We’ve all heard Joe Biden’s efforts to make “Bidenomics” a good thing. The way he tells it, his economic policies have ushered in historic job gains, lowering inflation, and fiscal responsibility.
“My Administration has created more jobs in two years than any previous administration has created in the first four years,” Biden claimed in a tweet last month. “It’s no accident. It means our economic plan is working and this is only the beginning.”
Except it’s not.
“Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation,” the House Budget Committee noted in June.. Job growth has still not returned to its pre-pandemic pace.
Even mainstream media fact-checkers have been calling Joe Biden out on taking credit for jobs that have simply come back from the reopening of the economy after the COVID pandemic.
But that’s not the only claim Biden and the White House have made.
“Inflation has fallen for 11 straight months and has come down by more than half,” the White House claimed in June. “And we have done it all while responsibly reducing the deficit.”
While it is true that inflation had been trending downward for nearly a year, inflation is still higher today than it was when Joe Biden took office, Biden got some politically devastating news last week when we learned that inflation in July increased over the previous year.
“The inflation figure the government reported Thursday showed that consumer prices increased 3.2% percent from a year earlier,” Politico reported. “That was up from a 3 percent annual rise in June, which was the lowest rate in more than two years. The July inflation figure remained far below last year’s peak of 9.1 percent, though still above the Federal Reserve’s 2 percent target.”
And what about deficit reduction? Well, that’s another Bidenomics fail. “The federal budget deficit hit $1.6 trillion in the first 10 months of fiscal year 2023, more than double what it was in the year-ago period, the Treasury Department said Thursday. The year-to-date shortfall includes a deficit for July of $221 billion,” MarketWatch reported Thursday.
Related: The Real Bidenomics Ain’t Pretty
“In July, receipts rose by 3% to $276 billion, while government spending also climbed by 3% to $497 billion,” the report continued. “For the fiscal year to date, receipts have fallen 10% to about $3.7 trillion. Receipts have come in lower than Congressional Budget Office projections due to smaller-than-anticipated collections of individual and corporate income taxes, the CBO said in a separate report.”
According to the White House, historic job gains, deficit reduction, and inflation reduction are proof that Bidenomics is working. “None of this progress was an accident or inevitable–it has been a direct result of Bidenomics,” the White House claimed.
In reality, the “historic” job gains under Biden are a mirage, the deficit is increasing again, and inflation is not only still higher today than under Trump–it’s moved back up. Bidenomics—at least the version that Joe Biden and the White House are trying to sell—is a complete lie.