Bidenomics: What Does it Mean for Voters?

TL/DR –

President Biden’s economic policies, dubbed ‘Bidenomics,’ are facing criticism, with 81% of registered voters rating the US economy as ‘fair’ or ‘poor,’ according to a The New York Times and Siena College survey. Factors contributing to the low approval include concerns over illegal immigration, rising inflation, high home prices, increased household debt, and higher gas prices. The president’s proposed tax plan, which includes hiking business taxes, increasing the death tax, taxing unrealized capital gains, and creating a new surtax on business owners, was largely obstructed by moderate Democrats, leading some to argue the economy would be worse off if it had passed in full.

“Bidenomics is about the future,”

President Biden stated in a nationwide tour, highlighting his proclaimed achievements: the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). However, the president’s optimistic narrative contrasts starkly with American voters’ experience of the economy, as reported by CNBC News.

Americans Grapple with Economic Reality

Contrary to Biden’s claims, 81% of registered voters rate the U.S. economy as either “Fair” or “Poor,”. Moreover, former President Trump outpaces Biden in hypothetical matchups in key battleground states, signaling potential issues for Democrats in upcoming elections.

The Impact of Bidenomics

Increasing concerns about illegal immigration and the economy have negatively impacted Biden’s approval ratings. For many Americans, Bidenomics equates to rampant inflation, record-high home prices, increased household debt, rising gas prices, and a controversial immigration policy. Late last year, moderate Democrats thwarted Biden’s tax plan, which proposed sweeping business tax hikes, an increase in the death tax, and a new surtax on business owners.

The Effect on Seniors

Biden’s economic policies have hit seniors particularly hard, with many witnessing their retirement accounts deplete and a near 10% cost of living increase over the last year. An August poll found a majority of voters 55 and older deem the IRA a “failure,”.

Upcoming Elections and Bidenomics

The upcoming election year will be a litmus test for Biden’s economic policies. The American people have seen firsthand how these policies impact their everyday lives. The tide doesn’t appear to be in favor of Democrats, with AMAC Action pledging to expose the failures of Bidenomics and to oppose any further attempts to increase taxes on the American people.

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