Member-only story
How Did the Wheels Fall Off of Bidenomics?
Some political analysts wonder if Bidenomics is to blame for Democratic Party losses in 2024.
The 2024 election marked a devastating reversal of fortunes for Democrats, with Republicans reclaiming the White House, the Senate, and expanding their House majority. Amid the postmortem, one question looms large: did Bidenomics, once touted as a transformational economic agenda, contribute to Vice President Kamala Harris’s defeat?
“How Democrats Blew It on Inflation,” remonstrated Nick Timiraos for the Wall Street Journal last week.
Acknowledging President Biden’s “Bad luck piled on,” such as “New Covid variants, Russia’s invasion of Ukraine and China’s Covid-related lockdowns continued to upend global supply chains and commodity markets Inflation soared in most of the world’s richest economies — across Europe, Canada, and Australia,” Mr. Timiraos explained in perfect detail why Bidenomics failed.
“Democrats had bet voters would reward them for a strong labor market recovery with tangible gains for workers,” he noted. “Instead, those voters recoiled at the sudden cost-of-living increases. Consumer prices during Biden’s term have risen 20%, compared with 8% in Trump’s term.”
“American Wallets Feel The Big Bite Of 20% Bidenflation,” observed the TIPP Insights editorial board on…