President Joe Biden’s economic policies, branded as “Bidenomics,” has elicited mixed reactions. Donald Trump’s niece Mary Trump recently commented on a New York Times story that weighed on how Bidenomics has been received by people.
What Happened: The Biden team’s gambit of touting Bidenomics as the central theme for his rerun does not seem to be working, said a New York Times report on Saturday. The president is still struggling to convince the public of the strength of his economic stewardship despite wages rising and inflation slowing, it said.
The report highlighted the results of a poll by Navigator in August, which showed that just 25% of Americans support Biden’s major policy actions such as the “Inflation Reduction Act.”
More importantly, the disgruntlement seems to be more pronounced among those younger than 40 and among Black and Latinx people — demographic segments critical to Democratic victories, the report said.
Some from the Democratic camp attribute the development to high inflation, while others think the administration hasn’t promoted its record as much as it should, it added.
“Biden struggles to make ‘Bidenomics’ a plus, not a minus,” the report said, adding, “Still, President Biden’s poor marks on the economy are making Democrats worried.”
Commenting on the news story, Mary Trump sought an explanation for the paper’s view. “Can’t imagine why,” she said.
Why It’s Important: Despite the aggressive rate hikes implemented since March 2022, the economy has held up fairly well. Second-quarter GDP released last week showed an annualized rate of 2.1% quarter-over-quarter growth for the second quarter.
So far, the economy has been dodging a recession amid the resilience of consumers and the job market. The U.S. economy has added jobs at a robust clip, even in a rising rate environment.
Companies have weathered the slowdown fairly well by cutting flab and running a tight ship, and hot new technologies, such as artificial intelligence, offer scope for strong growth ahead.
More worrisome about the current economic condition is the uncertainty. Skeptics suggest a recession is looming as the lagged impact of the aggressive rate hikes works down the economy.
That said, several economists credit Biden for successfully navigating through a tough environment. Noted economist and Nobel laureate Paul Krugman said in early August, “Biden’s economic policy was pure Goldilocks, that they set the economic temperature just right.”
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