Republicans and Democrats have vastly different views on what President Biden’s new favorite term of the week—Bidenomica—means.
The Senate GOP Conference, chaired by Senator John Barrasso, Wyo., is launching a new memo urging senators to join the White House’s “Bidenomics” campaign — after the president delivered a speech calling the took credit for the economy under the new term.
What is Bidenomics? It is Washington’s inflationary spending, costly regulation and regressive taxes that are being touted by Joe Biden and Kamala Harris,” said the memo, obtained by DailyMail.com prior to its distribution to senators.
Such memos often drive focus for senators in their comments to the press.
The memo notes that prices have risen 16.2 percent in the two and a half years since Biden took office, according to the St. Louis Fed. It attributed the price increases to “Democrats [who] stalled by $3 trillion in partisan spending in 2021 and 2022, driving inflation.
Republicans and Democrats have wildly different views on what President Biden’s new favorite term of the week — Bidenomica — means
It noted that food prices are 20 percent upenergy costs increased by 36.3 percent, electricity by 21.3 percent and gas by 52.3 percent.
Bidenomics, for the president, is a joke against Reaganomics – and the trickle-down economic theory it preached.
“Here’s the simple truth about trickle-down economics, it didn’t represent the best of American capitalism, let alone America,” Biden said in remarks in Chicago. “It represented a moment where we walked away… from how this country was built, how this city was built. Bidenomics is about the future.
President Biden said at a rally earlier this month that he didn’t know what Bidenomics meant — but now the term is at the heart of the Biden team’s efforts to wrestle the focus on economic growth away from the Republicans.
“Bidenomics is about building the economy from the middle and bottom up, not the top down, by making three fundamental changes,” Biden said Wednesday.
‘First, invest smartly in America. Second, educating and empowering American workers to grow the middle class. And third, promote competition to reduce costs and help small businesses.”
The Republican memo, meanwhile, notes that credit card debt as a whole is a record near $1 trillion and the typical American household has $10,000 in credit card debt, according to a recent WalletHub estimate, with interest rates at record highs.
As wages rise, prices outpace them – and they do for 26 consecutive months.
The memo also says that “costly regulation” and “tax hikes” should be branded as Bidenomics.
“America is ceding energy dominance to adversaries like China,” the memo reads, pointing out that the Biden administration new regulations on the energy sector.
“The ‘Made in America’ label is getting more and more expensive,” the document told senators, citing 641 new rules. “Main Street America is falling behind.”
The memo cited the Small Business Optimism Index, which shows that small businesses remain “concerned” about their future.
“In general, small business owners are clearly in a recessionary mood and very concerned about future business conditions questionnaire of the National Federation of Independent Businesses.
During his speech, Biden took aim at former President Trump, including his failure to push through a major infrastructure bill.
He pledged to continue pushing for tax increases for the wealthy and expanding access to childcare and education, both of which he sought in vain during his first term.
The Senate GOP conference, meanwhile, presented several solutions to get the economy “back on track”: “spend less, cut bureaucracy, unleash American energy.”
A opposing memo from White House advisers Anita Dunn Dunn and Mike Donilon prominently boasted the 13 million jobs created since Biden took office — a figure heavily influenced by the fact that the president came in as the nation emerged from the Covid-19 started to creep. pandemic.
“Implementing that economic vision and plan — and decisively turning the page in the age of trickle-down economics — has been the defining project of the Biden presidency,” the pair wrote.