The Biden administration and its allies in Congress and the mainstream media say the president’s economic policies – frequently called “Bidenomics” – are delivering unprecedented benefits to American families. The data, however, tell a very different story.
President Biden’s economic policies can be summarized in three words: massive government spending. After promising to rein in federal expenditures, Biden has shackled Americans with trillions of dollars in new spending.
Even worse, Biden has offered absolutely no pathway for paying for his gigantic expansion of government. The 2023 fiscal year is expected is produce a $1.54 trillion budget shortfall, the largest deficit in U.S. history, excluding 2020 and 2021, when COVID-19 lockdowns closed much of the economy.
Biden’s spending programs have helped to keep unemployment at levels that match much of the pre-COVID period of the Trump presidency, but his policies have come with huge new costs that extend well beyond the national debt.
Under President Biden’s leadership, America has experienced some of its highest levels of inflation, causing substantial harm to all Americans, especially working and lower-income families.
BASE PHOTO CREDIT: Joe Biden. Photo by Gage Skidmore. Attribution-ShareAlike 2.0 Generic.
Justin Haskins is a New York Times bestselling author and political commentator, the president and founder of The Henry Dearborn Liberty Network, and the director of the Socialism Research Center at The Heartland Institute, a national free-market think tank. (His work here does not necessarily reflect the views of The Heartland Institute.) Follow him on Twitter @JustinTHaskins.