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Sen. Marsha Blackburn published a tweet last week on economic policy, which was odd, even for her. The Tennessee Republican, who’s a little too fond of far-right conspiracy theories, wrote, “A reminder that our economy was on the rise when Joe Biden took office. The economic crisis we’re facing is due to his intentional failed policies.”
It’s difficult to know where to even start with such a missive. Do we begin by noting that the U.S. economy has improved dramatically since the Democratic president took office and began implementing his agenda? Do we marvel at the GOP senator’s suggestion that the Biden administration is somehow “intentionally” trying to undermine the economy?
What really stood out for me, though, was Blackburn’s assertion that the United States is currently in the midst of an “economic crisis.” It’s likely that much of the public agrees: USA Today published a report on a national poll last year that included a sentence that still stands out in my mind: “Despite economic growth and low unemployment, a 51% majority of those surveyed say the economy is in a recession or a depression.”
With public attitudes like these, it’s important for the White House to not only set the record straight, but to help remind Americans that Biden and his party have an economic agenda that’s working. The New York Times reported:
President Biden began a concerted campaign on Wednesday to claim credit for an economic revival in America, powered by policies that he said represent a fundamental break from the Republican approach “that has failed America’s middle class for decades.” Flanked by blue signs with the word “Bidenomics,” Mr. Biden delivered what aides called a cornerstone speech of his presidency. In it, he hailed the impact of his economic agenda as the 2024 campaign cycle heats up.
This was not, strictly speaking, an "I’ve-done-great-stuff" presidential address. Rather, Biden set out to make the case against trickle-down economics — “It failed America,” he said, “it blew up the deficit, it increased inequity, and it weakened our infrastructure” — and make the case for an alternative vision that’s proven far more effective.
The Democratic president signed a series of ambitious economic measures, including the American Rescue plan, a bipartisan infrastructure package, the CHIPS Act, and the Inflation Reduction Act. Biden and his allies argued that this agenda would produce real results.
And that’s what has happened. If you missed Chris Hayes’ segment Wednesday on “All In,” I’d encourage readers to check it out. Chris highlighted several data points that the public doesn’t often hear, including:
- Among our peer nations, the United States has the highest post-pandemic economic growth.
- Among our peer nations, the United States has the lowest post-pandemic inflation.
- The U.S. economy has created roughly 13.6 million jobs since January 2021 — more than double the combined total of Donald Trump’s first three years in office.
- The U.S. unemployment rate has reached lows unseen in over a half-century.
“This is ... one of the most impressive macroeconomic interventions in recent American history, in the last 100 years,” Chris concluded. “If we end up in 2024, with these trends continuing, Joe Biden has one of the best economic stories to tell of any president in the last century.”
There was a point in 2021 when Republicans used “Bidenomics” derisively, as a way of mocking the White House when there was still some question as to whether or not a robust economic recovery would take hold. There’s a reason, more than two years later, that the Democratic president and his team have since decided to embrace “Bidenomics” with unsubtle pride.