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After months of fending off criticism of his handling of the economy, President Joe Biden on Wednesday leant into the issue with a major speech on ‘Bidenomics’ – his plan to tax the richest and invest in growth.
Republicans lapped it up, seizing on the chance to tie Biden even more closely to months of inflation and warnings of a recession.
Jason Miller, a senior adviser to Donald Trump, tweeted: ‘Thank you, Joe Biden, for embracing the term “Bidenomics.” This is your economy alright!’
Gov. Ron DeSantis, Trump’s main rival for the Republican nomination, used an interview with Fox News to make the same point
‘I can tell you what “Bidenmonics” is,’ he said. ‘It is everybody pays more for basic staples of life.
President Joe Biden delivered a major economic policy speech on Wednesday, promising to make all billionaires pay more in taxes to fund growth
‘People are paying way more for grocery, paying way more for other necessities like utilities, the cost of buying a new home has gone up because all the attorneys have gone up.
‘So in Florida, we’re responsible for a lot of these jobs because we’ve defied his policies. We had our state open, we have low taxes a very strong regulatory climate favorable for businesses.’
It came after Biden delivered a major economic policy speech in Chicago on Wednesday, promising to target crypto traders and hedge fund managers with a push to make all billionaires pay more in taxes.
It was intended as part of a push to woo Americans who are skeptical that he is the best man to manage the economy.
And it reflects months of frustration that Biden is not getting the credit he deserves for an economic rebound from the COVID-19 induced recession.
After a year of inflation and record gas prices, last week a poll for DailyMail.com revealed that 52 percent of all voters believe they are worse off since Biden took office.
Enter ‘Bidenomics.’ It’s the new buzzword for a plan that taxes the wealthiest to invest in areas critical to national security, such as semiconductors; educating workers to expand the middle class; and encouraging economic competition to lower costs.
The name is deliberately designed to echo ‘Reaganomics,’ which Biden said was a discredited trickle-down theory that failed to invest in important infrastructure.
Some 52 percent of all voters believe they are worse off now than when Biden took office. White House officials are frustrated Biden isn’t getting credit for a post-COVID-19 rebound
Jason Miller, an adviser to Donald Trump, thanked Biden for taking responsibility
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‘This vision is a fundamental break with an economic theory that has failed America’s middle class for decades now,’ Biden said.
Earlier, as he left the White House, Biden rubbished warnings that the economy was only going to get worse.
‘I’ve been hearing every month there’s going to be a recession next month,’ he told reporters.
‘The consensus is two-thirds of the economists and the major leaders of the banks think we’re not gonna have a recession. I don’t think we will either.
‘But I’ll tell you one thing … we’re bringing down prices across the board. That’s what I’ll be talking about today.’
Alfredo Ortiz, president of Job Creators Network, dismissed the speech, saying the president was responsible for declining wages.
President Joe Biden pictured leaving the White House on Wednesday morning on his way to deliver a major speech on economic policy in Chicago
Director of the National Economic Council Lael Brainard (right) briefed journalists on Tuesday ahead of the speech with Principal Deputy Press Secretary Olivia Dalton
‘President Biden continues to gaslight Americans about the state of the economy, claiming it’s strong thanks to his policies. In reality, his administration is responsible for declining real wages, historic inflation, and anemic economic growth,’ he said.
‘Biden is narcissistically trying to rebrand his tired and failed big government economic approach as “Bidenomics.”
‘Let’s be clear: “middle-out” and “bottom-up” economic growth are simply euphemisms for the same old tax-spend-and-regulate policies that reduce entrepreneurship and grind the economy to a halt.’
Republican donor Dan Eberhart said: ‘The Biden administration has spent trillions since taking office, yet want you to think that they’ve somehow reduced the deficit and that ongoing high inflation isn’t their fault.
‘Just further proof that they aren’t living in reality.’
And the the Senate Republicans Communications Center put out a list of price increases, culled from Bureau of Labor Statistics data.
It shows grocery prices have increased by 20 percent, gas prices are up by 51 percent and electricity prices have increased by 22 percent since Biden took office.
