Why the GOP Should Take ‘Bidenomics’ Seriously

The White House has launched its economic agenda that they call “Bidenomics.” Our numbers show the electorate doesn’t believe many of the president’s economic claims.

At this point, a majority of the country (55%) does not believe that President Joe Biden’s economic plan is working (31%-55% believe-do not believe), based on our latest survey for Winning the Issues (June 19-21, 1000 registered voters). In a series of statements promoting Bidenomics, we found that voters don’t believe most of those statements.

• Since President Biden took office, the economy has created more than 13 million jobs including nearly 800,000 manufacturing jobs. (40%-41% believe-do not believe)
• The share of working-age Americans in the workforce hasn’t been higher in more than 20 years. (31%-41% believe-do not believe)
• Real income for the bottom half of earners has increased 3.4% since President Biden took office. (31%-44% believe-do not believe)
• President Biden’s policies would reduce the deficit by $2.5 trillion by cutting wasteful spending on special interests and ensuring the wealthiest Americans and largest corporations pay their fair share in taxes. (33%-50% believe-do not believe)
• The annual inflation rate has fallen for 10 months straight. (27%-55% believe-do not believe)

But before Republicans dismiss the White House strategy, they should consider the impact from a long-game perspective rather than solely on what the numbers show today. With inflation moderating, there is a reasonable chance the economy will improve over the next year, going into the fall campaign. The launch of Bidenomics positions the president and Democrats to take credit for economic improvements.

Remember the “Obama recovery” and the “Clinton economy?” Those successful economies couldn’t have happened without Republican policies. In the case of former President Barack Obama, he went from campaigning on “redistributing wealth” to signing into law a bill that made 98% of the 2001/2003 (Bush) tax cuts permanent in January 2013 and adopting the GOP Congress approach of an “all of the above” energy policy, leading to the U.S. becoming the number one producer of oil and gas.

In the case of the Clinton economy, the Republican Congress that passed tax cuts and oversaw a balanced budget (in conjunction with then-President Bill Clinton) didn’t get the credit it deserved, and now the Clinton economy has become legendary. Democrats are pros at taking credit for the economy. The White House has insisted inflation has nothing to do with their spending, but now that the situation is moderating, they claim this is because of their policies.

If Republicans allow the Bidenomics claims to remain uncountered and do not effectively refute these statements based on what the complete numbers show, these ideas will become entrenched as the economy improves. For example, the annual inflation rate has been falling (latest CPI is 3%), but the cumulative increase in inflation since President Biden took office is 16.6%.

The Bidenomics strategy is also intended to provide a contrast with Republicans. As Cook Political Report Editor Amy Walter pointed out on “Meet the Press,” “the sale of Bidenomics isn’t just about how good the economy is, it’s about how bad Republicans are.”

While Republicans should critique Biden policies, a strategy of focusing entirely on blaming the president and saying everything is terrible could backfire, especially with an economy that could be on the upswing.

That strategy would be the same one that short-circuited a Red Wave in 2022. Republicans must have a positive economic message and agenda for an effective contrast to Bidenomics.

Whether his agenda is believable or not, the president has his economic strategy that he intends to promote from now through the next election. Do Republicans have theirs?

Myra Miller is Co-Founder of the Winston Group. She has worked with House and Senate Republican Leadership and Conferences for over a decade on strategic planning, communications and policy issues.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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