Economic experts are calling out President Biden for touting the success of Bidenomics and taking credit for low unemployment and decreasing inflation.
Biden spoke to a crowd of union supporters at the Philly Shipyard in Philadelphia Thursday as polls show voters are not convinced the economy is improving.
“I’m not here to declare victory. We got a long way to go in the economy,” Biden said. “I’m here to say we have more work to do. We have a plan that’s turning things around pretty quickly. Bidenomics is just another way of saying ‘restore the American dream.’”
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PHILADELPHIA, PENNSYLVANIA – JULY 20: U.S. President Joe Biden speaks on renewable energy at the Philly Shipyard on July 20, 2023 in Philadelphia, Pennsylvania. Biden attended a ribbon cutting at the shipyard for a new offshore wind vessel called the Acadia which will be employed in the building of offshore wind farms. (Photo by Spencer Platt/Getty Images) (Spencer Platt/Getty Images)
Forbes Media Chairman Steve Forbes said Friday he was “amazed” by the administration’s rhetoric on the economy.
“A year ago, Joe Biden was calling himself the deficit cutter, the deficit slasher. This year, two and a half times the deficit is what it was a year ago,” he told “America’s Newsroom.” “He says he’s bringing down inflation, still twice what it was when he came into office and those prices are not coming down, just the rate of increase is coming down. People’s credit card debt, where is that? Record high. Business investment is not what it should be, headwinds overseas.”
“What kind of world does he think he’s living in?”
The president delivered a full-throated defense of Bidenomics, claiming credit for bringing down inflation, slashing the federal budget by $1.7 trillion and creating 13 million new jobs.
In June, Biden made the same claim about cutting the deficit by $1.7 trillion, which The Washington Post rated “highly misleading.”
Voters also have their doubts; Biden had a 60% disapproval rating on the economy in Fox News’ June poll, which was a 7% improvement from the prior year.
Forbes believes Biden will not be the Democratic nominee in 2024 and argued his record on the economy is one of the main reasons.
“People feel the institution in this country [they] can’t trust anymore. And both sides, you see that feeling, which is why Robert F. Kennedy Jr. is getting real traction. Who would have thought of that a year ago?”
Former economic adviser to President Trump Steve Moore told “The Faulkner Focus” Friday that the Biden economy is not working for many Americans.
“The people that have really been the victims of the Biden policies have been middle-class Americans,” he explained.
“Inflation is coming down, no question about it. It was 9% this time last summer. It’s down to a little over 3% now, which is good news. But guess what? That huge inflation that we saw in the first two and a half years of Biden’s presidency is now baked in the cake. In other words, if you go to the grocery store, or you go to get your gas fill up, or you buy an airline ticket or buy meat, all of those things on average are up 15 and a half percent. And that’s going to continue as we continue to have this inflation.”
Moore continued, “wages over that same time period for middle-class families are up roughly 12%. So the math here isn’t difficult, a 15 and a half percent increase in inflation, a 12% increase in wages means people are falling behind, and they’re feeling it.”
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The economist noted inflation is also affecting those near retirement age.
“Who do you think gets hurt the most by inflation? People who have spent their whole lifetime building up their savings. So we estimate, for example, that the average 401(k) plan has lost about 40 or $50,000 in its purchasing power because of the high inflation and the fact that the market had not done so well,” Moore said. “The stock market is doing better now, thank God. But it’s really difficult for people now to just retire on Social Security.”
Fox News’ Chris Pandolfo contributed to this report
