The economy in the U.S. right now is dominated by three main things: slow growth, high inflation, and low unemployment—an unusual mix that confuses a lot of economists. (Typically, a period of slow growth comes with high unemployment.) Because of this, the best ways to tackle the economic problems are hotly debated.

The Biden administration has responded to this crisis with an approach they call “Bidenomics.” In June 2023, the White house released a memo where they’d tried to explain why it “works.” Let's summarize their approach.

Briefly speaking, Biden’s administration is promoting typical heavy tax and spending policies with a twist—it looks like “tax, spend, and borrow.” They raise people’s taxes, spend large amounts of government money, and borrow large amounts of money to pay for everything; this approach is to blame for a number of the economic problems with which we’re dealing.

Some people suggest the financial pain lingers because of the pandemic. But this is not true—Biden has been president for almost three years. The vast majority of us feel the negative impact of Bidenomics, with its key tenets listed below:

High Gas Prices

No, this is not the fault of the pandemic. In 2020, during the presidential debate, Biden stated his intentions to “transition away from the oil industry.” Promises made, promises kept, and now we are paying enormous amounts of money for gas. Supply and demand seems simple enough—limit a crucial product and the price goes up—but apparently it was too much for this woman to grasp, who blamed costs on the “religious right” Republicans:

Can’t fix stupid

pic.twitter.com/fgVXyAtn9c

— Clown World ™ рџ¤Ў (@ClownWorld_) November 22, 2023

Inflation

Gas is not the only thing going up in price. Food, housing, and everything else is becoming more expensive. Life itself is becoming unaffordable, and that comes down to the people in charge of monetary policy through a central bank. The late, great Milton Friedman explained it as such:

All that “emergency” spending for the pandemic never returned to normal—but it continues to climb higher. Biden's administration is borrowing money, causing inflation, and there’s absolutely no plan to pay it back.

Lower wages

Because of inflation, most people are experiencing lower wages. Even if you received a raise, inflation means that you will be able to buy less with your paycheck. Today, everyone in America got a 3.16% pay cut. So it’s no surprise that Americans are having a hard time paying bills each month.

Homelessness

The U.S. is experiencing a growing homeless problem as well. The amount of chronic homelessness is climbing fast. Again, this is not because of the pandemic. They are homeless because they can’t pay their rent.

When people can’t pay rent and mortgages, they resort to living in tents on a street. During the Great Depression, a similar thing happened—people lived in massive homeless encampments called Hoovervilles, named after President Herbert Hoover. This is the very same thing. Joe Biden's policy creates homeless encampments. That’s Bidenomics!

So, think twice before voting for Biden in 2024. If you hope the situation will change for the better, it won’t. If Biden wins, the rich will continue to get richer, the poor will continue to get poorer.

Image generated by AI.