Add it Up: The Nature of Bidenomics by Geoff Carter

Artwork by Michael DiMilo

By Geoff Carter

In the film Silence of the Lambs, serial killer—and cannibal—Hannibal Lecter says, “Simplicity. Read Marcus Aurelius. Of each particular thing, ask what is it in itself? What is its nature?” (Silence of the Lambs). This advice helps FBI Agent Starling capture the notorious serial killer Buffalo Bill. If, like Agent Starling, we follow Dr. Lecter’s advice to examine the present American economy, we should start at the beginning: what is a good economy in itself? What is its nature? What is its essence?

According to most experts, a good economy is a growing economy, as measured by the GDP. Then employment is commonly seen as an ancillary of GDP. If an economy is growing, it most probably means businesses will be hiring more workers to handle the bigger workload. If more people are working, they typically tend to be spending more, so it stands to reason that consumer spending and consumer confidence will be at higher levels. If inflation is low, consumer costs will stay low, and confidence will remain high. Growing businesses, higher GDP, more workers, and higher consumer confidence. Check, check, check.

So, how are things looking with today? Are President Joe Biden’s policies (Bidenomics) working? What exactly is Bidenomics? What is its the nature?

According to Investopedia, “Bidenomics focuses on the core goals of public investment, worker empowerment, and promoting competition” and that its goals include “the promotion of green energy and domestic manufacturing, support of union participation, increased tax rates for wealthy individuals and corporations, and reduced prices for consumers for healthcare goods and services (Investopedia).”

Bidenomics is widely seen as the polar opposite to Reaganomics and its trickle-down economic theory of wealth flowing downward. This, of course, has never worked. It hasn’t worked since its inception in 1980. Trump tried the same thing, cutting taxes to the rich so they would (theoretically) reinvest in the economy, creating jobs. This, of course, never happened.

Instead of Reagan’s idea of reworking the economy from the top down, Bidenomics works from the bottom up and the middle in, focusing on job creation and tax cuts for the middle class. He supports unions, has increased tax rates for the wealthy, and reduced consumer costs, focusing specifically on pharmaceutical companies’ exorbitant pricing on life-saving drugs like insulin. Now the question is, “Is Bidenomics working?”

By most normal metrics, the answer would have to be yes. As of this week, unemployment is at 3.7%, inflation is down, manufacturing jobs—and union membership—are up. The American Rescue Plan Act of 2021 helped revive the national economy after the pandemic. The Infrastructure Act, The Inflation Reduction Act of 2022, and the CHIPS Act, all of which worked to strengthen the economy.

So why do so many Americans think that Biden has tanked the economy? Statistics show the economy is booming, but that fact seems to be lost on a majority of voters. According to a recent NBC poll, general approval ratings for President Biden are at an abysmal thirty-seven percent. In terms of dealing with the economy, fifty-five percent of voters trust Donald Trump as compared to only thirty-three who trust President Biden. Comparing these numbers to the actual strong state of today’s economy demonstrates a major disconnect. How are voters missing this?

Of course, most people tend to make judgements on the factors that affect them directly. The country was hard hit with inflation following the pandemic. Supply lines and production were violently disrupted during Covid, an economic rupture which eventually manifested itself as inflation. Gas prices, grocery bills, and other sundries were suddenly going through the roof. And even though the causes of this round of inflation stemmed from the pandemic, Biden got blamed for it. There’s really nothing new in this. Presidents have gotten blamed or credited for economic upticks and downturns since the country’s founding. What makes this blind spot so huge—and blatantly unfair—is the complete disregard for President Biden’s policies. He passed landmark legislation that probably saved the country from aa major recession—and yet only thirty-three percent of Americans trust him with the economy.

President Biden is just not getting credit for much of anything yet garners the blame for everything going wrong with the country. He led us through the pandemic, but people have forgotten that and even credit Trump—who at first belittled the alarms and then told people to drink bleach to cure Covid—with bringing the country out of quarantine.

People see what they want to see. Instead of looking at the GDP, they see prices at the pump. Instead of a higher employment rate and better workplaces supported by unions, they see immigrants threatening to take American jobs. Some of this is due to misinformation pouring out of social media and Fox News. Some of it is due to the cultlike status of ex-President Trump. Part of it is probably due to Joe Biden’s modesty—relative modesty. He is a politician, after all. Part of is due to the fact he is old, and that he looks old.

But what is Joe Biden in and of himself? What is the nature of this man? The answer can be found not in the aspersions and insults and conspiracy theory crap thrown at this man. Look at the numbers. Look at the GDP, the unemployment rate, and the rise in consumer spending.

That’s where you’ll find the truth of the matter, its true nature.