Biden makes ‘Bidenomics’ re-election pitch despite falling real income, poll pessimism

WASHINGTON — President Biden hailed his economic plan as a smashing success Wednesday as he laid out his case for a second term — despite American incomes falling due to high inflation and broad pessimism about the economy.

In Chicago, site of next summer’s Democratic National Convention, the 80-year-old president hailed steady job growth, even though government data indicate that those jobs are paying less on average than when he took office.

“Bidenomics is about the future. Bidenomics is just another way of saying: Restore the American Dream because it worked before,” the president said.

“We created 13.4 million new jobs — more jobs in two years than any president has ever made in four,” added Biden, referring to hiring spikes as COVID-19 pandemic measures ended.

“Folks, it’s no accident. That’s Bidenomics in action,” he went on, touting large spending bills that passed Congress, which critics say spurred inflation.

“Bidenomics is about building an economy from the middle out and the bottom up, not the top down. And there are three fundamental changes that we decided to make with the help of Congress and been able to do it: first, making smart investments in America; second, educating and empowering American workers to grow the middle class; and third, promoting competition to lower costs to help small businesses.”

Biden added: “I believe that every American willing to work hard should be able to get a job no matter where they are — in the heartland, in small towns, in every part of this country — to raise their kids on a good paycheck and keep their roots where they grew up. That’s Bidenomics.”

Data from the Bureau of Labor Statistics indicate that Americans are taking home less money for their work due to inflation, which spiked to an annual rate of 9.1% last June before dipping to a still-elevated 4% in May as the Federal Reserve hiked interest rates in a bid to reduce consumer spending.

Inflation-adjusted annual earnings were $11.41 per hour in January 2021 when Biden took office and fell more than 3% to the current rate of $11.03 this May, according to the BLS.

Americans’ average weekly earnings dropped from $399.52 when Biden took office to $378.18 this May — a drop of more than 5% — when adjusted for inflation, BLS data indicate.

Polling also indicates that Americans aren’t buying Biden’s positive spin. In fact, an Associated Press poll published Wednesday found that the economy was one of the president’s lowest-performing areas.

Just 34% of US adults told the AP they approve of Biden’s economic performance as opposed to 40% who approved of his foreign policy work and 44% who approved of his healthcare agenda.

The AP said 70% of poll respondents rated the state of the economy as poor, only slightly fewer than the 75% who said so in May.

The president brushed off naysayers, however — telling reporters as he departed the White House on Wednesday morning, “I’ve been hearing every month there’s going to be a recession next month.”

“The consensus is: Two-thirds of the economists and the major leaders in the banks think we’re not going to have a recession. I don’t think we will either,” he added. “But I tell you one thing… we’re bringing down prices across the board for people. That’s what I’m going to be talking about today.”

Later Wednesday, Biden told donors who paid at least $3,300 per ticket to attend a fundraiser — or $25,000 per person for a photo with Biden — that the economy was doing well but that he hopes to continue to press for higher taxes on upper-income earners.