EDITORIAL: ‘Bidenomics’ branding backfires as inflation runs rampant – By Las Vegas Review-Journal Editorial Board (Las Vegas Review-Journal) / Oct 14, 2023
The Biden administration has gleaned the wrong message from James Carville’s famous quip, “It’s the economy, stupid.”
President Joe Biden and the White House have embraced the term “Bidenomics.” In a speech over the summer, Mr. Biden declared, “Bidenomics is working.” The term is supposed to be catchy shorthand for the president’s policies and how they have boosted the economy.
But voters aren’t buying — nor should they be.
While unemployment remains low at 3.8 percent in August, many employers still struggle to find workers even after boosting pay. Inflation has eased somewhat, yet remains a problem, particularly for core items. In September, according to the Bureau of Labor Statistics, the Consumer Price Index was up 3.7 percent year-over-year. That’s the same rate as August and an increase from the 3 percent rate in June. It’s also a long way from the Federal Reserve’s inflation target of 2 percent. And that 3.7 percent is building on 7 percent annual inflation in 2021 and 6.5 percent in 2022. In June 2022, the annual inflation rate hit 9.1 percent, a 40-year high.
