President Biden is taking a page out of former President Jimmy Carter’s playbook by doubling down on policies that have resulted in soaring inflation.
Mr. Biden appeared in Chicago on Wednesday to argue that Bidenomics — taxing the wealthy and spending massively to subsidize industries and on what he calls the danger of climate change — has spurred an American economic resurgence.
He told the crowd more government programs canceling student loans and bringing high-speed internet to rural communities will lead to a revitalized middle class.
“We have a plan that’s turning things around incredibly quickly,” Mr. Biden said.
“Bidenomics is turning this around. We are supporting targeted investments for strengthening America’s economic security, our national security, energy security and our climate security.”
Boasting about the economy while many Americans are struggling with high inflation, interest rates that make buying a house or car more expensive and increased spending on household items like groceries, gas and child care may seem like an unusual campaign strategy. But as Mr. Biden tries to convince Americans he deserves four more years in 2024, his campaign is digging in its heels that Bidenomics is working.
Wednesday’s event was part of a three-week blitz of events and speeches to tout Mr. Biden’s economic agenda. On Friday, he will give remarks from the White House arguing that he has lowered costs for Americans.
He is not the first president to attempt this strategy, but he’s hoping for a more successful result than when Mr. Carter tried it in 1979.
Like Mr. Biden, Mr. Carter struggled to contain soaring prices. He also tried to argue that his economic policies were working ahead of his blowout loss to Ronald Reagan in the 1980 election.
“Biden is taking a page from Jimmy Carter because he doesn’t believe Jimmy Carter failed,” historian Craig Shirley said. “If Biden believes Jimmy Carter failed at anything, it’s that he didn’t go far enough with spending.”
Under Mr. Carter, U.S. inflation rose by an average of more than 11% in 1979 and 14% in 1980. When Mr. Biden took office, inflation was at 1.4% and peaked at 9.1% in June 2021, a figure not seen in more than 40 years. It receded to 5% in December 2021 and is currently at 5.6%.
The Consumer Price Index rose from 4.8% at the time of Mr. Carter’s victory in 1976 to 12% ahead of the 1980 election, largely fueled by high gas prices.
Yet Mr. Carter still tried to convince voters his policies were working.
“Our proposals are very sound and very carefully considered to stimulate jobs, improve the industrial complex of this country, to create tools for American workers and at the same time be anti-inflationary in nature,” Mr. Carter said at the second 1980 presidential debate, pledging that his policies would create 9 million jobs.
An Associated Press NORC Center for Public Affairs poll released Wednesday revealed that 64% of adults disapproved of Mr. Biden’s economic leadership. That’s worse than his overall 58% disapproval rating.
With only 34% of voters approving of Mr. Biden’s handling of the economy, that gives the president a net approval rating of negative 30%.
That is the lowest net economic approval rating since 1978, when Mr. Carter had a net approval rating of negative 28%.
• Jeff Mordock can be reached at jmordock@washingtontimes.com.
Please read our comment policy before commenting.