In an interview with Fox Business anchor Larry Kudlow this week, Breitbart Economics Editor John Carney stated that President Biden’s inflationary Bidenomics spending programs had destroyed the economy that he had inherited from President Trump.
Bidenomics was characterized as a “command-and-control” economics strategy by Carney.
“They refer to it as bottom-up and middle-out even though it is the Democratic plan in legislative form. It’s not at all like that,” he said. “The money initially goes to the businesses, and then somehow—in the form of tax subsidies—it’s supposed to trickle down to the employees. Yet they have the audacity to criticize popular economic policies like Reaganomics or the Trump economic agenda when they are implemented at a lower level. They represent the true beneficiaries of trickle-down economics.”
The premise of Bidenomics, according to Carney, is founded on the delusion that he took over a “failing” economy from President Trump.
“In the course of the campaign, Biden said that Trump’s bungled COVID reaction had destroyed the economy. That was the refrain they kept repeating. When we were increasing at a rate of over 6% for the year before to their arrival, they later claimed that they had inherited a failing economy. We still gained 5.6 percent despite the COVID catastrophe at the time.”
“Therefore, they based Bidenomics on the notion that the economy was in trouble,” said Carney. “Since it was incorrect, they needed to enact legislation; otherwise, the economy would have rebounded and people would have said Trump had fixed the economy. They were unable to allow it to occur. They thus passed the American Rescue Act, which is sarcastically named. We weren’t in need of saving. It’s similar to dropping a weight on someone who is already swimming to shore. When you say, ‘Here is a life jacket,’ they sink even deeper.”
“And so that’s what started the inflation going crazy,” he said. “Without the spending of those trillions of dollars, there would have been inflation, but it would not have reached 9 percent. And it’s been nothing but lies ever since. The Inflation Reduction Act failed to lower inflation. We’re going to pay three times as much as they originally estimated.”
Unfortunately for Biden, current polling indicates that Americans are still overwhelmingly dissatisfied with his management of the economy. This suggests that his Bidenomics narrative is not persuading the American people.
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