Bidenomics Goes Out With a Whimper
In the January 2025 issue of Reason, we’re giving performance reviews of Joe Biden’s presidency. Click here to read the other entries.
President Joe Biden spent summer 2023 pitching voters on Bidenomics—how his policy agenda contributed to the American economy.
Voter perceptions were gloomy: A majority rated Biden’s handling of the economy as unsatisfactory. In summer 2022, inflation had hit a 40-year high, and prices remained elevated even after the rate of inflationary increase came down. Meanwhile, the Federal Reserve had begun to raise rates, making it much more expensive to finance homes, cars, and new construction.
But Biden had a different story to tell. Three big pieces of legislation, he argued, had made the U.S. a roaring success and the envy of the postpandemic world. Biden wasn’t just arguing that the economy was strong; he was arguing that it was strong because of his performance as president. Putting your name on something is a time-honored tactic for executives trying to make the case for themselves. But Biden’s argument wasn’t very convincing.
First, there was the American Rescue Plan, a $1.9 trillion, deficit-financed, partisan grab bag of Democratic policy priorities and social supports, including checks for households making up to $150,000 a year, even as pandemic restrictions were receding.
Second, there was the Build Back Bet
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