Biden and his administration want you to believe that their economic plan, referred to as Bidenomics, is working – that America is doing better financially and that he has fixed our economy. But one man, who knows more than most about successful economics, says that’s not the case.
Introducing Larry Kudlow, a man who once worked as an economist for one the most economically successful presidencies in our nation’s history, Ronald Reagan’s.
If you haven’t heard from Biden or his cohorts, his economy is the best ever. According to one speech in particular, Biden claimed that his financial policies were working better than Reagan’s “trickle-down economics” and that because of those policies, the US has created more jobs and has “the highest economic growth rate… in the world.”
Now, I’m not sure what data Biden is looking at, but none of that is true. According to Statista, the US had a GDP of 2.1 percent in 2022. India (6.8 percent), Canada (3.4 percent), and China (2.99 percent) all had and still have a higher one than that.
Also, Biden claims to have created 13.4 million new jobs, “more jobs in two years than any president has ever made in four.” But as multiple fact-checkers have noted, including the House Budget Committee, “Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic.”
So Biden really can’t claim sh**.
This is Bidenomics, folks. pic.twitter.com/Y4iG14dn83
— Kevin McCarthy (@SpeakerMcCarthy) June 28, 2023
And then there are the facts that Kudlow affirmed about Reagan’s policies.
As he noted, Reagan’s “trickle-down economics” grew the national economy by an entire third and added over 16 million jobs.
“After Ronald Reagan’s tax cuts when into place in 1983, the economy grew at 6 percent at an annual rate for the next two years. Not 1 percent. Six percent.” And then, after another round of tax cuts in 1986, the economy grew by another 5 percent annually until the end of Reagan’s presidency in 1989. Additionally, inflation dropped from 13.5 percent in 1980 to 4.1 percent in 1988 under Reagan.
Meanwhile, annual growth has only decreased under Biden, down to a measly 109 percent in 2022. And inflation grew to 9.1 percent.
But yeah, Bidenomics are working… NOT.