US President Joe Biden’s self-proclaimed “Bidenomics” policies are facing harsh criticism from economic experts who claim the plan is exacerbating wealth inequality and neglecting the needs of the poor. Economist Mark Frost and market strategist Todd “Bubba” Horowitz argue that Biden’s economic approach is detrimental to the struggling lower-income population while benefiting the wealthy.
During a recent speech, President Biden boasted about the success of his economic plan, attributing it to the impressive economic growth the country experienced since the pandemic. He also highlighted the creation of 13 million new jobs, despite surging inflation and the looming threat of recession due to sanctions on Russia.
In his address, Biden took jabs at the “trickle-down” economics championed by late Republican President Ronald Reagan in the 1980s, asserting that it had failed. However, economist Mike Frost contends that Reagan’s supply-side economics merely acknowledged reality.
Frost argues that the effectiveness of economic policies can be simplified by asking a straightforward question: when seeking employment, do individuals approach poor or wealthy individuals for job opportunities? He points out that wealthy individuals are more likely to create jobs and foster economic growth.
President Biden has emphasized his commitment to “strengthening the middle class,” focusing on middle-income workers who enjoy certain perks, such as health insurance and homeownership. However, Frost doubts that the Biden administration truly understands its economic objectives, claiming that their actions have, in fact, waged a war against the poor.
Critics point to inflation and legislative measures as evidence that the burden of “Bidenomics” falls disproportionately on the poor. According to Frost, the administration’s economic policies are detrimental to low-income individuals, while benefiting the wealthy.
Todd “Bubba” Horowitz echoes the criticism, deeming Bidenomics as “horrible” and arguing that it has failed to support the middle class. Horowitz blames the current economic crisis on the administration’s environmental policies and its attempts to secure votes through welfare and social spending. He raises concerns about the rising prices and unchecked inflation, emphasizing that the government’s reported inflation figures are misleading.
Horowitz attributes the inflation surge to the Biden administration’s decision to curtail fracking and shale production, and he urges for a more concrete plan of action rather than excessive spending to maintain political support.
As criticism mounts, President Biden’s “Bidenomics” faces heightened scrutiny and skepticism from economists and market strategists alike, with concerns over its impact on the poor and middle-class citizens. The debate over economic policies is likely to continue, and their consequences will shape the nation’s financial landscape for years to come.
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