'Bidenomics' branding backfires as inflation runs rampant

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The Biden administration has gleaned the wrong message from James Carville's famous quip, "It's the economy, stupid."

President Joe Biden and the White House have embraced the term "Bidenomics." In a speech over the summer, Biden declared, "Bidenomics is working." The term is supposed to be catchy shorthand for the president's policies and how they have boosted the economy.

But voters aren't buying — nor should they be.

While unemployment remains low at 3.8% in August, many employers still struggle to find workers even after boosting pay. Inflation has eased somewhat, yet remains a problem, particularly for core items. In September, according to the Bureau of Labor Statistics, the Consumer Price Index was up 3.7% year-over-year. That's the same rate as August and an increase from the 3% rate in June. It's also a long way from the Federal Reserve's inflation target of 2%. And that 3.7% is building on 7% annual inflation in 2021 and 6.5% in 2022. In June 2022, the annual inflation rate hit 9.1%, a 40-year high.

There's no hiding this from consumers. They see it every time they go to the grocery store, fill up their gas tank or pay their energy bill. Would-be homeowners and renters face serious sticker shock. Unsurprisingly, credit card debt has soared. It topped $1 trillion in the second quarter this year. That's an all-time record.

At the same time, under "Bidenomics" the national debt has roared past $33 trillion, and the president doesn't seem at all concerned. Biden previously tried to pass himself off as a deficit hawk, yet the red ink for the fiscal year ending Sept. 30 was $1.7 trillion — $2 trillion without an administration accounting gimmick involving student loan debt.

Interest payments on the debt now exceed defense outlays. The Wall Street Journal reported last week that the government spent $711 billion on net interest payments during the last fiscal year, up 33% from the previous year.

"The run-up in borrowing costs and the deficit," the Journal noted, "is renewing concerns about Washington's fiscal trajectory/"

This is Bidenomics in action.

A September USA Today/Suffolk University poll found 70% think the economy is getting worse. An October poll from Fox News found voters strongly disapprove of how Biden has handled economic issues. Just 37% approved, while 62% disapprove.

Biden faces challenges no matter how he tries to gussy up his administration's economic missteps.

First, the Federal Reserve has been hiking interest rates in a belated attempt to stem rising prices. This has triggered higher rates for mortgages, car loans and credit cards. That's going to add to the financial stress felt by families. Next, Biden's massive spending bills clearly contributed to soaring prices. In case that wasn't clear, his "Bidenomics" branding reinforces it again and again.

Voters blame the president for the country's deteriorating finances and our $33 trillion debt. They've rightly concluded, "It's the Bidenomics, stupid."

(COMMENT, BELOW)

Previously:
• Senate delegation reassures Israel; where's the House?
• Chicago takes victim blaming to an absurd new low
• The utter failure of money to improve education
• Group identity drives American division
• The downside of Biden's drug price control scheme
• WARNING: Here's why top insurers are fleeing
• 'They even laughed in my face'
• Red states power Biden's economy
• 'If you have private insurance, you can' … OOPS!
• Ignoring the Bill of Rights when its convenient
• Hunter cops a plea --- but the Biden probes continue
• Will we every truly know the depth of pandemic fraud?
• Hello there, Big Brother! Please, come right in
• Its not perfect, but it's a start on immigration reform
• IRS wants to branch out
• Gas stove ban conspiracy theory comes true
• Biden's busy bureaucrats beef up regulatory state
• Don't even dare think of emulamating New Yawk!
• Where have all the nation's college students gone?
• Soft-on-crime policies hit hard wall of political reality
• Joe Biden and Monty Python is no comedy
• Global warming was supposed to wreak havoc on polar bears. Looks like someone forgot to tell the polar bears