President Joe Biden promised a “fundamental break” with “trickle-down economics” in a speech on Wednesday in which he relied on a number of misleading claims to make his point.
Touting “Bidenomics,” the White House’s name for its economic agenda heading into the 2024 race, Biden floated a plan that would involve spending more taxpayer money and boosting union labor.But his assessment of how well the economy has performed under his leadership was inaccurate. Most disapprove of the way Biden has handled the economy; only 34% of U.S. adults think Biden has had successful economic policies.“My predecessor enacted the latest iteration of the failed theory.
Corporate tax revenues exceeded CBO’s projections for 2018, the first year after the Trump tax cuts were in effect, and it blew well past expectations in 2022 after a dip during the pandemic. This is a highly misleading claim because most of those supposedly new jobs were simply part of the economy’s recovery from the pandemic.
One key reason that renewable energy is now cheaper than traditional energy production is because the Biden administration has offered sweeping tax breaks and subsidies to green energy companies. “Today, inflation is less than half of what it was a year ago. And that inflation [was] caused by Russia and by the war in Ukraine and by what was going on.”
“When I took office, unemployment was over 6%. With the American Rescue Plan, we provided relief and support directly to working-class families. Our economy came roaring back. Unemployment dipped below 4% by the end of my first year in office.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden leans into 'Bidenomics' to boost his economic message ahead of 2024Biden delivered a major speech in Chicago as part of a White House push to take credit for the economy's post-pandemic recovery.
Read more »
In 'Bidenomics' address, president touts economic record ahead of 2024 electionPresident Joe Biden pointed to the more than 13 million jobs the U.S. economy has added since his inauguration, as he touted in a speech evidence that his policy program has been effective.
Read more »
Audi RS6 et RS7 Performance 2024 premier essai | Essais routiers | Auto123Auto123 réalise un premier essai des Audi RS6 2024 et Audi RS7 2024, en versions Performance.
Read more »
Trump is the only Republican who will lose to Biden in 2024, Paul Ryan says'I think we beat Biden for sure if we nominate a Republican not named Trump,' Ryan said on CNBC's 'Squawk Box.'
Read more »