June 12, 2023

ICYMI: The Continuing Unreality of Bidenomics

Last week, President Biden wrote an oped highlighting the “successes” of his Administration’s economic agenda.

In a scathing rebuttal, James Freeman wrote that “president’s economic claims are chronically at odds with government statistics.”

On Anemic Economic Growth:

  • “Mr. Biden’s own Commerce Department affirms that the U.S. economy was growing faster during the quarter he took office than it has in the two years since.”

On Soaring Deficits:

  • “CBO is now projecting a whopping federal budget deficit of $1.5 trillion for 2023."
  • "This staggering number is not just because of surging costs from the entitlement programs that Mr. Biden refuses to reform—though they are certainly a big part of the reason. CBO explains the rising damage in the first eight months of this fiscal year as entitlements grow much faster than the economy.”
  • “Mr. Biden’s fingerprints are all over the other sources of fiscal pain, including the inflation that has in turn led to higher interest rates and therefore more expensive government financing.”

The Bottom Line: “The president and his friends can continue to insist on political and rhetorical unreality. But eventually math is going to intrude.”

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