The Bankruptcy of Bidenomics: Three Years of Overspending and Mismanagement

The Bankruptcy of Bidenomics

The past three years of Biden's economic policies have given us excessive, wasteful, and poorly targeted federal spending, which has contributed significantly to the rapid rise in inflation that has fueled voter dissatisfaction with the state of affairs. Biden's economic approach can be reduced to a single overriding response: government spending. The president has framed his economic agenda as a break from the "trickle-down economics&� that helped only the already well-off. However, the reality is that Bidenomics is just a new flavor of the same old doctrine of throwing money at programs, people, political allies, and favored constituencies.

The American Rescue Plan (ARP), the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act are framed by the president as his economic achievements. Still, they have largely failed to deliver the economic improvements he has boasted about. In reality, these laws have contributed to the current economic crisis and compounded the hardships faced by many Americans.

The ARP, passed along partisan lines without any fiscal offsets, has proven to be a boondoggle of unnecessary spending. The bill's stated goals of COVID relief and empowerment of American workers have largely gone unmet. Instead, much of the money has gone to bail out governments that were not in financial distress and fund other pointless initiatives.

The Infrastructure Investment and Jobs Act (BIL), has also failed to deliver on its promises. The BIL was intended to address our nation's infrastructure deficit, but much of the funding has gone to incomplete projects and subsidies for favored constituencies.

Biden's economic policies have given us three years of excessive, wasteful, and poorly targeted federal spending. The president's attempts to take credit for the economy's current state reveal his lack of understanding of how the private economy works and how his own policies have failed Americans.

Bidenomics has been a philosophy of throwing money at programs, people, political allies, and favored constituencies. This spending has contributed directly and significantly to the rapid rise in inflation that has fueled voter dissatisfaction with the state of affairs. Through misallocation, poor implementation, and self-contradictory regulatory requirements, the substantive public payoffs to that spending have been weak at best and counterproductive at worst.

Title: The Bankruptcy of Bidenomics

Author: Peter Suderman

Source: Reason Magazine, February 2024 issue

Link: https://reason.com/article/the-bankruptcy-of-bidenomics/

Images:

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6. inflation_reduction_act.png Extra Text: The American Rescue Plan (ARP), the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act are framed by the president as his economic achievements. Still, they have largely failed to deliver the economic improvements he has boasted about. In reality, these laws have contributed to the current economic crisis and compounded the hardships faced by many Americans.

The ARP, passed along partisan lines without any fiscal offsets, has proven to be a boondoggle of unnecessary spending. The bill's stated goals of COVID relief and empowerment of American workers have largely gone unmet. Instead, much of the money has gone to bail out governments that were not in financial distress and fund other pointless initiatives.

The Infrastructure Investment and Jobs Act (BIL), has also failed to deliver on its promises. The BIL was intended to address our nation's infrastructure deficit, but much of the funding has gone to incomplete projects and subsidies for favored constituencies.

Biden's economic policies have given us three years of excessive, wasteful, and poorly targeted federal spending. The president's attempts to take credit for the economy's current state reveal his lack of understanding of how the private economy works and how his own policies have failed Americans.

Bidenomics has been a philosophy of throwing money at programs, people, political allies, and favored constituencies. This spending has contributed directly and significantly to the rapid rise in inflation that has fueled voter dissatisfaction with the state of affairs. Through misallocation, poor implementation, and self-contradictatory regulatory requirements, the substantive public payoffs to that spending have been weak at best and counterproductive at worst.