekly income growth for 26 consecutive months, a record. But instead of addressing these very real concerns, Biden decided to attack the straw doll.

Biden cites the specter of “trickle-down” economics and blames this cloud of unclear ideas for all the problems he has created. Judging by what he’s saying, “trickle-down” economics means cutting taxes only for the wealthy, but I’ve been teaching macroeconomic theory and I don’t know how the term is defined. I’ve never seen one at all.

Not only is “trickle-down” unacceptable as an economic theory, but over the past 40 years, Biden’s predecessors have not defended it, much less practiced it. For example, former President Donald Trump signed tax cuts that disproportionately benefited low-income earners and even increased taxes for some high-income earners. Similarly, former President Ronald Reagan cut taxes across the board, with the highest earners experiencing the biggest tax cuts, but real wages rose across all income groups as both inflation and unemployment fell. bottom.

This is in stark contrast to Biden’s policies, which, contrary to Biden’s claims, have hurt nearly everyone, but the low-income earners the hardest. be. The president says the real incomes of workers in the bottom half have increased since he took office, but data from his own administration show the opposite.

Real earnings in the first and second income quartiles are down more than 2% and 3%, respectively. With those two groups making up the bottom half of the income, Biden’s claims cannot be true.

The president’s economic policies were disastrous. Simply put, American families cannot afford to live in Biden’s America. With falling real wages, persistent inflation, and record levels of consumer and federal debt, Bidennomics can be summed up as a failure.

EJ Antoni is a financial economist at The Heritage Foundation.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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