After months of deflecting criticism over his handling of the economy, President Joe Biden leaned on the issue on Wednesday with a major speech on “Bidenomics” — his plan to tax the wealthiest and invest in growth.
Republicans jumped at it and seized the opportunity to tie Biden even more tightly to months of inflation and recession warnings.
Jason Miller, a senior adviser to Donald Trump, tweeted, “Thank you, Joe Biden, for embracing the term ‘Bidenomics.’ This is your economy, okay!’
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 Bidenomics is,” he said. “Everyone pays more for basic necessities of life.
President Joe Biden delivered a major economic policy speech on Wednesday, pledging to make all billionaires pay more taxes to fund growth
“People are paying a lot more for groceries, paying a lot more for other necessities like utilities, the cost of buying a new house has gone up because all the lawyers have gone up.
So in Florida we are responsible for many of these jobs because we defied his policies. We had our state open, we have low taxes and a very strong regulatory environment that is favorable to business.”
It came after Biden a important economic policy speech Chicago on Wednesday, promising to target crypto traders and hedge fund managers with a push to make all billionaires pay more taxes.
It was intended as part of an effort to woo Americans who are skeptical that he is the best man to run the economy.
And it reflects months of frustration that Biden is not getting the credit he deserves for an economic recovery from the COVID-19-induced recession.
After a year of inflation and record gas prices, a poll for DailyMail.com last week found 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; train workers to expand the middle class; and stimulating economic competition to reduce costs.
The name was purposely designed to reflect “Reaganomics,” which Biden said was a discredited trickle-down theory that failed to invest in key infrastructure.
Some 52 percent of all voters think they are worse off now than when Biden took office. White House officials are frustrated that Biden isn’t getting credit for a post-COVID-19 recovery
“I can tell you what ‘Bidenomics’ is,” Florida Governor Ron DeSantis said in an interview with Fox News. “Everyone pays more for basic necessities of life.
Jason Miller, an adviser to Donald Trump, thanked Biden for taking his responsibility
“This view is a fundamental break from an economic theory that has failed the American middle class for decades,” Biden said.
Earlier, when he left the White House, Biden brushed off warnings that the economy would only get worse.
“I’ve been hearing every month that there’s going to be a recession next month,” he told reporters.
“The consensus is that two-thirds of economists and major banking leaders think we won’t have a recession. I don’t think we will either.
“But I’ll tell you one thing… we’re cutting prices across the board. That’s what I’m going to talk about today.’
Alfredo Ortiz, president of Job Creators Network, dismissed the speech, saying the president was responsible for falling wages.
President Joe Biden envisioned leaving the White House on Wednesday morning on his way to a major economic policy speech in Chicago
National Economic Council Director Lael Brainard (right) briefed journalists on Tuesday ahead of the speech with Deputy Press Secretary Olivia Dalton
President Biden continues to make fun of Americans about the state of the economy, claiming that it is strong because of his policies. In reality, his government is responsible for falling real wages, historic inflation and weak economic growth,” he said.
Biden is narcissistically trying to rebrand his tired and failed economic approach to big government as “Bidenomics.”
Let’s be clear: “middle-out” and “bottom-up” economic growth are just euphemisms for the same old tax-spend-and-regulation policies that curb entrepreneurship and bring the economy to a standstill.
Republican donor Dan Eberhart said: “The Biden administration has spent trillions since taking office, yet would have you think that they somehow reduced the deficit and that the continued high inflation is not their fault.
“Another proof that they don’t live in reality.”
And the Senate Republicans’ Communications Center has released a list of price increases, based on data from the Bureau of Labor Statistics.
It shows that food prices are up 20 percent, gas prices are up 51 percent, and electricity prices are up 22 percent since Biden took office.