President Biden has embarked on a new mission: convince voters that his “Bidenomics” economic plan is boosting the lives of middle-class Americans.
The economy reigns supreme in presidential politics and Mr. Biden is banking on his ability to sell voters on a liberal vision that more government spending and taxes on the wealthy will boost the middle class better than Republicans’ promises of tax cuts and smaller government.
Mr. Biden is pivoting to an economic message because he knows he must sway public opinion about this issue which is always a top concern for voters in presidential elections.Public confidence in Mr. Biden‘s handling of the economy remains low in a time of high inflation and a difficult housing market. An Associated Press-NORC Center for Public Affairs Research poll released month found that only 33% of adults approve of Mr.
Despite the rosy job numbers, inflation remains stubbornly high and Mr. Biden has struggled to get it under control. And economists generally agree that massive government spending spurs higher inflation. The case for Bidenomics was sketched out in a memo Monday by senior Biden advisers Anita Dunn and Mike Donilon.
Steve Hanke, a professor of Applied Economics at The Johns Hopkins University, said Mr. Biden’s economic policies have stretched the M2 money supply, defined as all of the cash people have on hand plus money deposited into accounts. When the money supply is stretched too thin, that could lead to a recession.
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