Making his pitch to voters in a bid for re-election, President Joe Biden is branding his past economic record and future plans as “Bidenomics.”
The White House says “Bidenomics” is “about growing the economy from the middle out and the bottom up, not the top down. It’s an economic vision where we make smart investments in America, educate and empower American workers, and promote competition to lower costs and help small businesses.”
This is Bidenomics, folks. pic.twitter.com/nmATaelkw4
— President Biden (@POTUS) June 28, 2023
Yet, Biden attempts to frame his economic policies in a positive light, a large majority of the country disapproves of how he has handled the economy, new data shows.
According to survey data from the Associated Press-NORC Center for Public Affairs Research, only 34 percent of Americans approve of how Biden has handled the economy. That number is less than the share of people who approve of his handling of his job overall, which is at 41 percent.
“While 72 percent of Democrats approve of how Biden is handling of his job overall, just 60 percent approve of his handling of the economy. Only about 1 in 10 Republicans approve of Biden’s job performance overall or on the economy,” the AP data shows.
Since taking office, Biden has presided over some of the worst economic failures in recent U.S. history.
Last year, gasoline prices surged to record levels, with residents in more than 10 states seeing an average price for regular gas above $5 per gallon.
Along with the spike in gas prices, under the Biden administration the U.S. inflation rate reached a 40-year high, leading more Americans to turn to food banks to provide for their families.
The cost of food increased more than 11 percent, while chicken prices rose 16.6 percent, the cost of eggs rose nearly 40 percent, and dairy prices were up more than 16 percent.
U.S. non-mortgage consumer debt has spiked under the Biden administration, reaching $16 trillion dollars — the highest level since 2007.
The White House did not address those issues, but did in an official statement recognize record low unemployment for African Americans and Hispanics, a trend that continued from his predecessor former President Donald Trump.
