‘Bidenomics’ in layman’s terms is foreign corruption and government control
By: Jack Hellner
The media and other Democrats disparage trickle-down economics, but apparently they’re big believers in what they’re calling “Bidenomics.” (AP reported on a recent poll that found only 34% of Americans approve of Biden’s economic leadership.)
Joe Biden has hit the fundraising trail, and on Wednesday the Big Guy stopped in Chicago and delivered his sales pitch on his namesake economic policy, which is basically the government issuing as many regulations as possible and extorting as much money as possible in the form of taxation in order to control the people. Or, it could also be described as this:
— Top Secret (@ICU1010) June 29, 2023
Democrat policies are striving towards socialism while not calling it socialism, because socialism has never worked, and socialist ideations like the Soviet gulags aren’t exactly popular with mature Americans.
Essentially, Biden and the rest of the reigning Democrats consider the best economic plan to be one where they confiscate as much as they can for the government, keep a lot for themselves and a massive number of bureaucrats, maybe sell some state secrets, and then trickle out the remainder to special interest groups, like green fanatics and others, in order to buy votes. They pretend that all the handouts, to keep more people dependent on the government, are free. Yesterday, a writer for WaPo hypothesized that “if” Bidenomics works, it will be a “big deal”. Ironically, the plan does work….but only for the political elites and not the American people.
The economic theories that do work for the people are Trumponomics, Reaganomics, trickle-down economics, and supply side economics as espoused by conservatives.
These theories have fewer regulations (restraints) on businesses and individuals, accompanied with lower taxes. Right-of-left believe in more freedom, especially energy.
President Trump’s lower tax rates yielded low inflation, a record low poverty rate and rapidly rising real wages, especially for those at the bottom. Sadly, most journalists and other Democrats reflexively opposed these successful policies and sought to destroy Trump every day no matter how much they had to lie. From the Council of Economic Advisers:
Real median household income increased by $4,400 in 2019, reaching an all-time record high of $68,700. This represents a 6.8 percent one-year increase, which is the largest one-year increase in median income on record. Since 2016, real median household income has increased by 9.7 percent (after adjusting for a Census survey redesign in 2017).
Income gains in 2019 were largest for minority groups. Real median income grew by 7.9 percent for black Americans, 7.1 percent for Hispanic Americans, and 10.6 percent for Asian Americans.. These one-year increases were all record highs, and the new income levels reached in 2019 were all record highs, as well.
As incomes grew, income inequality fell for the second consecutive year. Between 2017 and 2019, the Gini index of income inequality fell from 0.489 to 0.484. Over the same two-year period, the share of income held by the top 20 percent fell by 0.4 percentage points.
The rise in income was driven by an increase in the number of workers, especially women. There were 2.2 million more people working at some point in 2019 compared with 2018, and 1.2 million more people working full-time year-round. The full 1.2 million increase in full-time year-round workers was attributable to women.
Poverty hits record low after largest decrease in over 50 years
Incomes grew across the distribution, and poverty plummeted as a result. The official poverty rate fell to an all-time record low of 10.5 percent in 2019. Over 4 million people were lifted out of poverty between 2018 and 2019 for a 1.3 percentage point decrease. This was the largest reduction in poverty in over 50 years.
Socialism and big government policies are not the best way to make the economy thrive for all Americans; it didn’t work for the Soviet people under Joseph Stalin, or the German people under the National Socialist German Worker’s (Nazi) party. Capitalism and a thriving private sector yields the most prosperity for the greatest amount of people.
Policies should be based on facts, not wishes. Sadly most journalists haven’t cared about facts for a long time. They only care about the power to destroy and remake America.
This article (‘Bidenomics’ in layman’s terms is foreign corruption and government control) is republished here under “Fair Use” (disclaimer below) with attribution to the author Jack Hellner and website americanthinker.com.
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