Americans are not buying ‘Bidenomics’

OPINION:

President Biden insists that “costs have fallen [for] everything from a gallon of gas to a gallon of milk,” even as last month’s inflation numbers tell a much different story.

The consumer price index rose more than expected in January, bringing the annual rate to 3.1%. Since Mr. Biden took office, overall prices are up 17.9%, and with 73% of Americans describing the economy as poor and getting worse, it’s clear they don’t share Mr. Biden’s optimism.

Mr. Biden markets his set of economic policies as “Bidenomics,” hoping to borrow from the familiar Reaganomics and evoke the American dream. It appears they mean to suggest his economic agenda is a liberal alternative to, and perhaps more effective than, the time-tested policies that created the booming economy of the 1980s. By the numbers, it’s clear that Bidenomics is not an equal set of policy solutions. It’s contrary to what we know works.

The conservative economic policies at the heart of Reaganomics helped the U.S. recover from a recession and ushered in a period of economic prosperity that had never been seen before. It also provided a path for upward mobility and produced generational wealth. In the early 1980s, after our economy was reeling from a slew of policy missteps from the 1960s and 1970s, President Ronald Reagan steered America’s economy on the correct course. Living standards and income increased by 14.3% for families and 11.3% for young people. Families had the financial freedom to buy homes, pay for daily needs and had money left over to save and invest in the stock market.

Reagan’s policy pillars of tax cuts and limited government spending brought actual inflation rates down and ignited vibrant economic growth. His deregulatory agenda trickled down to families earning $20,000 to $50,000 per year, increasing their net worth and long-term security for the next generation.

In sharp contrast, Bidenomics is defined by escalated inflation caused by reckless spending, bigger government and higher taxes, all of which stifle growth and depress economic opportunity. The shrinking of individual and family income over the last two years shows the regressive effects of Bidenomics. Family budgets are pinched by declining household income across the board. Rent has increased nationwide by more than 20% during the Biden administration. First-time homeownership is at its lowest level since record-keeping began, and young, aspiring homebuyers are unable to purchase their first homes, given the spike in interest rates and ballooning mortgage costs.

In fact, young people are hit the hardest, putting upward mobility and the American dream further out of reach. Americans aged 18 to 34 reported high levels of stress due to money, housing costs and the overall state of the economy. The stress is felt by all Americans as prices for gasoline and other everyday items continue to skyrocket. According to Gallup, Americans’ outlook on their finances is at a nearly two-decade low, while 57% of Americans are worried they won’t be able to maintain their standard of living.

Bidenomics is hurting American families and proving to be the antithesis of the American dream. The president can take his victory lap and spin his reckless agenda on TV, but Americans are not buying Bidenomics. And even if they wanted to, they can’t afford it. We know what must be done to right the ship. House Republicans will continue to hold the line on spending, curb and roll back President Biden’s executive overreach, and restore the pro-growth policies we know help our economy thrive.

• C. Scott Franklin represents Florida’s 18th Congressional District. He is a former business owner and retired naval aviator who serves as a member of the House Appropriations, Veterans Affairs, and Science, Space and Technology committees.